Kimco Realty (KIM) 8 May 202020 Q1 Earnings call transcript

Company Profile

Participants

David Bujnicki	Senior Vice President of Investor Relations and Strategy
Conor Flynn	Chief Executive Officer
Ross Cooper	President and Chief Investment Officer
Glenn Cohen	Chief Financial Officer
David Jamieson	Chief Operating Officer
Raymond Edwards	Executive Vice President of Retailer Services
Christine McElroy	Citigroup
Greg McGinniss	Scotia
Alexander Goldberg	Piper Sandler
Richard Hill	Morgan Stanley
Derek Johnson	Deutsche Bank
Jeremy Metz	BMO Capital Markets
Craig Schmidt	Bank of America / Merrill Lynch
Samir Khanal	Evercore ISI
Michael Muller	JPMorgan
Vince Tibone	Green Street Advisors
Floris van Dijkum	Compass Point
Haendel St. Juste	Mizuho
Christopher Lucas	Capital One Securities
Collin Mings	Raymond James & Associates
Ki Bin Kim	Suntrust Robinson Humphrey
Tammi Fique	Wells Fargo Securities
Linda Tsai	Jefferies
Michael Bilerman	Citi Investment Research

Call transcript

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Operator

Good morning and welcome to Kimco's First Quarter 2020 Earnings Conference call. All participants will be in listen-only mode. [Operator Instructions]. After today’s presentation there will be an opportunity to ask questions. [Operator Instructions]. is event this note being recorded. Please

now David Bujnicki, would Please ahead. like Relations to to over go conference the Senior Strategy. turn and I Vice Investor President,

David Bujnicki

dog XXXX you following hope yourself distancing to and and of homes guidelines. barking call best Kimco's Good as you this social for it. hosting make the from and From wherever the in thank first morning, occasion yelling Even we quarter the remotely earnings Honestly a call. find dynamic of joining kids at our new background.

executive on management team Investment answer to call Kimco CFO; Kimco's members Operating The this team Flynn, during Cohen, well questions our CEO; Glenn Cooper, participating Dave that Chief the and are as include Chief Kimco’s other Officer; President available Conor call. Jamieson, our Ross as Officer; of

reminder, may call of forward-looking note could and As Company's factors. in those of during important be factors. other risks, the projected deemed made SEC differ Company's the a refer course to a it Please address variety actual due results such to that is from that the this filings to uncertainties statements materially statements forward-looking, such

our management help Reconciliations financial financial certain reference make that we website. be found operating measures can measures Relations believe During to of of Investor presentation, investors this area Kimco's may understand non-GAAP better non-GAAP results. these the in

I turn to will the that, with over And call Conor.

Conor Flynn

as challenges begin give we an posed us. the country how take our a joining re-emerge. morning bit we Today call. approach will to move plan quarterly to and how COVID-XX have overview and you for thanks forward we will Good to the modified by a of confronted I of

with the liquidity QX a follow our numbers will desirable for of I So position. and recap

They help that are thank efforts personal us. first and heroes, and and safety to retailers all First, their team. serve on medical want be grocery volunteers, workers of should Kimco responders, essential all risked the store their have professionals, the not to the I of true forgotten. entire behalf own

thank your personal also texts, I my virus, any And on as for your to personal a in part note, my want were were thoughts of and big of as all recovery. you powerful and a vaccinations, battle with e-mails, the support

like also local Kimco to to ensure tireless would to to recognize I for community. services provide their our entire centers team goods the our and efforts essential continue

All and our operated. open centers are of

extended And continue we provide Kimco with will our our safe our a our employees shoppers, to vendors, experience. and family

large, help health more and Our practices and those shared we that been small less safety best resources with can companies so have in both with needs. critical

organization we an said, new challenges. are specific weathered As is That this successfully having situation downturn. cycles unprecedented, industry and current battle and macroeconomic poses both tested,

to have Milton efforts, us thrive. since focusing working We all our reminds mid so been can as we and March, seamlessly remotely survive

on focused through thrive is opens environment positioning managing economy to strategy exactly that, back ourselves to the when Our current up. eye with an the

see and implemented the wait in Our dealing was and all one is strategy of was most considered. try with those help never on and approach fronts, we quickly need. essence for to COVID-XX Time a

is will on very at give well in term timed rates balance with advantageous First, position prosper. rates Kimco prioritize a extension securing how strong only the to the liquidity. and not Glenn included survive, our well a details sheet will which sheet, loan position bolstered cash we with balance we heeled but

same resources own capital. don't access only have to to not for the of Moreover, use, our we have wanted but many to retailers, help available whom our

more we operations by Next, our refocused to frontlines. the resources shifting

the Our team numerous tenant tirelessly new has launch programs and address worked approaches new to requests. develop that

Microsoft from the technologies created streamline organization. Salesforce, efficiencies like hosted and companies has MRI, cloud across and in Zoom our investment significant Our operations

size have and roll the to us allowed of programs out rapidly investments These country. scale across

and quickly tenant real manage be us to help us react communications concerns. to us data this to time tools COVID-XX related tremendous allows developed custom quickly and All provided that deployed address proactive. we addition, has In

and We architecture website Tenant by are have and Programs. Assistant lead example, as leads following of our number technology, a peers our

assistance give resources our to Our TAP program of the time a is multipronged need, a or in charge. tenant approach valuable of free tenants

advisor At storm. we State shop of businesses small the help them March, end them small a and encouraged pops free numerous embrace provides available with programs for TAP Federal weather and the the our to mom which navigate to legal to

government these try as rest the We April to small give opportunity as could that know programs focus possible. so also was they for businesses the keep hanging and and their head, engaged quickly the employees assistance not on to over many

addition tenants applying have shop have XXX with count, By work loan. legal small in we just identify advisors, helped for the to under our tenants last to In PPP participated our program. the lenders

rent April collected billed XX% For our plans from have deferral out fro and XX% fielded of approximately of rent. rent. a the rent XX% month that totaling of scheduled the requests for we have tenants equal cash worked April rent of We

the of first a of the of our For May level period To-date, many month. tracking the leases few week the still month. collections in weeks the the month same retailers pay are we to rent allow number that April grace first near are of for over of through the

to programs the confidential needs and deferral directly our of of Each the tenants. is catered

challenges environment changes long-term. fluid plan proactively and by ahead an a on any keeping to very while the the address in implementing are quickly eye We required we

focus the don't and information we such, to to want continues accurate speculate the situation and on as instead provide unfold. facts As

side of are to bridge occupancy our We working pandemic. the and maintain to tenants the other

dislocation the opportunities. on also are alert for We

We yet, and in if present they environment but of when have this trade themselves. ready any are quality not we assets seen

we we before considering a hit. time, had picture the the hit on pause portfolio clear crisis assets until landscape At the button the COVID-XX adding get of same the were to we

and in the and projects development largely active fortuitous on-track remains phase. having pipeline position limited are Our redevelopment we the in of

for Highland a as After to we Island it was to at the temporary the grocery former and construction Staten be ShopRite and in in essential are the Kimco very Florida tremendous long-term. completion to delay, to projects, Dania determined continue anchor. received Highland center due Our two at shopping close main approvals be Boulevard assets will

hopeful are open this later this We asset that year. will signature

At build Dania newly been out ongoing to Anthropologie, Urban has getting with construction spaces. Outfitters their and to leased Point,

While we achieving that recognize the pandemic inspections sign and challenges final pose may the of schedule off. surrounding

to remain We able are that optimistic we on schedule. projects these complete two

nearly this our a liquidity million we as position. for capital As expenditures planned further previously originally hundred already noted, have way year a to postponed of strong

to use in strategy Our of on environment. continues assets validate approach. These assets current focusing centers and outperforming, mixed especially our anchor this grocery are

we Class Square both have the Washington able in in Philadelphia operational continue of Lincoln leasing and Multifamily with virtual the the Whitmer been Our A both despite heart projects, place shelter in and first recent two DC activity to tour. are orders,

multifamily Based five are on existing new years we continuing upon the X,XXX the units XX,XXX success Whitmer expand have of both Lincoln over that currently Square to the our entitled. our the is And are to entitled.\ units and next over goal

eCommerce to eCommerce before, been has originating the local at note are to grocery, and more the anticipate of pandemic, the is lion's important store this never accelerate retail it and in of while Perhaps pharmacy base. I stay-at-home deliveries that the period share has and brick continue essential important will physical mortar

curbside trend and pandemic another during both anticipate that the on will collect current other accelerate combined We pickup be side. with the and to click

program Kimco launched proprietary curbside and curbside our have system our in the already are to to parking tenants for We we lot. implement with pickup working provide a pickup

expected road up be to be ramp with overtime. the are retail the in We on embrace back a now them want control, and position is suite help easy, full that the of thrive know Glenn. to normal shoppers. We help a going sales will of our not by new focused our reopening ahead to laser persistence with retailers we upon can we what but and services

Glenn Cohen

all are good the like out a is Conor, us. may morning. crisis in or view times financial global unprecedented is a of health that Thanks that depression. global causing and It best some these experiencing an bring Clearly all what recession as we

the such medical lines inside And and how organization all entire crisis. is are that have proud groceries, Kimco this I handling eco for vital and salute workers I as ensuring sick who caring office of the on we front supplies. most the the we be sentiments cannot essentials and medicine Conor’s the that

to We have significantly to convert work-at-home a are from us in to multi setting fortunate within quickly a invested office XXX enabled XX-hours. our associates infrastructure, which for has technology environment

beat. was What we truly never amazing skipped have is a

at As the organization the highest and productivity a entire is level. fact, matter of communication across

shortly. Company stronger the on We side situation elaborate come to of I will the withstand out and current the the have of which severity other on positioned

XXXX to results a start quarter demonstrate. off first as was the solid will

significant time liquidity quarter first the on balance color some provide sheet and and on some our me strength spend Let position.

in If beginning reminder, unique point are XXXX defined came Maybe compares XXX.X first the at first of reporting share or XXXX, per we we it a XXX.X million on to or the will a diluted this for share to for sure we $X.XX transactional or of Navy gain charge, per the As recognize out. definitely only $X.XX quarter quarter diluted FFO in be million FFO. XXXX.

decrease X million results [PeerOne] Modell's million driven activity in bankruptcy by Fairway. (Ph) impart by quarter X.X lowering X.X included due XX million. disposition loss filings This net and from credit first during NOI, was a the XXXX Our decrease NOI of higher of and

resulting also Mill Point, incremental and of of and of the million development benefited X.X latter Parkway quarter, Station the organic of expense of NOI from growth from projects from lower NOI preferred million our stock costs first financing G&A with redemption rental Grant million. million last of the Square, XXXX year. reduced XXX Dania benefits from an perpetual Lincoln million FFO for X.X X.X X.X

at transformation position a XX-year shares in preferred impacts, a weather The has common COVID-XX our remain redemptions per there issued and but X.X to put we of of stock XXX during us the challenges strong million XXXX. successful bond, fund million, realized share operating ahead. We X.X% the portfolio to $XX.XX

XX% that a points at but down from occupancy to points from flat an is points occupancy year down but XX anchor XX XX basis results, stands XX.X% up year-ago. Pro-rata impressive a XXXX end, from basis year-ago, basis

the the a an occupancy XX of of basis from at is new the year-end strong leasing comprised in positive vacates to X.X% and spreads during of shop Barn points primarily Dress options down at quarter XX.X% from Pro-rata XX.X% as spread new X.X%. Small positive PeerOne. remain leasing due

X.X% year a rent Same XXX contributed growth comp of minimum for primarily versus the increases X.X% first same quarter a driven of quarter in the basis positive NOI was XXXX side by which site last and points rent higher XX same is quarter. as What these credit setting which in previously first is the All-in-all mentioned. increases NOI loss bankruptcy from added solid percentage increased points. basis

sheet some balance sizeable position. Now liquidity our and on time let's spend

transactions. key months During the our liquidity significantly first four of we with had four fortified execution the XXXX position of

revolving completed care million our drawn we pricing unsecured mortgage of a loan unsecured LIBOR with term XXX plus zero a five-year credit pricing the The LIBOR plus $XX XXX January, refinancing option the on it. loan for a venture In plus million million and new your for XXX term with when comprised points. revolver maturing is XXX basis joint facility debt at four-year of

billion replaced revolver, our previous This points. plus February, new a to March of basis completed at scheduled including credit $X June $X.X priced billion LIBOR was XX.X and revolving XXXX which mature we in XX. facility options

mid-March first the the retained month with million. this crisis this as COVID-XX including XXX drawn, in Earlier XXX drawn subsequently ended quarter as unfolding. a measure, XXX precautionary was we million We million

a on was a replacing XXXX. April individual to loan. In closed mortgage was joint venture joint a debt scheduled we that million largest million venture That property, on in mature $XX the $XX new secured

term April, banks The priced LIBOR completed plus XXX in lastly and new loan a coupon new seven-year X.XX% with basis at rate points million XX loan we $XXX a fixed of then has participating.

the has in nearly XXXX, billion a XXX unencumbered which credit X.X facility of on and we total final on NOI. of balance represents April cash today, loan our date maturity XXX our assets, revolving as of availability approximately of XX% over million sheet. This have of

the in and maximum the prices, excellent assist help flexibility arise. be sector, the by provide who it REIT opportunistic our of in open tenants to puts have the transactions most far us expand need air to shape Combined, should and suitable liquidity any most we

in longest have weighted Our the industry, of maturing XXXX. of entire we million and maturity only debt remainder profile pro-rata XX.X REIT for debt the average is year, one XXX of the

if and In bank addition, are respect the cushion it that bond desirable. significant accept we market, our confident could bond and covenants, have we to deemed with unsecured we

As previously announced.

As lack we the uncertainty a visibility regarding guidance of result XXXX. COVID-XX and of of have extent the impact, withdrawn for the

suspend the the to temporarily out In addition Board accounting abundance of just dividend. of decided caution,

outlook on to to economic during least The XXXX common REIT taxable an performance monthly income. a our the at Board our amount a at date basis monitor later will equal and to dividend and intend reinstate

the and pace some survive, portfolio specific Milton many are liquidity only health there but position, a to timing Certainly, of the will getting team, debt abundant not thrive. unknowns, of the long superior semblance that reopening, of financial confident we back remain country including says, of incredible the companies, we and with new normal, as maturity profile, our but

would your that, to we take with happy be And questions.

Conor Flynn

just start we Before reminder want a may question that Q&A, the an additional offer ask I to with you a follow-up.

welcome have Grant, questions, first you the to the further you caller queue. than rejoin may If the are Q&A. you more in take

Operator

answer from with the session. will Christine question Please ahead. McElroy begin go now Instructions] come will and Citigroup. We question [Operator first Our

Christine McElroy

Hi, good morning and thank you.

for you. is this Conor, So just

peers. among is be investment there. at thing the of which from ultimately April important April collection these rents. community looking what in the collections your but The be We is that should have not you it wide, variance entire of of is and group is all most collectability the the How seen context rates is

in and a little we most sort pay, So, playing government and tenants the should some more what national support while getting position should maybe a hardball, are be are or bit local regionals from ultimately? to ultimately of considering factors important but be are landlords, so the

Conor Flynn

It good Christy. is Hi, Yes. a question.

mark grant pandemic, it in how on, the think with everybody long because is how deep first that early last assault is I go. should real this and I question collections of was will be month taken will it think, so a tracking the the

we of And early terms because was early innings it. sheets have we we in of balance in should so what their who are cash our think that large on, pay from pretty been hand tenants, still and we sort national get of shop clear felt share the did positions to spot have help rent. go, to are the on rent, you the on retailers we our the their the pay And lion's of small

to So positions or we the the and can that storm. sheet balance have the don't the go sheet small our cash use help to ones the weather shops, balance

paying lion's being you seeing reported, And month similar say of share a numbers probably first the so are and are that that the would players the are reported, capture the something I are where that bigger this through to then mom or get and the they it. side of make survive their all that And sure portion the rents. other and smaller pops of working probably to try

and progresses right. it June, May important reopening obviously think critical, So as I will be be than will the

say now So retailers of we to so good. you They have store been to anecdotally, managers surprised. have start started reopen. And states so a our have heard see that pleasantly from far few a few

early. the with situation, that take it So we continue monitor assault but to is a it extremely again grant

Christine McElroy

current this leasing respecting And How concerted incentives. many Okay. economics context, how that leasing leasing of of effort on to environment, in much And not that where are the then volume associated to pull lease you CapEx. of contract, lower costs risk about willing you how invest? just the in expect on change much in does back much your these and CapEx that how some is are and with tenants the long-term upfront view does half leasing of versus environment reduction this a function your a projected

Dave Jamieson

it Christie, Hey is Dave.

So bit of layered question. it a is a

it make So sure address just down try that you a did to let everything I break me to little ask. bit

necessarily, deferred XXXX. relates be doing, we that leasing pushing now but is CapEx be lot probably won't it As right CapEx. a Not the to we will to of

itself continue we their are COVID better portfolios. because actively leasing of there markets some to a opportunity commencements RCD there of in into as half then that real and that back reopening the and mortar to situation and targeting We this of the get terms are to year accelerated in them number that strengthen to retailers volume will this with or those brick of expand, a started delays looking own are are as maybe anticipating be the visibility looking

you it, you relates sourcing new forward. So it that of we where evaluate deals to see as know and deals going how typically will we is know,

hard of the continue taken sheet very always their have balance look and throughout this. and We a will the tenant quality that at

been it well. during these the always it it continue at most. is great ones really is to balance focus, remain thrive, will be and times a strong historic a with where time It will end because and operating of matters that as the those in fundamentals back this that and focus, is then on And the sheet

Christine McElroy

you. Thank

Operator

McGinniss ahead. question next go Scotia. from will Please Our come Greg with

Greg McGinniss

a sure position done liquidity this shutdown thinking wouldn't is you leverage we survive making good for to to necessarily Glen. ability and has environment, be how environment, would a with transaction it has onto not Kimco but fund you once Hey, the managing about throughout your this appreciated the are any the good in of in Ross, on Thanks. operating pandemic Kimco as really get morning difficult well. dispositions job then that this other expenses mind that side help the unique commenting and

Glenn Cohen

Hi Greg. has impact have focus on leverage I to right. net leverage, had debt a look, that The mean we us. because now be liquidity an really right is it for not continues always

some on cash or have put balance that repaid debt liquidity. have that You of the with sheet, we that we

the we So leverage to end first in second a the expect both the you even close on very hasn't the quarter of moved leverage at would in and important really eye thing, at numbers Again, keep it and is an the will I of that end see where be quarter. it.

is important which plus to a strong BAAX are company, us. rated We BBB

think will this Rating really all see the are market right bank in the to mean I outlook. We and XX to get they is still unique. that, things a where And us we environment, have participate fairly Agencies having doing difference. around the I positive are a tapping banks desires

I that my access we mentioned it. have clear we market. do feel, If prepared remarks, bond the in as wanted to I to do

we good to will continue are further. trying that shape be it so reduce feel leverage pretty And in like focus on we and standpoint again of a to

Ross Cooper

the wait to it to cash better is say impacts just as flow, I really really to term the of the would longer second bit taking approach of market a the that see question, part Again determine tenancy. and a relates to current

smaller deals situation a have really transaction around it pretty or the few We to escrows overall backs, component market. but is hold a master seen leases, trying with the structure diminimus of

of terms In our have we confident last extremely in portfolio undertaken over that five transformation own I mean, utilizing the dispositions, to seven years. and we the are portfolio

As level midst a And this this. hasn't of modest pre-COVID changed that have intent of our know, you year coming really very in into to even was the dispositions.

for You in a second will anticipate the a disposition get and see as a Kimco couple extent, certain very a if market to the dispositions quarter third we major utilizing and we And transaction but as any funding standpoint do we may evaluate mechanism from deals overall into fourth quarter. a not defrosts light of meaningful way.

Greg McGinniss

tenants funds And successful received out tenants just the clear Assistant you Do been for have Thanks. maybe I'm and smaller any how obtaining Great. have PPP with curious a at have Tenant your applied how helping shop on tenants. you the have on many stats shown Conor, guidance Program. from funds? the focus And

Conor Flynn

round be, we focus uninspiring, we around it. was those round. typically you the following is the I have come of a that small reflected sort our something seen the that X% in out, exactly successful round first the shop because will and them in seen, is only as were of on some successful obviously is of very you But first have quite in we stats few what It it saw news good tenants tell

made we pop, to restaurant have the and they that think small obtaining through the successful and the to think is it window focused And small mom we and on the tweaks since the be on been and that those and funds. get program they tools now have the more shop,

out did extremely loopholes there they people cautiously think are in that are have to tools right and took the it the were place and now go But small they it advantage we get there so that to obviously had to and make fast hopefully of shops ready they optimistic we get the other and So that side some of. it that the this. loan in can PPP that we

the cautiously So that they we are needed. made changes have optimistic

Greg McGinniss

Alright. Thanks for the guys. color

Operator

next question with from Piper will ahead. Our Alexander Goldberg come Sandler. Please

Alexander Goldberg

you. thank and morning good Hey,

on the the still guys it just like suspended the pay dividend, First you preferred. sounds are going you but to dividend, common

so and presumably where the balance based pay status? paid the you reach to common the with year going the guys So Do tax need compliance the satisfy to pay you you dividend, common prefers a have far, rest on of to are year. a of

Glenn Cohen

still Hi, on answer and Alice. pay a forecast, currently on It yes, cover we Based where own to to our are is is internal the need would income. based dividend Glenn. taxable we further

Alexander Goldberg

you you are the close you or and still box Can you tee on line the how still, you to much still? share are are

Conor Flynn

And that we Alex. can’t share

Glenn Cohen

of Honestly is moving a that is But need I equal would based our further There it. forecast, parts Alex, a go there as our to too early. XXX% make current need income. for would taxable we the mentioned, distributions on of be still dividend into lot it

Alexander Goldberg

question out to REITs, your the second you there. is, then And in great. Okay, other are speaking just REITs

been creditors, credit of their their default pay out they waivers have have so leases, tenants sought how are all some like of be those from of of banks? to Do know from But bank current waivers in many you their don't credit. tenants if their that not have seeking their they your leases, part of They their the tenants lending. and Sounds have cetera. as et

Dave Jamieson

Alex Dave. yes it is

had have discussion haven't to really attention. retailers brought and they my up with that We

Alexander Goldberg

Thank you. Okay.

Operator

Please ahead. will Morgan with question go Hill next Our Rich come Stanley. from

Richard Hill

back want ability thinking CapEx loaded GST, expenses do much your hear both good to glad. Conor, feeling about better. and I'm reduce in back how Hey, if think to about start asked you to a and question you but back CapEx from that come CapEx, rate development how I'm then maybe and off to the Christy fully were coming thinking much to I maybe are Conor. reduce and could you glad run XXXX? morning defer are you to redevelopment reoccurring to during able you

Conor Flynn

the Thanks sure. we that and at really have that. in our nice and for plans. is multi-year is back Look, saddle CapEx look on for It basis CapEx our to we site-by-site be and OpEx OpEx a

so And plan safe shopping out is through guess, that and that we as in do are done possible, needs be what required the to are I separated. to required we is making figure what detail that as go operating the and wants, sure that keeps upgrades sure the the the centre

push asset. we and every prioritize we needs each is that the just out wants. then capital So plan the And the on obviously and for

redevelopment offense where development are looking at of CapEx plan. the and On we our

the these We are entitlement our the base in we right innings comments, for years. think I early think is continue to only plans played that really of asset have we last that as in redevelopment. my few And we mentioned

We have double been amount see entitlement entitlements next successful we ahead. because few again the think with years that to going gain mainly that the of of traction we probably path the are We in multi-family the plan. on

we this environment, to other the all in have long-term. of or look the the going question amount will would the to ourselves. ground implement we over button And taking on the the activate is, look the pause In some at capital can how of that that But may are that limit pipeline? be projects and it long-term at that much the projects way putting probably here. in much doing projects. Now we how creation that hit we we on about value is again, leasing But

but we when went that through know We have we last at situation, were the the the the crisis, seen we west, typically least successful entitlement what past, out downturn. in unprecedented very, we during when an was on plans very in are I

entitlement on in capital, loosen Many of little grip times, the raising states they need a up their cities taxes bit and plan. and are desperate and

So we expected. entitlements actually on than more like even our situation might in be successful even a we this

is elect And so talked we the we elect And to capital elect entitlement the securing rights, entire to us our a sell do key before, rights, tree joint entitlements. and cost decision as that have the develop. elect is, of we is where about self we for we ground entitlement the the do or then, of rights, the do venture do

current in situation, likelihood And I is development creation success critical think we critical slim. long-term of doing But our on do think to very self is our that the to shareholders. this entitlements value and

Richard Hill

it. Got

medium the lot I pretty to to to tenants with just what a hearing trying helpful negotiations I about over I of, think structural long-term? does what, you a talk wanted in pretty, but I'm change that not what what a is lot think know, color. are trying dynamic understand think the us maybe currently, of I understand are certainly to is, you

are tenants in structure of be bit properties but that more a there was lower more to previously. any go want than and for stay wanting to So I'm did a would viable rent. anything? think But tenants hearing maybe little they are of or I that amount a It very involved. is rent maybe about you asking fair your cushion curious, to still percentage

So in too I'm still curious, any engaging or are those you days? is early of yet discussions it

David Jamieson

been days. is like been is decade six It this question. weeks. and this the early is through really mean about a that very only almost I is much when a It we have it despite it Dave. still great Yes, feeling

this the very context, we wanting in way a to take approached really you keeping methodical have that So, know, approach. is and measured

then of arise. needed And course will have more then month we understand as and those outcome the long-term they through visibility, to discussions the the better to One continue fall as what the a into implications exactly at the time, summer get be. and

as mentioned to as markets retailers, be this reopen their as starting long-term retailer again strengthen their and side, I an open start expand as to and the portfolio opportunity to they our well. lot are continue to earlier, locations From a of see will wanting to

measured approach. longer very us further along And be visibility for into term the it better a outcome. So, as will is we have going get we to

Conor Flynn

add to that. is point One to

prioritizing the is rents opportunity anchor for see below and boxes. at look it boxes XX% And to market. important that differentiator think I market their are on retailers they our Kimco, validates their set know we and this our third-parties are have that they is is

because they stores so deal. recognize which they to they protect not when at stores, need to be replace of that are fleet And look type their of economic able going to they

is through there are And you in the to probably the there. type so capital this of is of the some box that of on limited one thing of this side amount landlords I are and going have as out to that invest other well junior going the see larger a be as think to deals

I differentiator are you see the successful, are that significantly to So going anticipate And Kimco. we junior those that is that below market for anchor or tenants, have rents. prioritize ground either that they spaces those a would think that on leases

Richard Hill

Got it. Very helpful guys. Thanks again.

Operator

will question of ahead. next Our Please Bank Schmidt come go from America. Craig with

Craig Schmidt

payback deferral enter you for any into rights the deferred of deferral other control rent. And targeting these rental generally agreements? you. Thank are the when getting Under are you you agreements as

David Jamieson

those retailer really in It Craig. treat We Dave. on a case-by Yes, own discussions. this each -case is analysis. is Hey its

we And so on based And on a want need at again, vary addressing month both approach to one take measured a sides. just time. they will they a very wanted here,

Conor Flynn

bit some recapture entitlement redevelopment would really control opportunities, like tenant, opportunities. individual is But every says, different. things it is site, every as seen every, Dave that open a little to lease Craig, areas up and that have We

have go you So to one-by-one.

Craig Schmidt

and you And great. pickup the seem Kimco’s how turning rollout curbside to the program. I eminent? be are it then national to Okay, just does monitoring wondered

David Jamieson

Yes.

Texas in going is a Texas curbside. markets of to launched So the be require first we and it to one open first

and this to Grand at it. both started deployed is point actually So Parkway seen those fully with and retailers as and nationals stalls we utilize play have have local open,

and accelerate, our curbside an events into did the our trend years anticipated just at We some that with be was point. now, for was at ongoing to that dialogue in trend really partners. retail this a been imminent. what It's various future COVID conversations

pickup. offer very quickly because zones very, out plans centralized, already to front retailers we able system able And us, we they working identify shoppers call, it shoppers being their what were zones curbside then retailer so to. are directly to stall to exactly their or are in communicate in they on for were for their they what the can And utilize then which and those we with in. specific to of our And get those tenant of go

is far so And right. early, it thus

have We a the a in relates our has the favorable. But very process that. about Texas. program, have, we been will now been balance that it the already are in of deployment response very we And right rollout. to two or again, And with initial approach as week on national into measured

be of the that the just ensure that be way other in those is landlords tools best we is service way to collectively working curbside will the will the But one retailers trend possible. going that and customer

Conor Flynn

Craig, I to customers to comfortable back think a get it shopping coming as well. way more is the center

our to helping is as of open can have needs that customer their that know, daily well we one So level on key States services challenges to back when focused and of allowed are go comfort the tenants they to small up. so as shop a the back getting the you

feel through of box have very and that that is that program, actually that been stores they have we our this, the successful. comfortable tenants opened customer our big grocery improvement because with been And home centers is, are most

reported plus Our growth retailers XXX% in curbside have pickup. a

center the the going I rebound possible. as we think they quickly that to that level So and invite national we that small be customer make that that so with back to we hopefully them way take that to our is rebound required practices figured largest also the comfort not as a of gives quickly why best in can tenants the our sure share shop tenants and shopping

Craig Schmidt

does it like your sound comments. to Yes, for reopening. you facilitate rate a Thank towards good the

Operator

next come with ISI. Our go Khanal Samir from Please Evercore question will ahead.

Samir Khanal

guys. Good morning

newer especially I are that as Conor, non-essentials, there doors. had. I to relates about centers on the other mean, some mean, the guess theaters. developments are that? tied closed tenants? does trickle your leases had it restructure the renters to there box the The right? I how I should or they was of question were to or gyms, if of you assume risk, the I bigger, how potentially mean, even portfolio, I I So are guess the I through, some the we that co-tenancy guess that in or these think

Conor Flynn

when Yes. number the minimal for dark a having pretty Co-tenancy that tenants of a about for these portfolio, in co-tenancy been clause way leases, is go has co-tenancy as us risk across triggered. our we for has to of But case-by-case. you think a lot order drafted. And does it predominantly vary,

a has of it in a co-tenancy anchors you about do you be we sheet into And typically three repositioning And multi-year typically at to about be how for we come strength, dark, from two think least if five that clause think have the is through, to the go gone this needs centre if so to we maybe and a position along. portfolio about of three to our order to you in think position triggered. anchors, shopping balance those

at think an perspective lot In this, end it that occupancy we going for cycle guessed would knew if preparing to the are of XX%. have was a now to ways about we this And from been over way. our have we you we never going end, anchor

been we even have this lot ways, us a allowing clauses a the of co-tenancy on been a of bit that in side the preparing But it. little other deferral those to of give well for since of strength down water or as have lot sort to we talking are more tenants us programs

that helps. So hopefully,

Samir Khanal

solid reduced the monetize debt that second on Albertsons to or on the my one an it I you guess here, is investment what provide the played, grocery I potential that? been even is during that. is maybe groceries, update their certainly mean, for right? actually Albertsons sector Thanks pandemic, position the I I about and clearly mean, think pretty have so has can

Raymond Edwards

are healthy. it you hope family morning, are Edwards, your Ray is you? and safe and I how Good

might for fiscal end the Albertsons S-X, year their For based seen on are-filed have February. Tuesday they you updated on and night think I them, which in was

a I sheet and have done up the their And have you as and sales March two really they on have And mentioned in comp improving extremely over great over months balance their are the well, XX%. performed job, think first they XX%, debt like profiles. store

market. potentially feel So IPO, great on they but position, are markets the

to work than ago. today now thing but it they the are focused have what two on it complicated underwriters is right much running it right more is front. the was we business to right on for And will with the and do them months that see So execute the time, really at

want So owners, correctly to make be. as sure as company it they execute we know, strong as the make you and can

Samir Khanal

Thanks, guys. the appreciate I color.

Operator

go will next Our come question from JPMorgan. ahead. with Mike Muller Please

Michael Muller

this of how plans so begin back? you But thinking deferrals. out many there can Hi, about to the that are permanent slow if turn closures, and come into cuts is for Yes. that, risks work you people sales could are

David Jamieson

Yes, hi, it is again. Dave

So again, cycle it forecasts early really term be. this make on is longer any what the so in to will outcome real

program etcetera two, to us to we term. COVID And the we gain how for will So be at the time, month able address and then one longer to with case, which retailers going on take have program, the that. development been have into impacts is a these employment in a in visibility wanting better

the in - all through started survive our as of long-term. always our gate, been the of out and this resources that tenant we thrive ensure exhausting have on they COVID focus But appropriate has to the are to retention and support

Michael Muller

operating than or you is the TFC similar? view with Got this better it. or the worse though Are that just

David Jamieson

it social still a it it how we and in evolves days. was is the starting a lot this - I and a outcome. This are and a see very think unprecedented early the ways crisis, initially to different financial was how is great recession now is crisis of It or it plays, but

expectation here the start to what term hate until longer a see forecast So be I future. bit to more we the would little would in exactly

Glenn Cohen

of many the are inventory. this Hey they them had their closed business lot that not really that pandemic in. these because it retailers was that They health are To financial again point, closed is today, we talk are or companies, bad closed that little A Glenn. is strong crisis bit of crisis. bad his a more a because to turning a are is of the into they

it to mean, great unemployment, different at furlough, I compare people So temporarily XX.X%, or of million it work at crisis. is crisis. unemployment are is that than the to out but XX on the very financial difficult financial look great

top of them been incredibly about the has consumer, The the on positive liquidity, unemployment. pumping government helping giving $XXX checks

to very early are whether to though is tell the come too going is it And So different. really it end out. is we

a at at day we month a a a time. week take So and a time just time, it a at

Michael Muller

it. Got

thank you. Okay,

Operator

question Deutsche ahead. next Please with Johnson Our go Derek will come Bank. from

Derek Johnson

Hi, and good to go morning back assistant can it program more everybody. How to versus the quickly. respectfully, say tenant I wanted real that PR right. I substance become

a or it tweaking So program local higher to how that see issue the to bottom in two actually have in can you buy for filing the line tenants, do so, you a generate relief and so approach in what invested with is round success more going tenants forward? rate

David Jamieson

Yes, David. is this

his already participating currently as we XXX the to itself program. have are Conor the in the start over program prepared through tenants So in mentioned with remarks, program

early to success To seem too, end also greatest local that align banks ensure on that ourselves the loans of the it we customer, bolstered getting have terms we to the with the was our effectiveness of which in retailer.

to-date, look we effective. I at the very has when And think it program been

have over loans. submitted We or and either $XX million approved for

we you that So think about through work very think carries when I and substance, continue substantive this. to barely

navigate those support as assistance. and to if processes assistance the and place the And to continues it have in they government PPP the infrastructure of to continue to as to government for program that the further relates process terms submittal assistance retailers to provide we expand, other in or the

Derek Johnson

be remind Okay, just an could just great respect taxed. was and/or IPO would your you treated successful us secondly you and Albertson with know stake to if how

Glenn Cohen

Glenn. is it Hi,

in So REIT. a basis get been back if million. was of REIT we and in was A $XXX has done, another portion our there then and into the merged to now step back something is have the previously was TRS, which that of the to about investment have held you portion

how and done max million would we how roughly from big, is that that stand, in based total studies have transaction. that $XX respect to you we the where on get know tax everything a on capital the much We the in

security that the turn today, would into go public, was your which to going shares marketable is have cost you is happen on what the if unsold would we on the investment a method, So and then it mark-to-market to sheet. balance is

And cash a free basically are like is then you equity the getting offering.

to because we You the generating get from investment. NOI, with this impact all any are no cash NOI not

Derek Johnson

Thank you guys.

Operator

Capital with Metz question Please comes from Jeremy next BMO Markets. Our go ahead.

Jeremy Metz

possibly Hey, get color the a decision suspend more the versus good Conor it. to dividend to little it Hey I here on cut morning. and just hoping was

you saw CapEx AFFO that. amount coverage was before the reduction, tight outlined with of detail slight pretty You a

is that? was this to So looking there quarters something, now? a all coming suspending how was use we at to should think the just thought in just or at and therefore there the And opportunity that about right we be maybe step right side first better should

Conor Flynn

we are the May get are up get of we an is pandemic innings all we on how out, much before it in I collecting, good plays question. and how Jeremy, how can economy and back the a see this Hey, early color Look, think really the amount understanding out plays our to more we opens retailers June very how really respond. want hopefully and of rent of

is number so and or today. a clarity Board I not happen. of it tricky are about what nobody of we has of And And all perfect crystal may different with part the what has discussed the think is a may ball dealing scenarios

well. different because piece and and out and constant communication that we outs in keep important will And be want seeing play is exactly as board monthly, the the to may that critically do that did reviewed so to and are the all taxable suspension comment scenarios the is we the that to income ins be understand to going that it we

it. that think if quickly we is can a is scenarios we and and lot move to - reinstate may in it suspending out. we the forward, know We play of move We that going there when different way move So think is today. we right reviewing need the right it monthly

bit just be in before, We and made release a at up in it clear and so is going level had right remarks our made comment to little that we the it we the more. will have reinstated to that XXXX point what understand be press it in we and

Jeremy Metz

paid in one is from granted, second me, XX%, camp actually that is for group is, much tenants that were does the And April, were pain that versus and That terms that in of that the Yes. the for that helpful. was this mentioned how that didn’t? in coming deferrals some so it cover from April bucket

Glenn Cohen

just I better guess, wanting just, to question, the clarify understand was you Could what asked?

Jeremy Metz

Yes.

that the I tenants as think, didn't paid XX% the I when granted think standing. favorable that sorts of thought the being towards, deferrals more some April reality of in get and gain have this

the paid is tenant trying coming April the is, that that base granted of I to were deferrals out so figure I'm what bucket that those from in that guess of didn’t. some And versus

Glenn Cohen

varies. Got is It it. It really case-by-case. Yes.

but to tied hard one evolved acknowledging in started early all very this changed exactly to another? tried meet nothing to, they paid obligations retailers position the it rent hard some financial really times that discussions is that, so early case-by-case is a to it would or always on, and a with thing and to I had contextualize being and so as unfold, position that take they April then Some it say

Jeremy Metz

guess. I just So,

about some where May is So it. tenants in group can we not guess, are was as those it potential that future June, getting deferred that paid be bits some the assume the is of or ones I going clean our that just tenants and so get April there pay, didn’t expectations rent with that that deferrals? might paid, thinking for to Are possibly need there we I that other were

Glenn Cohen

loosening discussion, ourselves the restrictions in things the us very will favorable earlier, and enable that leases mean, be as to I can and much other Yes. terms other that within providing Conor that to terms part in of do of more future. considerations landlord mentioned as well

table. all points discussions those So the negotiating or on in points of

Jeremy Metz

guys. Thanks Okay.

Operator

will go Advisors. Please question Green next Our come with from Street ahead. Vince Tibone

Vince Tibone

on Ross, rates How the today? Hey, market transactions more in environment? the could place in people conversations about provide cap little and NOI color good thinking are a you this morning. taking stabilize

Ross Cooper

in is is Sure. the that opening you. is early retailers an Good That I the to today have of very morning. NOI terms lack the clarity the it of know so for for is acquisition is uncertain. take really that difficult the when challenge place

be. risk in as or opportunities So, may I to there and what previously, box try attempts mentioned are that

box waiting Who tenants related trying you cover to to for or to rent majority a how paying But may right escrow unfolds. seen want in I on paying. say you some for some a not see So of are time. would now are bit have investors have right capital or conversations that which period an now just try really to tenants the understand to sidelines vast owners it agreements the to which are of

dislocation, advantage planes quote If a a where and have that I think the in that there been and planes now right or of some landed But becomes has first really not were I a that lot period air the off heard it. quarter like more distress of situation to since. taken a we ready others in it are I take of the

clearance there is waiting So when see to to we fly them. are

Vince Tibone

those normal-ish moving transaction sense. than getting to market? in I Makes back to again? more levels your mean, the of is mean country to collection kind is rent in it or reopening, unfreeze what to levels just mind, get needs I maybe criteria things mind what your change

Ross Cooper

Yes.

to capable to there that to the for even again if shopping some be and First are have and counties Not in they of retailers Even needs or foremost, the the these all where to legally. start exist. reemerge in yet, started country, and is opened to plans a open. allowed to the comfort it have safe and States level reopening retailers

So ultimately in a capacity be comfortable, testing a still whether or early we it bit vaccine. little are people a getting

is open like. to soon I there there in and looks think which as retailers it as that a and So categories normalcy is better retail what of return a of understanding which will

return to capacity. XXX% a theaters, to back able Are to issues going FNB, there be are fitness, capacity

we investors bit and that more little in scenario, the will a as have become think lenders clarity soon loosening As to in more perseverance both and I again. comfortable starting invest

Vince Tibone

That makes sense.

that more. is color. One helpful So

all me one recent pandemic? What months is in could. if at quick due for pre-leasing Just the Boulevard, to the the impacted at level that I

Ross Cooper

Right on nothing the and point. now this Yes. XX% has and are we Boulevard pre-leasing at close with changed to

our retail So out with do tenants. all we fit continue the to work

earlier, We are underway, do is through Conor our out the was fit deemed for mentioned essential. of center, work. As the we the going it waiver, inspections ShopRite got then continue balance we and shopping to the

Conor Flynn

that team was to the and our back those to on above to was having not construction not get went beyond get expeditiously it because workers get and easy site waivers, and to easy. Kudos it it

the think to So pretty back working ramp that was the has because up down team to how incredible been was see all been that that essence has pretty impressive. I closed on site a it in quickly shutdown from

Glenn Cohen

Thanks Vince.

next question. will We the take

Operator

go ahead. Please Point. Compass with Dijkum Van Floris from come will question next The

Floris Van Dijkum

taking my your you what remind for Can thanks us ongoing guys, break Thanks even rent to expenses? cover question. again collection your is

Glenn Cohen

Floris. Hi Yes.

million at run expenses, kind a GNA, property XXX operating stuff. at level, quarter. about you total of If look rate, all expenses that It runs expense interest

XX million somewhere So month. roughly a around

Floris Van Dijkum

that rents cash you So to of get would percentage what the to to need collect level?

Glenn Cohen

Well, that than XX%, so more we are are. above where are with we our we

Floris Van Dijkum

is the that in But fifties? mid

Glenn Cohen

the do XX% it is around to specifically, but It that. is level the math probably around

Floris Van Dijkum

Okay.

for Another Glenn well. you, question maybe as

of some receivables, thinking about X.X doesn't Could impacted the walk that. last us to the relative tenancies which was downs the appear as Your of year much you it of think like straight any million your in terms how riskier also COVID on maybe debt, that through bad about talk four any tenants. have taken of million write you your how line about you and

Glenn Cohen

AR Let reserves talk practice have just relates always We generally a against me reserves as line. this it as about to us. had straight

appears in reserves. that supplemental, of number that our net the is So

So as we go tenants and how already and robust we up pretty procedures we and policies analyze forward. have reserves

for makes had the had times are a procedures be different policies, may But we line, bad. us always review little have and - than always those good against and others, we sufficient current make have environment. straight the reserves they pandemic sure Now

whole of there actually a is lot netted that see number. don't you movement So because a

is a line against straight sizable So there today. reserve

along. you AR unbilled which - On are tax and the that you be the will as billed quote, go our is the AR, AR, accruing

believe go significant again, well. policies very of we about look in the - very are And there robust what have how We And we about reserves determinations level extremely it. as tenant-by-tenant, we appropriate reserves. lease-by-lease very again at making

go will adequate I think things reserves the in of up but clear second reserves and think very I are. do Now about XXX, I quarter? as the where are the do,

will you as movement, drastic So relates see I'm but or expecting movement not AR. it to

The quarter, roughly the saw which points. that four for - is basis is million you it XXX

points our As know, you our carry we forecast budget a and year. for a in XXX basis around

quarter. that roughly basis XX is points So points for at basis XXX the

to XX points to plan, even original available us. our have So still relative we basis

really also I related you of one taken, operating. was that still a to portion reserve would tenant And that, tell is the

fairway about reserve. in million was so back grocer operating was us. it to too. that a for us still really are dollars sent view the of to That come may So, They plain

Floris Van Dijkum

appreciate I it. Glenn. Thanks

Operator

come Our next Haendel St. will question from

ahead. Juste with Mizuho. Please go

Haendel St. Juste

well especially everyone you Glad Conor. doing morning. to Good hear

of the seed your first like group April looks you and XX%. request and XX% is just on bucket question non-essential looks for comprises my XX% in the another deferral rent collected That a it on that So your slide. rent, COVID half like, under from it update

to some what of say from thoughts GAAP get how XX% collection should XX% essential of that, I'm maybe overall understand your you see in the not could probability requested So and narrowing versus expect with and if a this a group you collected the Thanks. for deferrals could the the essential and that you between trying the do you on see sense bucket. how we we then share

Conor Flynn

Sure.

address of will try this I down your I question. bit a little make sure So all and to parts break

this reasons. it that be could a time, those variety deferrals for for any have of So requested not at

just and what with that continuing could type they secure assistance and to loan have are of still be financial operate into us also they they process to paying, visibility gain paying. to are meet going been to in closed they see wait more or One our means lease. can obligations wanting the their It they through

those because they seen PPP that are have willing times We actually couple for got and had they to just called since that deferrals that pay us back have happen requested a rent, the loan. said

So they are able to meet that obligation.

does really it So vary.

have tell into In in to seven looks think bit only understand terms start so going play start to early weeks you it do is again, have as we the and this, are to six, apologize, back end, you like. I retailers I still are exactly, markets collectability your back little one part further that get question. to that last reopen swing, too out the what of on to a to these but to And

Haendel St. Juste

can conversations the understood looking current on either from clarity get just perspective was of see hasn't for the problems was or big buckets I But nature some the requested that paid you question is you of think, and this. what narrowing, be to on I there? trying what the to here my and somewhat really crux a two if address some was the and situation there chunk

Conor Flynn

I think does. I Yes, just that answers mentioned probably Okay. what

Haendel St. Juste

total you is then you had total to an Thank would question on looks just not a sense to occupied, on Glenn, want that you based it it clarify, we seeing occupancy occupancy, maybe ADR. necessarily words, helpful. you. lower the like a less In have That you because collect. other in rent And numbers are if potential for rent here, numbers, is collection based benefit on based

is being sure industry right the out because there make thrown lot in there now. to wanted numbers of Just a

want ADR we occupied based total ADR is current just some occupancy, is are potential it putting here. important based I what sure on a are assuming being Canon, are understand So on make to reflected XXX% Some some

Glenn Cohen

strictly build is based It on AR.

Haendel St. Juste

Okay.

Glenn Cohen

It is is complicated. for is simple, not it month AR April. build of It the the

Conor Flynn

you about you what I is included cam Haendel collected. the talking would and the we other what are to recoveries, think it it comparable be,

Haendel St. Juste

it. Got

you Thank Okay. guys.

Operator

from come Please Lucas will ahead. Capital go question One, next Our Chris with

Christopher Lucas

guess quick morning me. ones two Good I guys. for

to relates weighted could provide a today average long terms have you XX%? just how a, deferrals, guys your by ADR are it that to you duration the did like across As the in of the deferrals

Conor Flynn

some retailers a get these earlier, of were this issued these now, how to the right to mean, it and started paid to I deferment because really some addressed secured I situation. case-by-case. loan. No, stated is similar just earlier, also that And that I back of they had

So it still is very fluid.

better we We couple this over the as visibility months. progress next will have through

Christopher Lucas

something your Glen, comments mortgage. And earlier about mentioned right, you Okay. in then, a

market I'm people be not, if I what out of think in there or curious like about back was JP the pushed if the days, mortgage how you in underwriting It you helpful. market very lending seeing here, Morgan, in some you are I direct maybe XX are as on guess did. to you looks going will terms they were is commentary what pulled they just

Glenn Cohen

Yes.

we Bronx, near have Plaza our Stadium Concourse project So the in over partner. right a with the property time development Yankee really that was

partners. XX/XX are We

a loan and sourced it proceeds loan actually, million a on closed So in and in April. maturing for $XX that hire at new XXXX early we we had was

seven new X.XX%. a So it at a loan is year

the and the actually term the out plus So savings for extended much longer. partnership

to looking finance. the as market that is you are property very to mortgage very, The specific

the while money, at is center of Bank a froze say is than a bank would the has regional challenges. its big level CMBS I money bit. for it For lending the banks. more market of

still I very are think the regional active. banks

right some the side, I at visibility clearly financing you still on residential Freddy term other again operating mortgages on and get And you the give is The for market could rates. for the can low functioning. thing Fanny & assets completely is, incredibly and

Christopher Lucas

Construction what On available -. that being of you in how the looked and Have that terms at multifamily sides. is underwritten financing. is guys

Glenn Cohen

financing. have actually don't We any really construction haven't, we

was construction As there loan million, first off the have, did a we we fact, one that on quarter. $XX which of paid matter which was the Dania, in

So we construction no actually financing. have

are we wanted it. have, if I with something doing outsourcing I if financing, obtain wanted we get we but think could to the haven't we candidly, not been construction banking the We it believe it, relationships moment. is quite that at that to we

Christopher Lucas

you. Okay, Thank great.

Operator

James. Our Please Mings ahead. with Collin question go Raymond next

Collin Mings

focus back morning. did specifically and wanted bit, just market touched investments Albertsons would a go investments for and type near-term the for potential up potentially plus how as on have? opportunities Thanks liquidity transaction you I the can business, just these versus we on balance and plays you me, the similar history this to but maybe opportunistic on expand good out if and obviously you on to Kimco's just appetite any you your development back ramping cycle or reflect of

Conor Flynn

Sure.

always rich look up are the close we Albertson's to to Kimco, is We that you when look chain, and XX% years and own think how We still XX% the I XX owning real close had with of to wound that real the their estate. at of grocery have of close that bucket. estate opportunity of ago. control retailers at they investment strategy

have the a thesis the And original that there star alone you clearly sector. the was was make been grocery operations the know, long-term. real that it shining valuable would now estate sense so in And

can for still we track plus go forward, We our we those call record to believe just opportunities. of try have focused make investments investments over business again and that new the we been of on decades what going plus opportunities that build start business to existing in that types on so and the going we be we we harvest sure had that there have the wonderful investing is making before

for We there utilized said, ahead is business of be come That create and be. plus is going because to do think a think really going differentiator in handy being we Kimco. is where to it we think there to us opportunities the be will opportunities

significant shareholders. invest, amount capability if few the to will do the to going a have the our of Because we underwrite be to we it dislocation. one are think of capability there And that reward is think we

Collin Mings

Okay.

like remain, intermediate longer term that more to sounds does priority. it So an of again, that

Conor Flynn

it our, of We differentiated part our as always have strategy.

strategy. focused our laser on where have portfolio a are executing vision solid tier we obviously we know, one very You XXXX

A over type be that continue for think few base, transformed lot the made outperform. has how past gone positioned ready You of so if of about mothership have know, hopefully we can ourselves that we to the the asset the how effort it to has have on this have we the sheet. environment, you balance years, long really

and bucket the is present business opportunities plus have always the But we those unique that for opportunistic, when themselves.

we we shareholders differentiator And the us our so long-term. it'll really think we is for are reward think in and ready it a when

Collin Mings

Dave, location discussing any are there have or a on the you you expanding actual of or program, with of tenants started your then in you the that along the focus longer social physical spent time changes anything already of forward, going layout physical but some extent more becomes to other And property? to work term about restaurants outdoor think curbside the terms Okay. that distancing seating for as else line

David Jamieson

How that I we can been capacity. social do shopping nailed or question. areas that great mean, manage restaurant seating want it expand is outdoor we that already already in them seating capacity, in operators that the analyze appropriate support it that need. and to, we those serving with. do they to The those of the outdoor fashion restaurants with the to talked have measure you support outdoor individual a something centralized center is, your the we distancing Yes, we our with seating, absolutely have each actually example. And that

is that in between property really we is team, engaged under much So needs our folks, serve base going our table and development forward. construction on all the very the understanding best team consideration how and of and leasing can team, best everyone management directly tenant

a Obviously take situation evolve. all different we have have restrictions seen will what this solutions that and through and take what XXX of permanent. have much case-by-case, is our but dive short-term a term Different counties on that deep be the really more and longer are for you and is municipalities have those we the outset reformat been more we then will to assets very how the do doing

Collin Mings

Thanks guys. Alright.

Operator

Kim question Please Our next ahead. go Bin Ki confirm with will SunTrust.

Ki Bin Kim

well. doing all are you Hope morning. Good

and So environment? X.X% at how type this game expiring of you of is in of What about the negotiations this X% month-to-month. rent to plan address you those those have have year, would kind another current

David Jamieson

This is Dave. Sure.

as terms in data. ongoing COVID So discussions are been continue. have pre current are of through happening going discussions those and we six those and They in here the first the even and renewals COVID pre weeks

quality vastly the real of has years. the improved estate our Again, over

the And well service so well. the locations retailers XXX of really in our community terms extremely

proven is your is close markets is really this what essential. in that think being customer to I these

the options be all to And here brick different growing that which over long-term the we it couple that. evolving to really able be will focus, to whether critical trend has the the have service strategy an to in serve as mortar - been been And for been long-term has customer, these play and looks and will curbside be last years.

really being. we it, looking feel in of very want did term we those we we how we we far then as a those, way, renewals month-to-month are And terms address get that for in and about the in can front don't time good to too of shorter to at are what the So that. out recession, great do measured similar with

address then term then. back visibility on the we longer to have this a can list get end long-term Let's more renewal and

Glenn Cohen

love bridge them are of and we about past one best with friend so base is the have adopted with, great your sure love other side the working Similar are now the making existing phrase are and tenant to what right and past the we done the recession you we with that recession. I one we that is we the to you mean in the that. recognized

Ki Bin Kim

expiring? that Alright, for translate are that shorter leases into term now, Okay. term perhaps a for leases the longer

Conor Flynn

majority Not to it. components of the necessarily, to is grocery, with our look again, different it. you Each it broad have associated that component at - is XX% over it shopping with shopping our a hard it is have case-by-case, is brush when to centers situation ABR of grocery and paint on essential retail centers

that do those retailers questions those key proven Those been in They alongside. brush essential other it to a over co-tenant can that to term, want and to hard like but our are really the a component paint longer that across I that really having want centers broad people be that. in. pandemic, areas stay this it is has through that for mean, is really

Ki Bin Kim

Glenn, that. language were if lease spread definition, look supplemental that a Yes, And appreciate change the there I there in the t suggested that? I is some

Glenn Cohen

lease spread changed. hasn't definition our No, No.

Ki Bin Kim

Okay.

Conor Flynn

in format way the change it the the just looks. presentation We

Ki Bin Kim

that quarter. four noticed just for last reported XQ versus the I what number you Okay. two changed

Glenn Cohen

No, it didn’t presentation just a is change. the definition change,

Ki Bin Kim

guys. you Alright, thank

Operator

from with comes question Tammi go Please Fargo. next Wells Our Fique ahead.

Tammi Fique

Glad Conor. morning. Good feeling you well are

on much are you quite about you with. tenants of following others. this up the I love may that critical or where an you also there reverse credit consideration as Certainly you is commentary are number level loving made Just the a preservation as lower one guess is tenancy to may a to that is a base this term opportunity maybe want is address occupancy such longer not at point? not that

Conor Flynn

you No, for business at I every And that every think each individually that the is long-term. site and look plan a good situation, and make and best question. each the

so -. tenancy, well credit the the we are we to quality to And looking upgrade always always as as improve are looking

a think are now. of we grocers personally to and a to don't be that right anchor grocery opportunity sites lot lot currently a going on is our add there I have to working that of Potentially,

XX%. for up we anchored, have close a challenge be already That XX% are are going ourselves. we think to over I laid We grocery is out that to

said, going operating this put maybe been on to for pandemic. recognize except are that expansion have But a of that lot that their we through being plans pause, retailers have those

connecting in the community. so And shops do with because the critically case-by-case. to to want it sauce secret of are we me terms are think important small take I they And the

people to sort shopping every and the And typically those used other owner has know, the environment love. that helping where part get a really or is it community someone sauce, of national the center is to is think or folks this connect think is pop generational mom the important of of someone that shine local and shopping the the You side credit want from that that with. secret they center real I shopping because are in we major of But I really to type tenants it.

Tammi Fique

shop to given Thanks. small curious it. that. doing tenants. guess peers I to then your you some I'm Got are And Okay. have their extend loans to if thoughts any of looking

Conor Flynn

talked because but take are actually then they of the we sure at tenants looked that access we make about those and the place, is should in realized first advantage we TAP the and It we out programs that in there reason program Yes. we something have were figured those have let's when probably programs for a ourselves, we programs. doing are essence and government rolling prioritize

we need PPP the then And and closely is it playing as out, watched we how if program see to.

We is in the and right ability with PPP. help the on now to sheet priority need. those obviously our balance focus have But the to step in

Tammi Fique

you Thanks. And and upon I curious geography. if if great. more Okay, sneak collectability any one differences seeing could then in are I'm based

Conor Flynn

the We really board. pretty seen now much haven't it is across difference. consistent Right

Tammi Fique

Okay. Thank you.

Operator

Our Jefferies. next from question Please come with ahead. Tsai Linda go will

Linda Tsai

taking for Any my question. shops? in for Hi thanks April anchors sense the of small the rent breakdown collection versus

Glenn Cohen

find It will our update and the business the you in supplemental, supplemental COVID Linda. is in that

Linda Tsai

Okay.

anchors the large the and varied small were by shops. Right? lot and it paid think across then I a just

Glenn Cohen

of non-anchors XX% of anchors XX% April. our paid for our and Yes. paid

Linda Tsai

look there announcing you Thanks medium context? helps retailers them you at strategies then shorter, impact can to on Maybe and the increases? mitigate anything you for this think that. then restructurings, when best of term your do of you do occupancy the any And upcoming know, to basis in scale are maintain you pipeline a

Conor Flynn

closely. of diversity. credit incredible you take helps. across when definitely diversity tenant especially into our watching the at geographic you and how scale pretty base it mean, of diversity portfolio, markets Clearly look Our are diversity, the when tenant diversity I is the the we top the are,

peer top how watching to the reorganizations, plays to monitor been - lot Clearly Our has group, there credits in equity other of has that of for continue a swaps watching XX lot that closely closely we but have highest been opportunities. are grade a debt some our sectors. tenants investment of we we evaluate are and But out. the of that are going

Operator

last McElroy today from ahead. comes Citigroup. go with Christine Our Please question

Michael Bilerman

been sort I it is it a It Conor how great Bilerman better. Do stepping into do you the of that are assume Christie. on obviously a been to you both of retailers? into more invest the program leading think obviously are that as your providing an a and I Steven is Michael lot much think try Kimco you, royalty working fee with well, and you ask opportunity have end? hallmark equity that a the for doing but of your stuff a time, hear wanted as today you deferral view long with put loans to you commitments tenants. on repost, are doing - deferrals initiatives. and I Hey the about is paying to for to in stills are one but make significant with out you aside to you roll and where

Conor Flynn

the Hey Michael, it same comments. look at thanks those for Yes, no, we way.

a We create are looked retailers come unlock have value real estate need where be to partner in opportunistic real it. We when of the events to dislocation rich at that want that estate. always and those

careful we on are So invest who why. in and we very

investments of underwrite we across track typically it we real retailers You the at to made. back rich. record consistent decades are And We have can sort board. all estate our capacity the that have theme of like is to the think We pretty look it.

capacity there. the have take if we need and the real to help back the value estate We unlock

have current that investments perform off, that opportunities so been can to a to over pay be We and value plus a a want years. differentiator focused And that of It shine dislocation on more we is us been good we our has anticipate see the shareholders. what them for track as us. hopefully for the to there continue will create record so really in some the and for believe lot near-term will create we

Michael Bilerman

to initiative dialogue sense I'm Okay, of equity private have just obviously don't whether filings Chapter a retailers I -. just a these pretty right are firms. of, rising that struggling. that had lot trying so dramatically, get is so is an know with XX are relationships an you obviously now, active

Conor Flynn

haven't which sometimes always is you be. shortly be it looking model, going part it easiest is take at is. is do will is it. of opportunity of for but the us our the been headaches, as right that, a you causes differentiator. we thing I And been we know, to a time here happen, always window know we we think seen is lot to strategy. It have advantage It of at it the opening It not has but It think an Kimco for and us it lumpy to

Michael Bilerman

a the is to monthly. it happens re-instate you paid so dividend catch of just then suspension the then the payout go going feel ratio when review about And pay you how on in reinstated a - didn't a suspension? it you up Is is comfortable the What do should new that forward and you and when the a as basis quarter? get it dividends are with on view are want of you do whatever perspective, the be in to will whatever from think market you rate

Conor Flynn

is a is It it good very Michael. Yes, very, early. question

them think monthly to We these we have do are going to because updated where review state going take Board use reinstate from month-by-month. and are in would where give July, covering then think sustainable May, confidence have we it have be We and from long-term. that with we from the obviously specifically monthly we to our sit June, will for we calls it to

the it in in income and be information spot as shareholders for good but that the tied for to of the want is digests in to more our and overtime. weekly, flow. cash a information, will believe the it We will to taxable to not that monthly, only that as we a where to grow Kimco important dividend to we be get investment And know the we is long-term critically it thesis reinstate be position existing, Board coming daily, we

Michael Bilerman

Right.

and So case up a new you taxable in the going future. comfortable that may then the pop dividend, run you income this have quarterly rate feel dividends will into

Conor Flynn

situation it. we can we to It one that we will are available use. a is that the is a optionality lot in at that have lot that But of the levers can look front on get A of deeper little options that really transpiring when of we us. depend, into obviously us, of

Michael Bilerman

outcome stocks, And giving a to shareholders? suspending idea it ability better you from of stock feel was paying XX% the than just your script having the to in that

Conor Flynn

change suspension we approach doing there clarity. lack XX% right such We the well. was like as point felt this option Obviously, that interesting a is of are is that to the XX% from at issuance with then because just the an stock of

And we see the that bit information little the the believe deeper, at place we hands situation. little discussion the will our will continue base right a put ability it and then regularly, we that And Board more to monitor from gets get having been again, more of have we as in at to back to I clarity, bit level. have a it

Michael Bilerman

that have the about there the restaurants reopened, portfolio? on you the the economy And that opened thing the or do things anecdotes municipalities reopen? of to stores, with last tenant demand Is have your some when you in states up from do share any Okay. going sales the any is that can have pent that in

Conor Flynn

have that a of surprised we the pleasantly lot the we program They but the and Obviously, do and managers store pickup - that since have so seen it happy that. have obviously conversations pickup dialogue of sales the relationships far. have very They of we is have We launched, we have curbside have use accessibility specific any surrounding don't been been it. a with been yet. have days, couple with with. curbside we And only

yet. continue will don't monitor we to But So closely. we that data any have sales

Michael Bilerman

Okay. Thank you.

Operator

any David turn to concludes for conference closing like This our I the back session. to question-and-answer Bujnicki over would remarks.

David Bujnicki

call you, in are a normalized Bye staying hope hopefully, and next can everybody. have. questions safe on this may and -bye. answer And participating families call during follow-up more I'm we healthy for any you setting. today. you I Thank to Thank our you available this do your crisis. by

Operator

concluded. now conference presentation. attending you today's The has Thank for

You may now disconnect.

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