Kimco Realty (KIM) 29 Jul 212021 Q2 Earnings call transcript

Company Profile

Participants

Dave Bujnicki	Senior Vice President, Investor Relations and Strategy
Conor Flynn	Chief Executive Officer
Ross Cooper	President and CIO
Glenn Cohen	Chief Financial Officer
David Jamieson	Chief Operating Officer
Kathleen Thayer	Vice President, Corporate Accounting
Craig Schmidt	Bank of America
Juan Sanabria	BMO Capital Markets
Rich Hill	Morgan Stanley
Michael Goldsmith	UBS
Katy McConnell	Citi
Greg McGinniss	Scotiabank
Caitlin Burrows	Goldman Sachs
Alexander Goldfarb	Piper Sandler
Wes Golladay	Baird
Haendel St. Juste	Mizuho
Floris Van Dijkum	Compass Point
Mike Mueller	JPMorgan
Chris Lucas	Capital One
Linda Tsai	Jefferies

Call transcript

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Operator

Good day. And welcome to the Kimco Realty Second Quarter 2021 Earnings Conference Call. All participants will be in a listen-only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note this event is being recorded. to conference like Bujnicki. to now would turn over the Dave I go Please ahead.

Dave Bujnicki

to thank are Kimco’s CFO; as the Kimco’s for earnings morning. Officer; as Ross you Good And well Chief and joining also Kimco’s Conor Kimco’s the Kimco call. team answer Investment executive Chief team Cooper, Officer; President include Cohen, questions call. management of second Jamieson, participating during other today on our available members call Glenn Flynn, that CEO; David The XXXX quarter Operating

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

make call presentation, measures Investor that IR our I’ll the and arises, investors was of Also, if believe help call management this financial post of our Relations to non-GAAP non-GAAP During Kimco’s Reconciliations measures may need in to website. the incur we to we’ll be try results. technical event that, found these to understand reference as resolve the the in we’ll information Conor. additional possible, website. difficulties, With as better our area certain quickly operating to can financial over turn

Conor Flynn

perspective will the will of along financial our on provide powerful I remarks taking transaction will our the and are the then upon market dynamics my the and provide direction with merger our results, Kimco Glenn Today, morning, guidance. results. closing Weingarten, joining updated organization will and focus with insight strategic us. the quarter The demand additional and those Good the surrounding thanks for operating Ross on supply on position some we have

validates catalyst overcome the our balance risk to leasing strengthens portfolio, that quality continue disruption. growth, our mentioned, is induced be has of been sheet, I’ve leasing, to As a fuels pandemic core leasing, on our our often focus reduces and will and

a across in our during rush than have our reflects impact is of selected strategically the apparent of grocery as and near-term leasing power. Robust continues for at and This occupancy anchor second Our our earlier quarter leases. leased square signed XX new X.X% continued the and new Overall lead continue leases anticipate spreads and prior this they reopening recovery pursue for is occupancy the back record the included XXX and demand of basis spreads. pricing earlier we to for not portfolio. at quarter. XX.X%, leasing market the exceeding of new the supply record upon vacancies anticipated component properties and market of material feet resulted results of markets, XXX the a quarters attractive do X.X levels the positive overall high rebound. that tenants and combination pandemic of up leasing leasing X.X% to to in Moreover, million in our while to began to by healthy year, in activity Traffic low outperformed quality GLA success XXXX as our points, drive sequential continue finished XX locations. and space economy the any we or The Centers spreads capture to Kimco. five-year the new XX years our the a row demand leasing renewal share build

quickly. traffic trends coming with show fitness is on eager data seeing outperformance. back also and out go restaurants people the to Sunbelt states We’re are eat with where that again Similar

wellness, home goods, including continues we’re discount the demand health On and also seeing solid source few. to for supply, openings price be demand, of just but to fitness, store name furniture, a off hobby, leading a pet

Our basis to coming is since also anchor single hair gain The small started service points, XX now shop largest XX.X%, a at occupancy from is other building reporting nail demand the salons, finished recover, anchor restaurants, albeit and pace. up quarterly demand at Small franchise beauty, services. we continues shop which slower occupancy XX and quarter the quick years medical ago. is

this, While X gradually last finish to occupancy have impacted their would X.X%, as small the by year importance located XX actually increased in they to basis not Dania and tenants sequentially small the a space, confident the did for solution tenants XX disruption severe comfort multitude at shop remain mile basis the smaller occupancy X occupancy. points Phases quarter second accelerate during and was from down end as is of inclusion If as demand it for points of the being potential gain of continues last for that a sustainable. the grow. will from we recovery shop Further,

is to businesses reach retailers durable other for One be many Our the cash consumer. consumers, of want lining showcased serve brick-and-mortar end last the and strength mile flows, prove will the scale strength that mission of grocery of and diversity solutions and resiliency credit the critical silver tenants. last half the and to locations mix repositioned and high our our year that a of of our it anchored strong portfolio,

and sheet FFO occupancy and our bolster growth metrics. will balance recovers, we EBITDA our As anticipate follow

and earnings also led in opportunities. are with drive continued leasing unique on for our position by a to levers attractive results multiple redevelopment emphasis growth We

assets closing subject thereafter. is the on a our the resources schedule. value completion well with of dynamic closing significant of to with Kimco’s, The grocery-anchored the will further combined have of Weingarten’s portfolio continue in for from With strategic the fast embedded scheduled ability shareholder the our The confident Touching sustained and and On leading greater Weingarten accretive even more diversified will MSAs to portfolio combined approaching focus operating markets, customary occur scale, following Xrd on merger, opportunities. votes use these the power are drive we of platform merger, across ahead shortly in and but to with and this open-air, conditions. and country. merger the front, mixed the should concentrated company in August and

that We business to sheet. cost complementary balance extract while annualized us our deleveraging the operations allow will expect efficiencies,

company’s base. credit leasable markets it have gross highly a our is total reiterate will grocery-anchored open-air, scale and combined XX% closing The of be of centers also square mixed-use base to coastal Sunbelt top think across feet have will targeted from annual platform growth suburbs more and At Together comprising important strategic we markets. with the derived XXX approximately will core of rent markets than first-ring area. have XXX I reach approximately tenant the and diversified Sunbelt. million we’ll strong the high-barrier-to-entry shopping assets

the no With tenants, and the pandemic woods yet, single grocers representing the X% industry better to of and strains, best-in-class we believe ABR position retailers, tenant and leading sheets portfolio, XX any battle an to that of with withstand top with more puts out given threat balance the the new ongoing and recovery. we are disruptions reality team combined than all tested not of in strong essential, even completely us

to from and Ultimately, the a portfolio form the derisked of untapped which will we beyond Well, until quantifying value. creation redevelopment and we largely is we opportunities capitalize efficiently a creative impact pipeline, we incremental development the Looking financial and strength, after the ahead. closing, extract combination this vast transaction in believe on can presents enhanced with be will believe funded in result value brings potential the Weingarten closed. embedded resources the the flexibility

closing, us In maximize team our are highly and front value motivated for in shareholders. of We energized to opportunities executing. by the is

in coming properties to As open-air, grocery-anchored our substantial with last ability Ross. we value With us mile years high high I realize the operating use will mixed benefits. by shopping will and enable growth, our enhanced look to over that that, the will forward, call to turn fulfillment be centers opportunities, create quality,

Ross Cooper

thank morning, you, Good and Conor.

the buy. continues A industrial from for risk there’s retail quality of products to essential also equity well-capitalized become more pandemic space significantly continues center investor The recently to much increase. apparent, rate return adjusted so flowing open-air private me, As products sub-X% multifamily high capital the our evident. the to told we and nature cap increasingly can has take the become only and shape locations shopping the recovery open-air

in play this to We momentum transactions the build. have this market continues quarter seen and the out sentiment

and the and declining stability We to in both environment centers in confidence portfolio Jersey, alike. it cash the in recently, MSA, and and of velocity one-off have give for and retail South closed in recently a even portfolio Leasing of abundant and interest grocery on portfolios equity very flows New This rates grocery capital and with Phoenix, accommodative several in a future rolls. existing given both deal investors With seen upside examples. debt side, Southern California a Atlanta one-off the rent a includes exists. few have diversified lower Philadelphia renewal deals rates and Florida, assets flow on

As starting highest is we open-air for of years be is report one production track industry. the it to brokers see that There appetite XXXX the clear no is for retail results, to question is voracious. on

in and we be the market. and consistently The number investments addition of San The in most Rim, property. X fast GLA the position Antonio entertainment trafficked second In having feet with the a center district in $XX preferred investments We invested over in sales tenant structured to all a of continue million has retail, to exceptional to selective Texas, a square approximately opportunistic, located disciplines the make. quarter million program, mixed-use growing heavily yet into one been an we property support our as dominant equity

made future. for to with center basis, excited in extremely are the current at a yield We upside attractive of reasonable was the investment, this buy an which the and right-of-first-refusal along

just centers these recent at a by second Aid transaction. increase of When $XXX the a sale closed this taxable were we $XX the five million, two acquired is REIT sale it a XX% of our completed subsidiary a California-based distribution for on of the the generated significant paid a leaseback -- of earlier this represented sale earlier Another two Rite IRR investment. in two from year million quarter that and in success price Kimco months properties

As allocation opportunities, partnership investment considered capital investments appropriate and structured continue that times. disciplined will selective buyouts we believe present we and at carefully to the themselves acquisitions,

financial the results for quarter. Glenn the to for Now

Glenn Cohen

good morning. and Ross, Thanks,

growth quarter and in by same second rent collections, site strong continued NOI. solid Our credit low loss fueled very improvement is

produced sequential another and economy improving an with of a combined efforts uptick leasing spreads. quarter occupancy in positive strong leasing Our

EBITDA addition, has have metrics improved. debt increased, In also as our

anticipated details $X.XX and million reduce by results, increases $XX.X termination per minimum lower accounts losses includes per the and straight diluted for significant million. The we was cash collections real rata quarter growth the same year. per or credit FFO Now in from compares $X.XX $XXX.X recoveries to was estate for rents second the $X.X were occupancy of million NAREIT our on comprised prior line driven income credit which potentially charges tax or share XXXX, TAM diluted lower share higher to losses rent of increased of in connection offset second quarter for million rent million approaching and quarter lower compared some second merger-related $XX.X year. lease attributable with NOI uncollectible with collection $XXX.X improvement The to levels. of increased and due of These merger share to Weingarten. the last mainly of or [ph] pro million $X.X diluted as pre-pandemic $X.XX This the by quarter are

we quarter, based pro rents the of XX% billed. second During rata collected over

first from the XX% period basis XX% $X quarter We during up due from during from totaling basis Further, also of $X.X collections of quarter. tenants rents million collected of the prior cash amounts quarter, XXXX tenants period million versus same cash XXXX. second collected the the during collected in in over second

X.X% total rents. comprise base of tenants basis cash annualized Our

be the almost collected deferred June, during XX% the quarter. remains we XX% next months demand to the of which we deferred have $XX.X over billed addition, rents, million and XX In rent end of second this approximately the reserved. of At is of billed

in leasing the mentioned, Conor significant operating increase in spreads. positive delivered portfolio and second quarter, sequential improvement the As occupancy with a

NOI positive and quarter the redevelopments from XXXX voids including should This a including same is XX-basis-point site since the Our be same of first quarter growth of a was growth first [ph]. uplift NOI start site recurring XX.X%, trend. these

stands of is increase XXX bodes now rata quarter at basis and indicator cash flow which up points, the represents spread from $XX.X well positive spread Another in points versus million approximately last growth. of the pro ABR. basis future XXX lease The for economic occupancy,

at metric quarter JV the a balance consolidated times. was rata and levels Turning $X to the basis, at ended we X.X our a metrics than the look second was second pro including times. quarter sheet, -- cash the pre-pandemic over X.X through the debt-to-EBITDA of standpoint, debt credit better rata million facility. end billion preferred with pro of full availability outstanding, and end the and share are revolving net liquidity $XXX stock of These on XXXX. On From the of

We the will the consideration revolver and transaction and cash on to the of using a component portion cash costs. be of hand merger Weingarten sum

addition, to at million In this during valued XXXX. monetize was close our of plans marketable to Albertsons and investment end security of at investment the no there portion are June any $XXX

$XXX During second the unencumbering million XX an we quarter, mortgage assets. repaid of additional debt,

maturity have the of consolidated not no from until balance year next We and November is XXXX. debt bond maturing the of our

Our the industry. the profile longest in of weighted years, maturity one average stands debt consolidated XX.X at REIT

the With of improvement respect FFO second range maturing year, of the $X.XX loss NAREIT As on guidance charges for and $X.XX expectations outlook the and incorporate per previous credit of with site year, NOI same quarter does impact related operating $XX our raising other of merger results, range refinancing remainder the the or half $X.X is identified. share alternatives first based standalone for pending to with $X.XX. Weingarten share our include for This an JV during XXXX. in only range balance that we ongoing a than $X.XX the not already to XXXX growth, new are $X.XX on of basis from presented debt, the we again to incurred million the any merger diluted per million to have

we the will is next guidance updated the anticipated, Assuming during quarter third a on as our on provide complete basis combined earnings. merger

common during to will questions. the completed, the to which now ready dividend, expects with after your quarter. our of to we’d Board be take regular third a shortly merger Lastly, cash respect the is be Directors And declare dividend, payable quarterly

Dave Bujnicki

focus standalone shortly be results on We’ve meetings call a we the second is outlook August will be once company. quarter which and which information Xrd. completion anticipate the keep respective More this the of been this closes, advised to as will forthcoming Kimco’s transaction stockholders, of after on

want process. of In the efficient terms to Q&A, we this make an

You may with an a follow-up. question additional ask

caller. the than questions, have the If more you to welcome can first Tom, take additional queue. you you’re rejoin

Operator

Craig Thank Schmidt [Operator of you. The first Instructions] Please from Bank question with ahead. comes go America.

Craig Schmidt

and recent term giving any tenants Thank you. leasing just if enjoying I the in hesitancy COVID-XX improved some cases Obviously but of retailers I the know spike -- decisions? breakthrough your the or results, want longer are cases to regarding of

Conor Flynn

and of open months retailers all XX normal of the obviously, been shop across Yeah. of we Delta great outlook learned for or our retailers terms Craig, meaningful top it’s views. people question, of obviously, lot how a in we of a new any mind over markets as themselves. haven’t is adapted of have variant now, a those all are the access The But last to country. sort lessons how have running us and you and Right right seen know the change now. and

could new expand this prepare continue as to as gains XXXX, they XXXX. normal evidenced you and -- XXXX quarter for for look new to occupancy the opportunities As by within our

Craig Schmidt

then probably it’s And Ross. follow-up Great. a for question,

centers, the pickup or transaction rise community Regarding increased which are neighborhood seeing lifestyle and the which are in activity biggest market, transactions? transaction in seeing you the in lowest power

Ross Cooper

there’s much mean, shopping doubt right very infill demand now. centers I are Yeah. in grocery-anchored no that

grocery-anchored think you points about points the the low to remarks, other Xs return, As still asset high some good mean, XXX spread I in the you’re the basis -- I compared high the classes. Xs, in to a XXX centers prepared basis and getting adjusted spread on mentioned quality the risk of

aggressive continue. much see private our of lot we public a and type we’re some getting and will that product more of that peers think starting to just on both So

lifestyle, seen see some such improvement fitness, restaurants, We lifestyle categories of as entertainment, we’ve with seeing more we the economy, on as of transact aren’t the the activity power in those retailer yet. coming as in really improvement you conviction on centers, seeing and solidifying and there’s more themselves. not the are much with that back that sales, much in But

all right that I within of types lot just open-air there’s now for So demand product a think retail.

Craig Schmidt

you. Thank Okay.

Operator

The next go with Juan from question Markets. BMO Capital comes ahead. Sanabria Please

Juan Sanabria

morning. Good Hi.

collections Just hoping debt pretty spend and balance of rents go second about due little past time went behind your And year. were as could numbers you quick for the talking what of a just in paced? could the bad prepared reversals over you the if of remarks assumptions the was the in you quarter your through

Glenn Cohen

million second $X we our terms of what tenants the the tenants, during So our in periods from cash prior quarter. collected from basis

to how year, close collected the billed the it’s as improved. terms of base the for collections, to going We be goes. I’ve cash the our the again, balance of of see But all outlook have rents. that XX% wait As quarter. tenants -- XX% still in were basis We and mentioned, it of collected during

So and it’s $X the credit of still has about -- do has into about We that’s has guidance, of the the wait -- have high $XX is to the numbers, million year. credit have loss that’s in of end -- million. we’re going there for see, built our bounce end low was in to though, range still The in. the built

things are upper the So range. at end guidance based of today, on look our the more when towards we we’re comfortable where

Conor Flynn

the next a one there caller, we go or Is up follow can to

Juan Sanabria

small I and demand was Dania a there? give there the feeling Thank is shop underwriting if on or your the you. surprise. space how tracking apologize. color I mute, But on little from coming how is leasing and where could about just you’re you for

Ross Cooper

this with year horizon. Urban And on very new Dania several openings there Outfitters other earlier about going direction and is actually we have feel good that the the this Later Anthropologie. Yeah. summer, new openings the we with

two they’ll fall, we hotels, the including flag of restaurant the We opening of have some the end American be as have additional Eagle Marriott spaces. as well Regal, year, towards this the

the as there’s open this by that’s these change Then that, get the followed demand, as Fort and well. site as have scheduled and in obviously, to appreciated a people leasing other and retailers growth to in location year So along tremendous and we started this coming from Lauderdale the economies open strong market. growth Dania it’s really all November, to that’s that’s XXX towards of Sprouts started of December have happening we recover have

long-term. direction very Dania We’re encouraged the by of

Conor Flynn

is point headquarters of of only add Airlines think their that live a the Spirit So is be building is I should nice that project, I’d procurement their there. which the in environment piece workplace the on component we’re

Ross Cooper

And shortly. want with is that dive to and is break tower and that ground completed ready Conor I also second the residential to

Juan Sanabria

Thank you.

Operator

question Hill Stanley. from next with The go Morgan ahead. comes Rich Please

Rich Hill

the morning, to get this. remarks how long -- all occupancy leasing I prepared Good a But and market think occupancy normal. recovery depends The Hey. your pretty to to for think upon lot I to back takes back come it of guys. going we’re long indications wanted a support I how second, by feels good. to

peak if me than little COVID, XX%. and your wrong, think just prior I’m correct was to a higher bit I

I’m the pulled that do back total if what XXXX? the to So can do Is forward you to in this takes trends you look still wondering you really levels. for maybe that while long How mean that’s or late event good, in getting just mid-XXXX a NOI? after quarter does think think recovery that path comment pre-COVID and to on

Ross Cooper

question. the Yeah. It’s Well, demand. is path on really great a dependent

understand there are to where the start retailers forward. have anticipate and today going I we then think what and So you

stay few this continue demand a see pace. for we’ll think, to that I reasons,

in numbers are you the the they’re to now are and they in all through, XXXX what maintain that they’re still will to seen last going pace trying buy from retailer, in working We One, achieve -- XXXX. quarters. still two we’ve

opportunity. there there’s actively vacancy portfolio the pandemic. but to that and obviously trying supply, quality upgrade of a bit sites So a a that’s of them quality not the as online, they’re with the to new given expand That’s the result the supply, bottleneck their come new A of the

that, other or through sheets were right additional able balance capital Second to the raise pandemic. to their retailers size

necessarily grocer now to they’re to on starting stores at an may look expansion fresh as pre-pandemic, grocery and have new you such market. market new mode, that when not locations in at look So new been add

much new they how pent-up the to new some the top others We’ve formats. that drivers you demand retailers, want third, now XX retailer. on have the of are So in respond existing then, months testing of learned have And last how to really consumers you shop. demand from so

set But in so you as Store, other format. retailers their well. they markets smaller their penetrating formats do fairly And way about looking like Container have at had now store and been

demand like has to concepts add that you’ll And the factor. trying and what trends. C-store to new seen. reinvent historically markets, So top to of you’re see starting concepts, out new choice adapt millennial with DoorDash then and continue which as more is categories new on to we’ve DashMart so come

maintain to I and long as able was So think you good occupancy make what progress in those demand our peak. drivers, as get we’ll to back be recovering our

Conor Flynn

to leads with us. obviously, thing us think the the is portfolio Rich, our one our Yeah. optimized is, but And to and first think the think trend to retailers more differentiator with that with you that is would Kimco I going program. to us right pickup combine the team, the come in continue best-in-class. do with occupancy curbside really to want team, when entire direction. And we’ve the resonating it program. I are believe it’s They then add and just, I They’ve foremost, said that I sites

backfill diverse, is a shops the small see we anchors is follow But the off. after and the we that’s and there The to small to anchored of then And are there’s should Now fall we then shops. think to led along by which might some great it’s the with see demand going that. moratoriums think quarter demand, that. that enough because eviction next pause of burning obviously,

Rich Hill

is, more looking is looking if the I anticipated, at about, stronger endpoint that it. little previously push bit to I’m of me same. but press leads the prepared talk where on than release, higher, bit to And also but gains were Got than and is trough if we higher what is that remarks get your a Conor, -- sort a this. What trough little the just at steeper. what occupancy I’m just you recoveries portfolio anticipating, the you your the maybe to trying believe

sorry a So that here words mid-XXXX in bit, about I you’ve the do your putting XQ I’m mouth. little higher just recovery if past, I for But you sugar trough? endpoint can that better to or -- for post-XQ a the push this in think as said does feel recovery high, that leads

Conor Flynn

It’s -- far what really, the so with obviously, Delta predict to there. demand especially out seen subsiding. is future, Rich, the it’s hard the variant we’ve But not is

right let I true. And think we’ve I various think leasing there factors now the and backup we high there’s can’t what holds right pent-up numbers pipeline we continue lot to said, with. that like quarter. execute see a we the that we’ve with can not We believe demand of momentum. what the occurring through built anticipate of for themselves sugar this got clearly, see. and it’s out a that the timeline But But speak up the quarter, now obviously we that future still we’d

Rich Hill

guys. additional it That’s color. Great, Thank for me. the Nice quarter. you Okay. for

Operator

comes Michael go question UBS. Please Goldsmith from with next The ahead.

Michael Goldsmith

here? How further leases the and for now a during Thanks morning. taking power new period. do Rents right you my lot spread accelerate have pricing from accelerated Good can question. continue that much to on

Ross Cooper

Yeah.

looking to always, to now. supply And expiration demand supply schedule now that couple maintain the horizon, their assets, on we quarter, we population able enables any those own sure that’s in pieces right the A dependent the below the the to on below are those rents that it’s right at push that our that’s really so have. balance rents demand spreads they’re but upgrade leasing size right given is are where within retailers that efforts portfolio look market leases of lease portfolio, about of quality us the our and we’re -- years, average make next our on to quality totally the are you the what corporate So still to and balance really when

to least So we see as further those there’s rents still well. opportunity at that push as

Conor Flynn

If typically, just retail rolling has that pinching, tenants that back when come are their the would and last from off we and demand their are I mile on pay hearing power for that for of we’re tidbits dynamic in look horizon, no saying new at in you demand the with that favor shifted say, they’ll is do some that penny the our our favor. to we’re supply continue like locations the have feel fit needs. supply pricing Clearly, going and

Michael Goldsmith

are to does expansion up, That’s they -- demand? And look are and where retailers follow expand, Are Like a they you for new how when really geographies? or suburbs as first-ring seeing the focused in that helpful. on their focused where are maybe -- looking locations? more what looking they specifically certain more on Are areas? suburban are how

Ross Cooper

It’s retailer based dependent strategy. corporate their Yeah. on

are they to their that -- what see So are program it’s they voids fill it. trying in the how and

that that’s XX,XXX For to a around grocery either their between square a did range. years example, feet down that ago foot XX,XXX square modify have store could you formats. to Sprouts XX,XXX now couple

looking are opportunities new historically they’re that prototypical more So at box they to targeted. what

mile to expand looking fulfillment. potentially form are more the Connor other of others to box While distribution, or earlier, incorporate last mentioned some that

back-to-work closest more The being the markets. a live there’s really will where definitely look obviously, much the and with world the that’s model, where huge between a now hybrid balance what of and focused, with customer first-ring value-add of and sort first-ring suburb, and suburban urban like there’s to we’re they been

so the And first-ring we’ll continue to suburbs. see pick demand up on that

a is give specific see and historically because voids every want that, achieve these way, based on retailer that. they’ve that answer hard one they to they really general one a in it’s specific and where bit So at how done little to differently and what looking it

Conor Flynn

their actual taking that the the important lot The is hearing And that more than retailers And retail to store our last think that focused to there’s passed best to effects is, data from the now only but we the up, the the that we’re Yeah. really customer they again. with become data of last that today customer. retailers we’re pick and they pent-up of that they’ve A spaces lot not there’s a and before has on wall, store, this from so valuable that away a online, demand, ease pick mile ever voids serve they’re look Halo more have, of had do in that’s have how where the I up returns. feedback sort to on filled how mile of tidbits pandemic. buy lot curbside want floor of due of the be may is, before out we have need is,

Michael Goldsmith

Appreciate Good luck the on back it. half.

Dave Bujnicki

Tom, next caller.

Operator

question Please ahead. The McConnell from Citi. comes next with go Katy

Katy McConnell

Good morning, everyone. Thanks. Great.

I that provide am more the Rite of if can transactions market the a wondering dynamics investment. that on monetization Aid and the led little So background you to quick

Ross Cooper

May that. looking around Sure. mean, XXXX, we we sheet enabled when with stated a liquidity of that the balance the Yeah. to started Aid obviously, I different in Rite be were back position We conversation We environment. time that our do of us opportunistic. to a publicly was that it felt bit and

knew for lot negotiate of was industrial those So seeing in that acquisition. directly increases to the that that the were the fortunate created in of good on felt very having was we we we conversations one that attractive, space, rent leases particularly demand We very felt there products, we to that them versus and able of about enough with were single-tenant annual the were value market, our obviously, a have resellers. with terms

clearly, that spoke, was of we rough much do TRS flexibility to in the able some and we’ll to were with there diamonds It they continue good why we about a So we was we unique the that and which as into we a was quickly monetization were bit where for the rather market look of maintain course, wanted to as wanted upside itself. capitalize it it and of come. and bought possible, the but to those excited it, transaction

Conor Flynn

hopefully focus We is differentiated real ability may shareholders a on have that falls of to are our a a our really in retailers value estate Yeah. we others Katy for real differentiator plus for not know, come and you Kimco. which that this the but strategy. unlock business, lot believe rich and into through

Kimco. So it’s to unique is one that

very and data is we a estate of strategy We’re value Albertsons of rich. Obviously, just differentiator real nice of point for because we it. a another own unlock why it’s that shares are retailers this think of this from to proud lot Kimco

Katy McConnell

on then you’re the for to capital And provide perspective in institutional Great. monetize if commentary an maybe capital you touch your your to more put today, appetite bigger work seeing strips and by more Okay. to what around capital picture, partners approached assets, appetite deals from some today? and can JV

Ross Cooper

I Yeah. repeating I’m just the missed beginning that? mind question. sorry. the you Would of

Katy McConnell

Yeah.

commentary from capital put some strips in around you’re for to looking more work to what seeing today. demand capital Just institutional the on

Glenn Cohen

materialize. It And mean, Sure. on voracious, I really did that it’s seeing of is a raised Yeah. I amount not what is that there’s during pandemic. lot capital looking in as the core. significant was remarks. was capital that now distress. mentioned of really opening Everybody focused for this you’re I a mean,

that that, the investors pretty in there’s position a but in invest expertise. unique So maybe of to we’re want lack retail, lot a operational

of a in our fielding go space. questions, from want see are open-air a that of clearly need we capital want how to retail, investing there in But to lot utility take inquiries of lot a they that that. about a is and actually institutional comments, do of So advantage, invest lot

with that capital reduce component also retail becomes and for retail are that It’s legacy know they of there our neighborhood of that having That not open-air substantial that lot There’s and alongside. it that for an are we are investments, them in clearly conversations. as necessarily looking exposure. -- are we’re a many investments their now investors that are other this which And just shopping of plenty we’re for maybe what that’s being they to liquid discuss well. being looking in So to monetize lot us. they’re selective market. it’s where retail, that the there If grocery capital who attracting looking open-air can invest said, centers have those put as attractive and are that we capital a of very of opportunity to

Katy McConnell

Thanks. Okay. Great.

Operator

McGinniss with Please comes Scotiabank. The from next question go ahead. Greg

Greg McGinniss

Hey. Good morning.

quarter, your from out bucket So that were last just of leases driven noticed renewal expiring down lease and but volumes control. by somewhat that assume I primarily is

have that retention? to or you Now with changes tenant said, any trends noticed regard

Ross Cooper

Yeah.

But rate tend that I you in. this leases to QX pandemic strong more the So on given that higher when -- very spot trends, you’re that’s it at to renewal good and retailers made position on there. when a the certain have their through about population because have as people feel rollover, quarter been related think, leases so retention It’s really roll. to have they’re the they’ve it point, a about relates

learn curbside, trying our retailers amount and as matters. be And advantage have done retail a come within us, provide true with partner to a what to to and is that extraordinary earlier, landlord we’ve think your Conor with Kimco I Kimco tenants mentioned a an For working center.

experiment not you’re If be willing steward you’re only and it and big to big, but well a the retailer, capitalized, difference. you makes community a the good test vision, partner of have itself, of true a

For a and and investing this is equity tremendous shops, into small business. these lot own the their they’re of livelihood sweat of a amount money their

they’re make aligned partnership that And with with in they is to want sure whoever so them. also

eye us retailers, those opening I for think of that’s helped a been a levels. definitely that’s retention experience so big lot with

Greg McGinniss

retention So it increased, or like, then that pre-pandemic? maintains is versus

Ross Cooper

always have renewals strong. our quite think, been I Well,

it standing it’s think I proven. just So

Conor Flynn

Greg. Hey,

it leases very and sellers most to the recognizing the be might think replace below might and at looking their I spaces are be that today that market difficult location.

and we we’re changing. supply rates in retention demand confident are dynamic, and the We that portfolio don’t knowing the high. with like see So that feel

Greg McGinniss

earlier. But, And those rising now some about tenants cases with could COVID how question accrual potential Okay. of are see this right Thanks. reversals? accounting, to kind start Glenn, you you Juan, happens or to just we back partially based thinking of see curious then, what switching covered waiting to the

Kathleen Thayer

that one you. I This for take will sure am Hey, is this Greg. Kathleen. I

Greg McGinniss

Okay.

Kathleen Thayer

right. you’re So

And a of you it there’s know, can the -- out of thought a You’re pop pandemic. always as where what’s isn’t of probably to cash GAAP perspective. kind tenants from come in with basis category and a

you to that set. need criteria there’s So

for the base to see look we nine rent remains generally six So months tenant months. their to on current that

of half that be of And that the our anticipate so of that year, do up tenants just make I monitor mentioned, in their some out that, cash a basis, said, to second will mind out X.X% we’ll on I obviously, coming thinking that to current comes be Glenn there trend. when continue of they in as need cash keep be will to tenant that just because the ABR, rent. that of But basis. something about

the side, right, very there paying. an So impact you’re actually FFO that. it’s going impact be see was because Where of sort some cash, the to that although line that could minimal, on you I wish loss they’re credit see may not, straight impact on is FSO from which but really

Greg McGinniss

for much so you Thank clarity. the

Operator

The comes with Goldman Sachs. Please next from go question ahead. Caitlin Burrows

Caitlin Burrows

get Good In the remarks, had. the morning. that Kimco opportunity Hi. beginning, prepared in the touched I can on briefly redevelopment

you much complete I projects, number are how depth that even and the and know of types kind of of wondering on I you ones, what each you but you’re could opportunity was that if just activity mixed the projects of year use more could on detail of working do expect a So large appealing? most smaller give

Ross Cooper

Caitlin. Hey, Sure.

the So opportunity. side we see to continue lot a of redevelopment on

real We highest units seen XXX have we’ve to a continue that what been entitlements. what’s is, look we’ve around And estate. best for to the use X,XXX year of multifamily averaging our

our that’s best so of creation create and future do so. our to a equity on the asset it’s think when to And that to opportunity we then at great for time use value the activate sweat continue

where over On the invested buck, capital. on smaller are clearly, our those redevelopment bang returning ones we’re XX% side, the get for we best on average

a and shopping continue to front Typically, shape right between some monitor portfolio to those. a be And with for way, million million investment. I continue a adding in pad around, center capital or $X of it’s expanding in say, the we those out $XXX form. or drive-through to So a mind would year

redevelopment continue more Clearly, these to the look opportunities. Now, different larger scale through projects, mindful look continue be -- we’d those opportunities try great returns that. that, structure we projects to and of what’s capital we’ll but the those opportunity, want fact portfolio, some love and on way and we it’s forward. to and a to the do on to going to lot our we then of And say, best have ways of the there’s activate for

add those past the typically where to entitlements, entitlements, joint entitlements, workplace you’ve seen center. nice And sold ground live projects and sometimes a multifamily shopping in we’ve so ventures the experience office projects are we’ve that the or this lease done do to it

So we’ll continue to do that.

time entitlements lot think to effort As going entitlements on already X,XXX apartment work a and you and that’s we’ve up done forward. of a know, of unit great continue to for use our

Caitlin Burrows

was Just to clarify, you million mentioned ones $XX per $XXX year? on smaller to the million that

Ross Cooper

That’s correct.

Caitlin Burrows

Okay.

Okay. the historical quarter, was than And XXXX volumes, then leasing out level. XX% that you maybe a higher historically, for second on XQ guys question just that pointed

continue could it a and that, strength So more levels? leasing or slow I through historical if like, the current mid-XXXX, comes activity is you think then of historical do quick above you to average bounce could was the expect back back just wondering like occupancy as more

Glenn Cohen

achieved I never a obviously, right? we’d Yeah. peak, you that mean, a I it’s mean, peak, if when hit level.

very big the So, to side, effort that a been of But obviously yeah, effort in we’d of any we’ve so mentioned it’s meet quarter QX in little we and strong. very, are exceed very a with or that being less. anticipated, proud on our as bit other given earlier is some marks, demand probably,

next with still we years over to in a two place. demand retail So and half year anticipate growth the

Ross Cooper

the small is, I Yeah. occupancy start slack. actually way that And way once continue sort that see you’ll anchors hits pick think think, it the hits see you’ll shops high until lead then to the of historical Caitlin, the levels. you’ll up hope it about we that to

that’s leased continue will the lease up about that’s Typically, the out. anchor what around an once the think so we been think has we and to way And anchor so it. play small shops

Caitlin Burrows

All right. Thanks.

Operator

The with next question from Please ahead. comes Piper go Sandler. Goldfarb Alexander

Alexander Goldfarb

Good there. out morning morning. Good

see and as you that did or two of just seeing outright you to or you in to are deals are to more eventually the side, So when either a you to questions, stabilize buy partial you the reluctant just do there’s see the prep that San acquisition compress? view want cap -- getting they guys investments to rates sellers transact like Antonio. with on curious, expect sell NOI And see should rate guys fundamentals to cap sellers out to stakes prep first, better are in view continue JV because we the willing sort option are though that their rates deal maybe even going market, to which the [ph] case, or the they accel cap

Ross Cooper

every it’s little is a think different. circumstance bit I

have continues been evidenced they that as of The are that are of plenty on their there never has that finance been amount by transactions rates assets of executing are. greater work ability to owners the So -- these market where in They willing occurred, dispositions. the and with favor. have see interest

interest flows, if At seller assets thus So were take time, of to advantage they is good is the for if rates owners bit down rates. time the cap low have time, COVID, depending what little opportunity a try it same of you’re a that in and an had. to the all to to capital very be they wherewithal stabilize tenancy type on a financial the reinvest and during cash there

ability opportunity to a available. for assets, always is period delayed very being compete an refinance the to with potentially time. I their decisions for because certain mentioned, finance as you seeing have you’re the And of assets of much So owner those

circumstances but with course, as those future to be invest continue where and to to write-of-first-offer. we’re a see the we that mez will the opportunities. has of basis, about preferred only feel We think to an it our we’ll equity own present in we check you assets, asset would So of in and secure potentially and return very that’s look to the every right-of-first-refusal themselves where the box plenty continue need, finding to very disciplined then, we the structured that current and financing do investments good or look

that opportunities any and intentionally that mandate the the we’re extent of to excited we’ve to invest put sort do going that to out program, ready present that. amount in So those not but on we’re themselves,

Alexander Goldfarb

go. And is, the Okay. then oh, one next sorry,

Ross Cooper

Alex. ahead, Go Yeah.

Alexander Goldfarb

Thanks. Okay.

Sorry.

Glenn, for didn’t the all Next just, I to for question is school. confusion. sorry CPA go

XX% on rents. have reserve. apologize big AR picture, XX% of your of reserve of you’re accounts yet So rents north But you collecting and the and receivable

picture, what operating, bills. down So it’s for paid that a for if it tenants guess, And just can pay is plan are that sounds wash look, stuff, back big that are or who the going up you tenant basically a your guys matter of to then just past like healthy a you wherewithal get all almost either payment I clean, when just the to, rent to have say, doesn’t going the pay comes forward.

north just XX% have So of reconcile trying to collected of sort but reserved? you XX%

Glenn Cohen

AR Yeah. of No. XX% hasn’t It’s it a a the yet. you bit, tenants basis of paid that little good cash question is help -- the To Alex.

really reserve related tenants. the big is the of a portion to cash So basis

timing The bills policies around other TAM tax and reserve down the own our portion and just and comes disputes. to of

those really two make reserves. big pieces up with the So are the that

that [inaudible]. So will

Alexander Goldfarb

little of part that the of that So is XX% AR, X% hasn’t rent that collected. been of

Glenn Cohen

what been Month-after-month, Well, combination. you at total collected. when hasn’t it’s look third, a the again, AR,

fully an remember they’re have tenants well, it’s it, all of that basis Some reserved, cash aid, XXX% reserved.

buildup it’s total. So of a

Alexander Goldfarb

be tenants paying may Right. But basically portfolio. now. still They of the some those you in are

That’s trying understand? basis. what when second mean, the I cash to So That quarter. you collected say just in XX% includes I’m

Glenn Cohen

That it’s Yeah. basis the includes that paid. cash and

quarter. X.X% on I the of tenants by during the are number. wasn’t of million think, was those is think, during quarter and a about, numbers, ABR that is $X tenants that the that paid reserved we the have I we There as basis, about those tenants the cash the mentioned, amount, they’re in paid of basis So cash fully XX%

Alexander Goldfarb

Okay.

So words. in XX% that’s other the

Glenn Cohen

numbers, AR when look XX% tenants. to cash In -- you basis total that to total is related

we’re So them. accruing They’re reserved. just still fully

Alexander Goldfarb

Okay.

Kathleen Thayer

that -- number. have But cumulative a is that XX%

So…

Alexander Goldfarb

Okay.

Kathleen Thayer

the the QX high X -- high XX%. … at in AR was COVID during and XX%s. back the QX wasn’t of high in still really that It’s XXXX, when in

sitting that So that AR. is balance still in

that old on reserve your to a putting point… then And you’re So balance as well.

Alexander Goldfarb

Okay.

Kathleen Thayer

it. XX% that … the in was to on reserve continues a get baked

Alexander Goldfarb

Awesome. much. Listen, Awesome. very Okay. thank you

Operator

Baird. question with from Please comes ahead. go Wes The next Golladay

Wes Golladay

you Hey. still much occupancy? when just an I moratoriums would And on paid bottom will question be, of when abatements had -- those a start there think last lot have one do the how then about on Good you and to occupancy morning, of moratorium off? will burn have million, one will eviction everyone. a impact $X

David Jamieson

and sorry, a word am that of I first occupancy… just was part very I the then missed it

Wes Golladay

understand may for eviction that do you number, you am I yeah, there but paying be that occupancy Yeah. be still people Oh! -- in have occupancy. I moratorium… think the some bottom? that When will an could looking

David Jamieson

it. Got

Wes Golladay

to Just trying the… quantify

David Jamieson

Got it.

Wes Golladay

yeah. … impact of that and actual,

David Jamieson

West be place point, small, that tiny Yeah. that impact I California end still Sure. should of obviously believe moratoriums towards I are the mean, that at fairly in September. the are lifts Coast on the -- of material. There that this

but be And question. we that, that was second of So anticipate some -- on nothing would part forward but there’s live what impact modest would go to the second question your too basis. meaningful a

Wes Golladay

Yeah.

regarding one second the was abatements. The

the have still will some just running abatements You end? through numbers, when those seeing

David Jamieson

as start point. to majority mean, will of QX, those of that through I the anticipate gone the the pandemic We we’ve this QX that impacts and trail at Yeah. through

Conor Flynn

Yeah.

only that of bit about second a million, further $X little related color. you the were quarter Just to booked The rents. that to but $X abatements give third quarter during were million

we down it through point, we expect Dave’s year. to lower to as whittle go to and the So starting be really balance it’s

Wes Golladay

then, I for Okay. the has leasing of driven pandemic such emerged the been and more guess, during suburb that. big have that a what one it anchors sense or Got more last it. at percent is concentrated the picture of on mile, color new you demand shops moment? the the Do Yeah. the question. Thanks And as by in first-ring

David Jamieson

was the by our can rate and adjustment growth more it new earlier was all general side occupancy small result increase anchors, markets recovery retail or on in quicker sort referencing trailed growth strategy. demand of the made shops. obviously, to identifying all as distribution lessons of have it’s really opportunities not higher down the specific learned of to combination the which one hard and expansion culminates into and a between the see I narrow to then of just really demand, demand. whether a anchors, usually to mile be versus last But a it they anticipated, the these you It’s Well, points it in with demand of of historic revision category back pandemic their a we’ll to things, to or few the

Wes Golladay

Thanks it everyone. Got

Operator

Haendel question comes St. from next The

go with ahead. Please Juste Mizuho.

Haendel St. Juste

Thank Hey. you.

the So returns haven’t investments there. mention I more appreciate they the about themselves, comments your earlier heard desire but pursue to preferred as any present I of

maybe the on So do there investment there? quality returns more asset you’re share acquisition how targeting are can Thanks. and $XX that asset the million deals? compare The the versus What return Rim in they you the comparable on

Ross Cooper

the on preferred can in back the our In look negotiation. that And return from would But each that asset return for do deal, typically into we between back that individual perspective. assuming I Yeah. the Sure. is participate we end profit obviously, the end but level, way and that high say difference macro current more a an IRR preferred mezzanine. there’s a participation usually single-digit investment, the the investments, from juice somewhere we’ve performs teens underwritten,

coupons, the mezzanine On but end necessarily are those have financing, participation. back higher oftentimes don’t the

each we’re teens. digits into or on asset. current it depends the much double even getting So very sometimes But

one equity it Rim, to The investment. relates a is preferred that As

just the maybe think profit on we think market, got the the of So that that and on some we look terms like participation single opportunity will things I very that high see some that on at repositioning, and in the certainly occupancy of the we increases when said, strength current. can we some asset general back occur the and asset But we digits end. in of

minimum teens typically looking for So a IRRs. at

Haendel St. Juste

a curious about opportunistic change, the no could Great. some there’s the But helpful. or near-term back understand maturities, maturities. perhaps am here, more you that is before. debt Great. That’s to curious of lap maybe the Appreciate for those need Albertsons just as lack I year liquidity or tap your I’m are it in for to talked what into and you stock going that. guess you waiting waiting to second, And I deals of given another and start scenarios approach two thinking to fall debt under

perhaps, change Just you available this there? the Thanks. drive as have a options how could, that curious liquidity, thinking in you’re considering

Ross Cooper

out That’s good I little is great point a No. the there the in mean, near-term. maturities as debt of is, part, very terms question, Haendel. you in

talked to emergency monetize manage no necessarily we there’s Two, today -- previously So or income and month. news to is we’ve The built-in about have I actually still this position. burns off need our good gain the it. real next the re-taxable think

So the federal income manage be an tax will piece longer have is no income. our no But -- issue. still it to we re-taxable of

In addition, are lockups to our still with there our certain investment partner. related

XXXX, So there a are we would it rest of with need, would be June to of and no XXXX, our marketed agreement monetize in partners. sale subject order to the Come in investment. it today, restrictions at due. come further callable, we bond the And we know look have preferred a that when we’ll that have two the then will are we on we and also

sheet. of further capital use lots deleverage balance there’s that So to opportunities to

Haendel St. Juste

a you’re XXXX like of on event Got point it. what guys. Got sounds Thanks, this it. based at it’s more at. It looking

Okay. you. Thank

Conor Flynn

Sure.

Operator

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

Floris Van Dijkum

Thanks, I terms there’s saying, guys. from follow I big in rates. question understand Quick, up of cap guess, portfolio Bentall Kennedy. institutional a

million market about or rates trade cap just it’s tag, to $XXX sub-X.X from sources. I think trading price

a you Rim kind you As at, valuing you there’s that? else The than you assets something and are mentioned your of give about estate, look cap maybe what public JV higher comments rates. cap others. maybe, real can disconnect Obviously, on some better the Do at -- private Also think between you you’re buying rates transaction at JVs. obviously, implied Weingarten and

JVs there in neighborhood stakes has is forward, something portfolio in the that for to whether in portfolio, if As there, in opportunity an on you have somewhere think buy JV that you that and you I assets? out Weingarten comment matter XX you right-of-first-offer like look or which and do of in And to or JV can have your typically? XX provisions your

Ross Cooper

some see of public it of at than happening But kind of Happy on the the between going that high ourselves other like disconnect directly versus still specific and address that that to there’s keep comment no at the you we we transactions and rather there’s look When still surprising not But pricing. and the said, going very many to bidders Sure. to that and awarded a is level low NAVs and into bidding, products to dipping of of there was some peers see much we’re see some think private Xs continue doubt rounds Weingarten very are and in questions. deal a those think to I’m demand also a Xs, was starting spread them strong the that BentallGreenOak quality, and to very between that. high grocery-anchored portfolio, two. high ultimately a multiple before I we’re of more and

to all taken of our or buyouts, and we stay predict our Oftentimes, do to forecast doubt no partners of partnership have can, future. those investment present that we in of with assets other look when for inside reasons out, to right-of-first-refusal, think in buyer, a the model we in relatively We advantage exit as why pretty exit. quicker any have day it’s logical ready. of relates can the remarks, look partners sort terms these they opportunities may And past. good or given to something difficult for to the In themselves, I fact in that have mean, they communication very as that. and what that we and operating But be to we third-party And we might than stay our horizons it in close prepared do the when move know that some have that we mentioned I assets the to is sense that there’s or may that, day different a and there’s ability of going as are the right-of-first-offer, out. that managing we’re and we’re trigger near

quick that great long-term one to exit, our have for a smooth win-win, out a chance for reason we an buy for if and So or our execution. the and another, looking us typically, a view And partners a it’s it’s to very it’s hold. asset as remainder to partners

or of as more So, time again, we’ll so. see that the next goes on year over

Floris Van Dijkum

in imminent next Ross. Thanks. XX in of anything JVs these potentially -- see Maybe Thanks, do any happening you over your the months?

Ross Cooper

possible. I think that’s very

Floris Van Dijkum

All right. Thanks.

Operator

comes question ahead. next Please The from Mike Mueller go JPMorgan. with

Mike Mueller

Yeah. Hi.

about walk looks a up collections. ex components quick charge, guidance, one Just I’m around period on the that $X.XX. the of the But to like of assuming tied that is so went guidance prior it midpoint increase? major the you through can of Weingarten $X.XX

Glenn Cohen

the in really coming just from is The bulk the credit it That’s really Mike. Sure, of loss. improvement driver.

was rents we long total impact had the our in $XXX,XXX including in had been built about straight credit the we loss in, on budgeted. what line quarter for versus credit over loss guidance So

So the coming driver. loss it the bulk of really improvement. That’s credit is from

Mike Mueller

it. Got

That Okay. you. Thank was it.

Operator

The next question comes from go ahead. Chris Lucas with Capital Please One.

Chris Lucas

morning, everybody. Hey. Good

as of to number, Are bad earlier, $XX year. you that $X deferral of up meaning that that a to period number? going offset payments the that a back range number that half or sort just offsets follow the included questions. two gross like million is are in have the provided any guidance the to to debt Just rent it of that there for prior million over back relates Glenn,

Glenn Cohen

of periods. current that, we cash the Chris? all as tenants No. been, also But collected from are basis mentioned, during prior $X into pay. We’ve there we didn’t It’s built rents that million quarter,

feel the guidance So we’ll the end collected that that, so mentioned, I during goes of is high the lower upper $XX have of and based expectation again, credit about it are things range, $X towards the as end of range. would million much incur end and of a million. fourth XX% quarters. as tenants, collected, at we we see today, headed of we the the the could cash of XX% comfortable loss total that in But where more But as how was the to the our be from basis on not range, towards third

Chris Lucas

that in move is do an possible Is that as well? accrual, your assumption that then you guidance on to And line was earlier the Okay. impact tailwind? -- relates on it have just to from the straight a built mentioned as cash

Glenn Cohen

because we really haven’t, no, we That, haven’t...

Chris Lucas

Okay.

Glenn Cohen

Today we’re going going move when we really exactly don’t to we’re move who them. to know in

built So we that not had in.

this So straight should rent. line we there some be in from uplift in, some straight would start line, moving

Chris Lucas

for last What’s And are the has visibility much tenant hearing trying through that, sort their then this about of far have I have, buys you level XXXX Conor, question to how in insight you’re retailers that, process of and demand. your And as this me, assuming terms that whole Okay. just think guess as so for I’m remains of how much from this store talked been half given demand I’m you’ve of it demand, openings given year to XXXX? confidence XXXX, them. in strong what making first open you

Conor Flynn

Yeah. That’s right, Chris.

We with pandemic, plans this regular been portfolio. on throughout we’ve the expansion tenants the we’ve our we there, looking retailers we have cadence virtual since one a many -- most are or more deals for and more need. for of -- and and few for reviews you’re us, need do One portfolio talk right the actually been able but about well this more we’ve to come on virtual capitalized space that of is thing year found say, to that, have actually thing hey,

bit of as that a going actually there’s So well. on

you’ve from demand the then I to So is got then quite and like we’re led home the grocery other broad very, and part, the categories impacted cross to and is there. And goods the most pent-up like strong to home got that continues seeing. categories see is that goes you’ve that for expand see. probably compliment continues we’d I which think, But based, which it’s hot. Clearly, very section is the the improvement, off typically by it interesting on be shopping, to price

the a now. of recovery yet, as we remarks, those my that’s woods issues. So the think But entertainment, and of than be careful And I have about bodes how that well Delta really of the lot anticipated side that a mentioned strong, the playbook we we’re we for out and to causing of and about got we not variant fitness the come have in back the the talk still want faster future, obviously, sectors. it because restaurant prepared we we

curbside that we in a branded customer this. program And Kimco retail is that’s about really go one. the of than how have on ways have team portfolio. utilizing We And more to the aware more entire the can mile pickup manage tested last battle through I think

So I positioned way. to our whatever is weather think well these, our comes storm portfolio

Chris Lucas

you. Thank

Operator

question with ahead. Please comes from Tsai next Jefferies. The Linda go

Linda Tsai

still low your seems and given increasing view there’s disposition morning. on comments in core activity assets, that like Hi. grocery-anchored demand in favorable interest then pull-forward rates. does How earlier impact environment? on potentially a Based your based retail Good of the of validation for necessity this

Ross Cooper

think, from continue to and fact and we portfolio to we sense decision really it seven concern, it’s shape, for our deliver. in portfolio bold that every We look quarter, to portfolio a us the good is It to needle very the the macro make think where when be decisions. last years very But years put necessarily move don’t it that, and regard. five in shifting able is that out numbers move that that’s tremendous where that position I performing the We heavy this the to good feeling may we making that the every confident assets the over there’s the will where portfolio in. done motivates doesn’t it level, here the of that look look from of amount in risk, well we were it’s speaks there we’ve what at and when see where scenario. at lifts day, The doesn’t specific a a at you our news put And where opportunity, week. demographics long-term there’s in there’s prune really

Conor Flynn

portfolio. are what Yeah. and squeezed massive that, We’ve sites We’ve low portfolio. risked that the type are, and Linda, a tenant necessarily single ground use just where a very add transformation assets it’s those flattish we We’ve used de growth a where we’re see incremental we’ve of be look can -- that all juice growth. a, in to out the for our disposition across as spot But through because fortunate or I of really strategy some position I -- leases of be position, can some sweet think, now portfolio -- the at been a might gone in very terms those recycling would the for we in not those quality, of where we’re -- we’re right? it’s capital. be of. they’re And might be fortunate

Linda Tsai

existing accommodate expansions? Thanks you that. when boxes about retailers you within distribution, like seems site And to then resale -- physical changes fulfillment. physical think existing seeing start mile boxes making said, instances making That are more of vis-à-vis retailers of the with for changes walls four most last their most to on

Ross Cooper

Yeah. the footage It’s four either within expansion or square the utilizing modification of walls.

it. Some those all create the obviously, that point, are of pickup examples front seen a in We’ve store.

repurpose a distribution of their If within are shelves and just formats, the pack go curbside of a to some still house in of house the back but to stores. you couple a a the back restaurant, doing -- or while back for others pick pickup that walk or pickup, some of the they -- with fulfillment, do shop they’ve and on otherwise, bigger just the

trying there we’ll hyper just technology system on logistically trend And levels. the efficient and is best retailer I each set efficiencies to what’s on a again, stocking to progress see the this to later we I up. are So, years. them to It’s going think based be, do for inventory as they how manage coming continue evolve, and through think,

Conor Flynn

adjacent them We’re tenants early, like see this is centers. but for use space to and starting some see starting almost to sortation

new to So going that a that’s source and that’s watching demand hopefully impact if have closely see an an demand for factor new net us. and we’re to incremental it’s

Linda Tsai

you. Thank

Operator

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

Dave Bujnicki

to your I rest day. We participated thank care. the just you Take call. enjoy on everybody hope the of want that

Operator

attending you Thank is today’s concluded. presentation. for now conference The

You may disconnect. now

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