Kimco Realty (KIM) 5 Nov 212021 Q3 Earnings call transcript

Company Profile

Participants

Conor Flynn	CEO
Glenn Cohen	CFO
David Jamieson	COO
Ross Cooper	Chief Investment Officer
Dave Bujnicki	Senior Vice President, Investor Relations
Rich Hill	Morgan Stanley
Alexander Goldfarb	Piper Sandler
Greg McGinniss	Scotiabank
Michael Goldsmith	UBS
Haendel St. Juste	Mizuho
Craig Schmidt	Bank of America
Katy McConnell	Citi
Caitlin Burrows	Goldman Sachs
Kevin Kim	Truist
Wes Golladay	Baird
Tammi Fique	Wells Fargo Securities
Samir Khanal	Evercore ISI
Unidentified Analyst	JP Morgan
Anthony Powell	Barclays
Chris Lucas	Capital One

Call transcript

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Operator

Hello, and welcome to Kimco's Third Quarter 2021 Earnings Conference. All participants will be in listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions [Operator Instructions] Please note today's event is being recorded. I now would like to turn the conference over to Dave Bujnicki, Senior Vice President of Investor Relations and Strategy. Please go ahead, sir.

Dave Bujnicki

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

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

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

Conor Flynn

year. and updated in improved advantage Weingarten, and the provide we Good also the our transaction update morning, the detail, ATM can opportunities the give He'll We're quarter, valuation, our an take balance update outlook the recap on a and our proactive leasing merger and the thanks Albertsons strong close market. for of of and will operating with joining our closed cover us. the of an share Glenn in Today I sheet, market, how discuss on for highlights metrics will giving use of environment. now the with strategic of balance

grocery initial on of spreads, rates. a properties already partial anchored including To-date, our occupancy, Weingarten metrics, validating is portfolio major quarter, thesis. While our our underwriting expanded only for all owned renewal exceeding investment and we and have FFO, mixed-use are we

as earnings our achieved of end by dedicated anticipate full for release, achieving benefit As of we a the in synergies of team the upper and ranges XXXX. remarkable the synergies, have done both has closing. job our end outlined

want onboarding Another merger you. over my included XXX ahead strategy. of of integration, integration thank employees, focused our executing just all property that and staying significant new and say, an management, all plan To schedule to implementing and while systems on I teammates, training

across This of continues operational leasing the positive front, illustrated bright the leasing On delivering improved a portfolio rebound and be increase including to results, another in the quarter spot the occupancy sequential was small demand in for shops. demand robust the by spreads. portfolio being with

XX is an Our year-over-year. shop pro Small basis to points XX.X%. XX.X%, basis of at points occupancy to XX.X%, points up occupancy occupancy XXX prior rata quarter while flat over basis anchor U.S. XX increase remained rose

deals XQ and of options renewals the first the quarter number New feet. X-year XXX with of represents leases XXX executed We totaling quarter at Spreads the third thousand quarter renewals X.X feet, finished reaching square XXX quarter XXXX quarter feet. new by spreads average average +X.X%, totaling XXX for Combined lease renewals XXX square options with were XX%, volume by the transactions reported totaling third for 'XX and deal +X.X%. options reported +X% since million square XXXX. spreads X,XXX,XXX GLA total during the renewed closed exceeded XX%. most during with a and exceeding leases signed were and

them contribution a population sites, not quarter. we does include including +XX.X%, only from was had growth NOI the since redevelopments. Weingarten a same-site same-site XX-basis Our point The partial for

leasing, have quarter. in leased strength basis continued versus to similar our With last spread maintained XXX economic the points occupancy, of we

over September of rata annualized of XX.X representing commencement. leases base pro XX, rents million had XXX signed XXXX, we As awaiting rent

While our our supply-chain Inflation, the succeed. market and help alone business. favorable, labor or most for seek can the the efficiencies, is assets, impact improve cannot we our ways operating resilient guard. to together we issues, let And remains why down and environment that look operational to tenants continue out

that pleased other in We markets, continue being Sunbelt committed solution solutions is to grow end long serve term customer. last durable want no high-growth the levers. critical the tenants. brick-and-mortar are the to mile scale be locations last-mile for progress of have to growth we with reach retailers, are and positioned that Kimco and are question we and believe our sustainable the many we In combination the growth and our a that There external closing, mission for proving and internal with over portfolio consumers, businesses to for made have

position Our take opportunities. of range to focused talented a of deep execution, and team as in on advantage unique are we a wide is

to something continue the is building We and believe yet Ross? special, come. to we're best

Ross Cooper

And I classes. the Thanks, There has Kimco discuss quarter returns into exciting will Conor. excitement good continued an shortly. the best risks the adjusted no of question provide all is It's of shopping quite open at fourth and air one that been morning. asset centers quarter, as

the in sources, rates. additional to continue and open compression We cap retail, capital see leading old, quality, new conviction of gaining air to

enable be become also in We to but to arise a when position active are too with patient when opportunities multiple investment fortunate us be frantic. things strategies that

inherited joint Weingarten excited are of a assets to end, shopping and of six which the to able the Trust, and one on merger, centers venture partner, growth the the growth finalization will several portfolio in like Sunbelt of market execute opportunities our partners Florida high both price joint million. the top-performing continue feet the entered of accretive into market. gross in to potential -anchored, opportunities. Kimco initiatives. we we venture we purchase Subsequent the partnership gross Subsequently, for new X.X leasable about with in square under joint Southeast, we've investments Weingarten, portfolio. and throughout $XXX.X Blackstone the short-term region The Income remaining venture addition manage of X over Publix Real interest Atlanta acquired quarter With million South the Publix-anchored XX% Kimco represent infill is in from a existing a this Jamestown, and located to with markets area through portfolio been new exceptional tenant have a own sales. with XX% buy Estate ability mark-to-market rare to It will And with

were frontage out our interest creation strategic on We in are thrilled partner's in new to venture. post-quarter-end, with strategy, and successful our X buying XX% we partnering Blackstone again in-line with Also, our be in value two the property, Plaza extraordinary grocery same our Southern performing at the jewels centers well. California anchors is Anaheim grocery-anchored California. with visibility exceptionally one on portfolio. highway both of and of

CVS. in the shopping supermarket was California, located a and price The second of Brookdale by asset anchored gross two assets Fremont, is lucky The purchase center, $XXX million.

entitlements continues beginning a creatively at to property to selectively redevelopment level ahead, move then and our activating and Turning it time. with program, few a

and in rates structure to are infill knowing classes a asset strategy these the upside, the in a being cap basis, multi-family relative see at transacting are regularly we and rate. stabilized the spread threes. case-by-case While on Comps locations cap with determined and starting significant built industrial the exit other are twos

or tenancy, with emphasis front, properties road, a gone that view we Ranch. return from Antonio on placed program these target million operational mezzanine approach in our and the now a a our the repayment structured location, second at on performing down our either on win-win, the Weingarten and with San of our strength continuing an merger center a sponsors. a case a generating just short base months, owning the few investments we're disciplined to investment with financing and first an quality called refusal in of exercising market that Alamo investment as has list the contributor major Kimco right demographics, On of Additionally, a outright. of a strong there. We structured and $XX.X completed San true our Antonio attractive was In portfolio

in opportunities the one San the MSAs in Antonio, We of pursue continue fastest-growing to additional country.

an flat million sold of X also this quarter, boxes, low cap. small total assets parcel a a XX.X X and undeveloped tenant We at X% single growth for

a will be small relatively financials. can best of we we the capital. redeploy assets positions repeat growth is prudent statement, and are the low component of to remain will in undeveloped our To which come. 's yet Off we the investment strategy, for Glenn Conor disposing these While from that to confident parcels

Glenn Cohen

morning. Thanks, and good Ross,

Overall, very increased increased NOI report to loss. spreads, quarter to produce collections, pleased are third positive the quarterly revenue, results, including portfolio growth, credit strong same-site record leasing results. improving strong lower occupancy, and We continues

the at strongest sheet balance Our are levels metrics ever. also

closed which expect, in key August, the of completion As billion you $X.X was the merger, Weingarten a contributor. early might

addition of benefits not full the did a have are the we of portfolio, the quarter While from clearly Weingarten apparent. contribution

to put highly and effort a in to Many successful in thanks of skilled very our integration time. period Our we enormous accomplish team; of be team motivated has the prouder. couldn't short Weingarten

FFO compares million per XXXX or Weingarten $X.XX quarter $XX the program share was per for of our to This which million and per bonds. Now NAREIT share to retirement the which third aggregate quarter early $X.XX share, million increase merger details million. of $XX.X redemption of results. on or FFO share, by of third includes in charges expenses. or million, unsecured some related of NOI was NAREIT contributed primarily of million diluted of for $XXX.X higher $XX.X $XXX.X driven $XXX FFO severance merger-related The diluted $X.XX diluted $X.XX includes voluntary or $XX.X a early and diluted per million

commencing and credit million in Weingarten straight-line major In and $XX.X contributors. the $XX.X rent $X from lower leases during collections addition, quarter million. million NOI Improvements of new portfolio. benefited the the from of higher were loss Including

the during of third we base quarter, XX% rents. approximately collected Specifically,

tenants XX% XXXX. $X XX% rents from basis amount prior collections collected Furthermore, last also period cash from during up the cash quarter quarter. third basis from We of million totaled tenants, of due

quarter, Weingarten $XXX $X.X of Our basis third In have is the comprised X.X% face expense which cash the we amount. level than for was the favorably annualized this for was the tenants, million rents. value, also the which connection transaction, value price cash a Weingarten would base reduces market X.X% excluded and we assumed resulted improvement. amount the pro purchase recorded last addition with higher allocation part the quarter. X.X%, to the amortization interest fair compares the basis tenants FFO which fair at rata million reported of If This preliminary been of debt of in

We expect to by finalize our purchase year-end. price allocation

the approximately per or fees. $X ventures joint onetime diluted $X.XX share lease several third higher quarter, and million related from also termination to During contributions FFO included

XX-year for capital merger balance a the component the coupon to and costs. $XXX of coupon used We quarter Proceeds issued were unsecured cash bond Turning this X.XX%, the Company's in unsecured to issuance in markets. a financing merger at an from the the history. active new the consideration the sheet, primarily of we had million lowest fund

We just at to mentioned. is also $X.X fund of in million the raising million used with equity almost $X.X addition program activity some issue billion. common investment of Ross connection million our common the shares in the Weingarten stock opportunistically stock, ATM net to to of XXX.X issued valued proceeds $XX This an shares merger,

We we good also value million. quarter. be fourth expect merger. was debt, assume a fair And Weingarten the part of billion shares of outstanding including common for should as at Total adjustment quarter-end the $X.X this guide the $XXX.X

merger As deleveraging event. anticipated, was a the Weingarten

venture debt EBITDA pro XXth, was includes But to net times. pro metric, all through Weingarten As of joint full stock of on representing net the debt including rata began only quarter a Look the basis, would a of basis, including X EBITDA level assumed metric. share EBITDA a of since Weingarten. and be outstanding we of tracking from times, EBITDA X this X.X September debt on from look-through forma This the months debt to merger. preferred lowest

Our very facility. and We ended of also quarter million billion position credit over liquidity the full $X with remains cash revolving strong. availability $XXX third our on

$XXX our FFO the during million, security which not quarter. than billion for the in Albertsons is investment after climbed included increasing value to but income, of third by net quarter, $X.X In addition, the marketable more

We our evaluate begin to continue monetization process. the to opportunities Albertsons

in for investment the accretive As look uses ahead the bonds that potential from and mature during XXXX, we October November we will preferred and redemption of become a callable, of our XXXX, have issuances opportunities. capital, that stock variety of

the to $X.XX, business $X.XX As recover successful to range from and of guidance pandemic, are compares related we per from Weingarten and benefit effects costs, $X.XX, diluted share NAREIT NAREIT of of Weingarten full-year any begin of share impact X of the integration share merger raising previous portfolio, to which not $X.XX per includes to $X.XX our This continues include for costs. inclusion we to our the to overall except merger, months. the merger-related $X.XX which did FFO the the Weingarten from per FFO portfolio as XXXX merger guidance the to and

As includes that items items. I of $X.XX not a loss, and and which share touched in termination more from contributions from diluted includes nature as were penny total from credit per upon, $X.XX ventures one-time recurring per another third-quarter and related FFO to our lease for share fees. improvements budgeted in were joint This

XXXX our operator with And call. on will guidance earnings We questions. will that next provide your the initial take

Dave Bujnicki

process. make an this We to efficient want

question may you So, follow-up. additional ask one with an

you're questions, more welcome have queue. to than you If rejoin the additional

You first may take the caller.

Operator

Yes. Thank you.

pause to [Operator question-and-answer the comes Rich from the begin Instructions] Hill assemble As with question At momentarily first the mentioned, this hour, Morgan we will Stanley. we And roster. session.

Rich Hill

morning, good guys. Hey,

all, leasing same-store you on and quarter. if is spreads wanted I with some at get typically for a look leading like. as NOI. spreads, same-store a revenue off congrats what market this to leasing of feels I guys indicator insights maybe nice start First from normalized

a does COVID? to I'm post normal you feel curious, this So, like environment

Glenn Cohen

Rich. Good question. thanks, Yeah,

the leasing executed quarter, population gets I spread, it's is and on rolling imagine So, each dependent really quarter-over-quarter. that

in see you volatility do that number. So,

significantly leases benefit and that Some quarters have market of obviously and a could you'll real you below that. get execute you any out net role

closer which small market. we that of had, volume, is amount quarter typically came This outsized shop through to

but that below sub-X anchor for that significant can recapture. outsized you has this quarter activity it's could if So some not a indicative necessarily value what range quarter, next you see happen that's have where that you market

indicative eight doing So, over been volatility maintaining when last just what's you quarters the look in of it's spread. really and trailing some that at number, rolling. we've that positive There and what is

Conor Flynn

pricing Sunbelt. Some on escalating power the in pretty significant rents

growth the that's rest really the country. the seeing to where of the going market to there quite be you're I think continue rent see we're as spreads strong outpaced

Rich Hill

to helpful. that's back just on Yeah, XXXX go And your it reason the XXXX focusing to I'm is, I guide.

leasing guide, would capital at well If Albertsons a you. conservative the that I you end use Any Have that worth taken. is you given that to of Conor, thoughts maybe how these mean for any billion up might quarter. but can this allocations? put noted the that's spreads, in you thought is monetization, $X.X there?

Conor Flynn

Yeah.

we optionality. remarks, the have in noted of we As a lot

I think where beauty sit of we that's today, Rich. the

to that. at look we've as where business have capital sit, a a and leasing we Then If well. our as lot momentum. got to really obviously the redevelopment the growth. of you we first lot Clearly, allocate That's earnings that priority we're of opportunity going fuels

really the what's We well as and the You've levers we're to it's earning pull, have nice different and bucket to to focused and that's recognize a right amount It's because redeploy. We're some seeing most we're outlined. a look seen script. his And accretive of so the the growth tremendous menu lot as at of Ross we're so part portfolio. from. a really not growth we've work outlined prudent going is select the we lot it see FFO we throughout of a done in entitlement as opportunities to external capital opportunities reduction great, that have to many do nice debt be have great Glenn our a with towards now, going where

Rich Hill

back the guys. a Congrats Thanks in I'll on good again. quarter jump Great. queue.

Operator

next Alexander Thank you. with call And Piper from the Goldfarb comes Sandler.

Alexander Goldfarb

morning Two there. Good morning. good Hey, questions. out

to Kimco X. going return I CapEx but to bought you sub-five the guys -- the you the are know 's going just First, at. guys that name, to

more is that bit Just X. sub-five. beyond underlying a little what

you but portfolio of not do Weingarten how to was underwriting how whether -- individual can't the for guys acquisitions, today. your picture, paid CapEx see Because compressing, obviously or changed? you surprised assets replicated price bigger Just that be

just So today, given where pricing going? underwriting you're curious how is deals

Glenn Cohen

Alex. Happy sure. that, address Yeah, to

Between very the have As grocery it one are these can strongly anchors with best relates being clearly venture the that about. you to we the felt that assets sales. with exceptional X location, of possibly Publix Blackstone,

somewhat As anchored near-term having opportunities I mark-to-market is mentioned, the centers rare. Publix in script,

those have look portfolio probably you in other Publix. with at some the vintage opportunities an than sooner some growth create the when it gives additional we opportunity to us So, of assets, that

really Underwriting with our we're very re-engaging So, about ago. about after really very several is excited still successful exercise. venture We're specific a that. excited years Blackstone one a

we coming don't that We're If you into look at that demographics, growth. from, making out-sized looking in sure taken consideration strong have the the ability every single to very to asset, push growth every just rents. single invest is the in conviction space population assets have in not our growth market's where and

the us our assure you strongly trigger be can So, that ones of very we growth the on, push the to beyond able that rest average to believed do that going portfolio. see you out-sized that pulling we're

there's So, strategy, a terms single we that push over and making space, we asset, just below I at underwriting in specifically don't sure feel asset every that changing It's that anything pretty think that good every of our is single or single whether time. can look leases there really portfolio. market it's

Alexander Goldfarb

as out as an get the ability cap Blackstone, roll a far you will the years that what to rate you rents? sub So, to stock, have say when in few would

Glenn Cohen

predict. Yeah, hard it's to

things opportunities than anchors. grocery the have to later, sooner hopefully with We discuss

negotiations the by average growth the a to go. is So, confident the there But, hopefully depend where margin. very going wide timing said, our outpace going to is we're like of on those I portfolio, that

Alexander Goldfarb

when certain So, for space. retailers Are -- easier ever that we far pay tenants rent. is, that sensing to those look, second then is saying, rent sensing "Hey, space, And for demand have more you're conversation a want today? Okay. multiple you in as retailer as not the are you

more conversations, willing more. discussion? rent a in have the years to in dynamic " You to change you are ago, in maybe sense a the they whereas engage willing back? tenants to those guys were more Now, few pay Do push the leasing there

Glenn Cohen

Dynamic we Great Yeah. pent-up so question. to are demand much is and retailers. buy-side the open think on always where I today is evolving there's for

they retailers really example. you expanded expand, offering. of a their brands have open-to-buy that have some they're TJX So, increased to that the breadth And multiple being great looking their have targets. They actually

just more need space. grow. competitive So space, for makes to they that They them want

have that. omni COVID better obviously think of through that development brick-and-mortar I that. for And margins form online. the getting a great news It's Customers any It's essential appreciated appreciate distribution. Retailers -- The thirdly, have supply lining is silver absorbed. come inventory COVID strategy. to that's -channel is then really COVID there. really coming there's are no

are extremely I said generally more So, point to for Sunbelt to the That we to friends markets, generally REM point, very those traction pre you. earlier, progressions Where seeing speaking, absorbed, competitive. in think were that further nice is from that gets of are we But you're all variables. becoming I'd even seeing -pandemic north. that able Thank we Southern result and run the third speaking, as as where healthy environment push landlord some are pushing you a in of a levels. example, perspective California, beyond coastal forward Connor's say

Operator

from with And Thank Greg the next Scotiabank. question you. comes McGinniss

Greg Mcginniss

Hey, morning. good

expectation the savings pleasantly for the goals, top surprised synergies, I quick end there which XXXX So, of achievement additional is thinking any cost given those about was potential fairly through synergies. the guess But at you of those perhaps? to I guys,

Conor Flynn

there yes. are, Yeah,

opportunity, something and really we're initial and both -merger. to the G&A, of and team we're now companies we're integrate and related that anticipate you we these services, those able majority plan which really So, as companies looked of seeing merge were to the really once at quickly for staffing proud could that is What professional synergies so pre how an really

Glenn Cohen

deep of contracts at now the information amount We northward. the had at will and with off further can really on operate, going to time create achieve We happen very we Weingarten very technology, some had in prior them we the that how which the enabled tremendous in integration and what's time push Company today good. outset, us dissolve longer-term From dive obviously will feel XX the and combined additional office, did a to numbers invested will days merge felt that synergies get us the upfront look kicking good where and XXXX. a did management to we about number help or merger. some

Conor Flynn

would in is add is Maybe efficiency. Kimco have our that We been always -- built-in has one focused thing laser on I DNA. ingrained

combined So entity yes, we're and it where going is integration today, happy forward. the a with but we're

going make And that so, continues focus sure we'll same forward.

Ross Cooper

thanks. Okay,

there Going back most seeing tend that in us in the leasing have much space? trends that and there Is tell you're that quick. be the can to and terms of which you categories would demand in generating space? really appreciated. may of been demand to demand How anything shop Any for inquiries color

Conor Flynn

have almost Yeah. did of future, categories now. cash that really better clear the Sure. share obvious to is customers. Expand our pandemic. open-to-buy, reinvest There's Grocery grab investors four across They're so surplus to walls. how and one. the the they demand the beneficiary the create now their connected all looking right in They they're market

So they important CJ as footprint. that's bras, I really Again, expanding Off-price, all Burlington, actively earlier to Old about and at see, they're their well be as all as Navy, others, them sectors. opportunity, it's upgrade a for mentioned no quality I their available. areas this of the market to where inventory think share in market see penetrate certain was or there pre a -pandemic short window portfolio. going retailers all that expand Maybe their

the casual inventory XX% fast activity, when the for interesting. unique go back our COVID side. this shop This is what on so, we was creating that's side was actually small this that shop you of new do But I And have related deal quarter small to restaurants, them. our activity found opportunity to and last

nice are the crumble cookies world, casual So, the to the of and see etc. QSRs fast back; it's coming

Fitness. That's opportunity They to for see on side. that Planet So, the expand subside, and ago and I'm reengage. that to starts think mentioned crunch. creating very back planning recapture. I And expand early to proactive COVID anxiety you're wanting Fitness, quarters value-oriented that service several food want as footprint creatures. that fitness, people And want social to out. go starting their I socialize and the on to

seeing that extend boutique categories. out into also You're fitness now the

that's small shops. again, So attracting the

playing the now. a areas smaller then right you from are people of really who's with variety With and format formats. So, seeing [Indiscernible] with it experimenting are

them So, may they areas. appreciating different to and that different different optionality, offerings be able it's giving to provide service customers

And that so, have power lakefront. important a to it's they

Greg Mcginniss

sustainable Thanks. just And if your this forward seems you still strong all the as in like at pipeline demand Like look view? been? as it has

Glenn Cohen

do. I

to it retailer validation goes gone to basics. different opinions, We've to the any go that and of e-commerce an like or and People to to retailers of customer. years distribution X like validation market's forms back whether think I is brick-and-mortar ideas multiple people that back and the now evolution reach open-air, part core But way all through essential. volatile need what's product, the responded people's essential and to about obviously engage, very let's related the views the and the strategy. not over of last touch to a feel

so, we it very essential being as them. to see much And brick-and-mortar

Conor Flynn

ever where mile strategy. be want last to is convinced want retail more where focus and continue We're than to we to that we

ago, If back where focused. exactly look that's years you five we're

really benefit we demand. so, increased like a from spot feel good in And we're that to

Greg Mcginniss

Great. Thank you.

Operator

with Goldsmith comes question next UBS. the Michael from And you. Thank

Michael Goldsmith

spread. occupancy taking Good thanks morning you've the question. seeing My the questions thought for lease on side. a and my been We lot

kind slowdown from to -- commencement. this, been time How is of at did from to signing rent there same should rent And maybe expanding. from progression signing of labor lease to is and impact how Like, so from commencement issues. impact strong. progress those the chain myriad that leasing how dynamics the go a should And given here, Given supply has you this that, lease a the here? metric time

Glenn Cohen

something expansion approach watermark historic see are part look or is the of could start future. open, see start on through set back in will question first contract see you XXX half expand tenants or And think 'XX the that I see on And closely. but or you points Sure, additional online as for the To economic we spread. compression some but least is period is right. XXX at very about a to to you our your we as then, our normalizer I high We more 'XX, believe watch to basis. and points out with of points that into a come we these could 'XX. worked tenants. as very, hand-in-hand what into and that is to time, I opening it supply less basis our not basis going whether don't are And and you on think we of

to a helpful. have We permitting very available that's to the the the designed Obviously, address and out through have been coordination of them shepherd really Those to issues to don't is tenants substantial tenant coming resources program, really process. all which build-out market. that these that are

addition you ahead immune lived when supplies and pre when are can, to get we well makes who it the sense. materials matter on we're doesn't through and backlog. It one's all trying to that, In -ordering no to it. We

just that wide eyes open process. we're So, about

the that get resources it done. we to manage we apply and will as do to need best can We it

Conor Flynn

the our I and efficiencies that one scale. just of big have is our benefit would scale has Kimco

and So, of we fit-out relationship were usually We for we not a HVAC or bulk as for well specific pricing needed tenant. premier in buy a get amounts buying or as usually small pricing. anything units materials that's roofing

as we to we and mentioned, efficiencies mitigate chain to utilize utilize So, and Dave supply ability like as our the best network have can issues. to try feel to, our we

Michael Goldsmith

Scale to is good segue my a next question.

is there to you're able how tenants how Now because and more your about Is for X has national can tenants? smaller that -- a you've your than your used had partner Weingarten landlords? scale -- into business leasing you've go to months, to and maybe further willingness opportunities with you with there conversations for changed scale willing tucked of -- offer

Glenn Cohen

I think --

Michael Goldsmith

I'm trying synergy. the there I'm to Thanks. with synergies if understand understand revenue like are the associated revenue trying transaction. to

Glenn Cohen

lot a typically mean, retailer on the Well, these transaction, for we're I the landlord of prior Sure. to the side, retail partners. largest

are merger. just those ways, out retail the does aggressive its figure that's also to over of But a pull a still helps accommodate want good being parties. more conversation customer. dependent void. opportunity that be become change That's fill to them always to that do benefits. for in them result We Obviously, discussed. with thing us obviously out that. work both the can help front progress and compounded beyond and and partners. has innovate XXX trying us to be afford a both and landlord the of you part So, can perspective, We drive They They that revenue Retailers stay understand top-line need on and can general, it to our the dialogue relevant forward point, sites constructive have from what's what as have strategy. do? a to scale. in opening that we very very to business now to it and So do show help to of very, That your creates conversation we at growth. to But solution and buy a

Michael Goldsmith

you Thank very much.

Operator

next Thank comes Haendel question you. St. from the And

with Juste Mizuho.

Haendel St. Juste

Hey, good morning.

Conor Flynn

Morning.

Glenn Cohen

Morning.

Haendel St. Juste

the the rates. of found capitalizing transaction Blackstone, California, And So, case very acquisition with in JV The then recent moves bought on X spotlighting I assets interesting, opportunities. market the JV, out you further in study cap the a embedded

all? your deals stock like Albertsons So, the sources what's that funding I this? if interest further Thanks. would you discuss pursuing in And guess at can my is, involve question level

Glenn Cohen

happy address to that. Sure,

we advantage And if like really them, exposure very for take from we've in So, of to with discussion that first we've is We've hopefully potentially that to as looking we not continue right having having do partners that us, have to there to of the X opportunistically a even or reason ready able to skinning level for on partner, looking said a here strong with. start said, been X be down bring optionality. potentially this transaction. had are grow able over that our and we've it Kimco side, are to we monetization years, venture the be business to refusal particular exit. as negotiated significant joint the that of in But the a those event, if the X you like last to willing ability that if the basis, a view partners felt as long-term for new we on

with the major side, on three in about are So, some we down really a one to nice to welcome we see also or having Weingarten discussions to merger new retail is some Kimco we XX monetize and of table that. are the well. joint Kimco venture conversations we those that transaction, partners we're And business potentially looking their chips investments, the are prepared speak. looking are take which long-term getting now benefits partners of Others just as those as that that off there and after to have from do

we given significant themselves. the present Glenn mentioned availability cash of to Between as their opportunities to monetization that having mentioned very opportunity, credit have, where us, Albertsons the but and be want of amount we'll ways advantage just for Conor levers and we on lot that our both prudent they all take ultimately, So, different remarks. selective prepared in capital, with facility, utilize a of

Haendel St. Juste

Appreciate Great. you I Thanks. follow-up million. side thoughts. not of least How mentioned think XXXX? the hit One on expect we ABR, much $XX.X but that to the should in

Glenn Cohen

Right could $XX potentially now, that about would And tracking to obviously million million that we're be back-loaded. flow $XX 'XX. in around

Haendel St. Juste

in remainder That 'XX?

Glenn Cohen

Yeah. Yeah.

Haendel St. Juste

Got it. Thank you.

Operator

question And Craig Thank of Schmidt comes Bank you. America. from the next with

Craig Schmidt

that's aggressive bigger want people's looks results. like And have than to the XXXX operating much environment, current which strength real I back This seems to talk environment you. earnings from look Thank about when to leasing consumer. then, just the from go retailers. at better an Great. you the

beyond and what's the opportunities, advantage take impressive beneath in that's happening environment? operating to of revenge growth then, this retailers So, looking spending

Glenn Cohen

s demand, points goes lot and margins, consumer last their convenience distribute very in efficiencies, network earlier, to it's mentioned it mile distribution. to I into a this the appreciating retailer retailer complex that from how the it's the the but operators the of the on Yeah, again, of I the It customer. brick-and-mortar it's think see goods The value is Craig, the see real. -- that of

of And It's to really open-air customer. so, was COVID was COVID it think sort essential. irony validated -- I the of closest that the

different I that's one going probably suburban to what as thing proposition is first-ring then benefit opportunity everyone. think look for creates now and market. carry well, are I also having that long resides. work that don't an are that of in know staying like And could term portfolio have value in think seeing to the the the term, people appreciate are a longer We're that which you that hybrid markets bit as to our of into We that out more majority that, the maybe the starting little clear you too, this of there in but open-air a be engage suburbs environment. really first-ring all where will also result

and a now think starting environment and today. all development multiple in flux to I to this that pieces that So, over years you're head in these we're creating were see in just come

So there, strong think inventory. COVID be I in absorb you'll s then, the I see position consumer right to open-to-buys the advantage start forward, now to that. of think a going as continue very we And from aggressive take that to

Craig Schmidt

I your Great Glenn, EBITDA, to net thanks. target debt it's your XX. X guess on or And debt long-term to net at then, forma pro what's for EBITDA? just

Glenn Cohen

mean, I X.X want range look again, X total through in a times keep that and to we try basis. it on Yeah. to

in focus right spot a basis. on down proforma just now. to we're that So, we leverage again, sweet right time. on And We're bringing over continue

reduce added time. to merger a comes you see levels total, very absolute lot billion we're see much the been secured But again, about debt can and continue an continue I in fair on. levels, to billion think to on on adjustment. as market reduce billion we continue basis, doing value, absolute debt and to value on as much debt $X you'll how grow, We've over being we EBITDA $X Again, debt as as again, debt cautious well. reduce try face Weingarten doing us a $X a

assume debt flows to million But time, XXX the mortgages. with over of Company. we'll off just pay did about cash or from we unsecured continue those So,

Craig Schmidt

you. Thank

Operator

Katy comes next with And you. McConnell the from Citi. question Thank

Katy McConnell

everyone. morning, Good Thanks.

Now Europe upcoming that on you within March you're have explorations another market quarter And of expecting anchor longer leasing some portfolio, underway, the can you side? update within now us on especially a [Indiscernible]. your the near-term upside expectations for

Glenn Cohen

process going 'XX our of in budgets through Sure Katie. now. the We're

anchor so mark-to-market when is anchor look nice we you opportunities. below and So, do rollover our see baggage is it a below schedule market trends and 'XX well, for our it's as at

As we where well either those new we're to avoids leases, renew underway start there sign and leases. or

net do in XX, a in finalizing go the a now the better right as budgets and net our we're perspective call. have benefit but So, we we process see we'll of into

Katy McConnell

retailer potential momentum? side, holidays play And and fallout, supply to do expect Thanks. any to you labor chain disruptions impact in tenants your on the concerned the collection how rent new leasing then this out about the year. through shortages you or a around are

Conor Flynn

have the concern rent don't a there. we material On collection side,

on every it address retailer think chain, I differently. the tried to has supply

and figure this alternatives ways yet of to Some have issue. redirect supply their this appreciating that course through actively out year entire an be aggressively may on and focused chain, to trying the

suggest pressures back probably I'd Some means holiday any have a -- there are all what of that But during brought holiday result onto for that it's there our early. want means season. the preparation that is inventory retailers mainland as levels buy we to And can up We the season. ones there. don't to disappoint that -- loved in the their clear too,

Glenn Cohen

promotion. fewer have

So, revenues, in a to which there's a helps them. smaller promotional is benefit top-line drive window which

So, it's really dynamic out. all interesting a playing that's

job a On now. robust openings driving XXX the job It's job it's labor very shortage side, for market just always obviously there -- number of are

Conor Flynn

X.X. [Indiscernible]

Glenn Cohen

workers a And more mean, Yes. clearly and the 'XX. the will but that's retailers restaurants. very I the continue out that I think through to -- need of for there's at play encouraging, part first yeah

Conor Flynn

the traffic supply would see we're and people watching occur probably disruption, at potentially buying thing time. closely in might environment to I we think will online what arrive of often at than add XXXX store this is wait not XXX% it that only chain buy levels our are The levels, is, where something as is and more may we where there in having

dynamic So play we that watching we're might that's think the closely out.

Katy McConnell

Thanks for color. the

Operator

the question And you. next Burrows Sachs. comes from Thank Goldman with Caitlin

Caitlin Burrows

morning, good everyone. Hi,

in $XX is on the above could going issuing acquisitions equity Given your quarter XXXX. Can just quarter equity and suggest highs the go million share price thinking and fund now the of equity through going forward? the in issued the does and the you forward you it of

Glenn Cohen

of metrics. -- we Again, capital issued structure on and leverage sure. some further our little I'm Again, during up again, the the some to quarter. investment balance we improve had the continued that to really match was a of against it just ATM used bit we a focus opportunities our a

and at the at looking us. cost-to-capital, always ahead our we're we're opportunities we have So, that of looking

quarter -- supplement some during modest that up the the related it's investments accretive So, match equity very of have. to we

Conor Flynn

have position pools We're sources. to of number different of very fortunate a capital

effectively we at trying continue to in cost make we're grow use And of our So, again, sure capital manner. to that look everything. an it and to accretive

Glenn Cohen

as are, we If with $XXX the million balance a sheet. ended the over -- quarter mentioned, Yeah. I we we on have

mentioned obviously to some subsequent activity have nevertheless quarter-end. We

of maturities, with full and million real sitting $XXX still near-term it's revolver. cash, our to access no debt So,

Albertsons In we the have investment. addition,

very liquidity upcoming. very, strong to in So, we're position things are deal with that

Caitlin Burrows

me. all Thanks. Okay. for Great. That's

Operator

from the Truist. and comes next Kevin you, with question Thank Kim

Kevin Kim

you Can me? morning. Good hear Thanks.

Glenn Cohen

Yeah.

Conor Flynn

you. hear We

Kevin Kim

going about not, a things Center, of versus to seeing little mentioned pockets it's just I'm demand and I can bit deeper. type bit incurred? Power conversely Is where demographic it great. more you Sunbelt Does is. where matter are population on Am where just grocery like know weaker. or just just And but center, a location that customers that understand more you're the more Obviously, demand granularity trying phase what curious little just back you to seeing hottest So of demand, question. you're go maybe little growth? where

Glenn Cohen

Sure.

Kevin Kim

of years. the don't mean today. I mean, I couple over next

Glenn Cohen

could as the next couple be Yeah, years today somewhat well. of think reflected I

substantial So, of And the just markets. coastal Sunbelt then you the from mention leases XX% that over Sunbelt, majority signed that came actually thinking quarter, geographic were the XXX could this of Sunbelt. out within we first, that

than I progress next couple over think of the to to So, of is you years. growth that see is rise rest That the country. the trend where continuing will greater population continue

that weighted to it heavily on remaining, coastal for markets. XX% was leases Second say markets, that towards signed, coastal the the though, of

high still that there. see you think demand I

we have the where majority Sunbelt, seen coastal of the that's So, between activity.

as Southern extremely aggressive. is mentioned tight like very, earlier, penetrate. I very too, to that a market Beyond It's California,

usually demand opportunities, a having higher been typically the east, helped created rents So, this occupancy portfolio, further north. inventory factors In levels. push COVID mature multiple that north fairly it's

And Long to constraints people and wanting add supply as penetrate for their natural any example. so, it's just Island, to there well, actually new

it difficult. think continue I to be will

of opportunity, So, you what do you to years. And market? over is the the couple at think continue enter that's that table see to when the play there I next out multiple see then wanting bidders

Kevin Kim

Weingarten And the overall Weingarten enterprise? I portfolio. much be about portfolio, thinking accretive how contribution And relative to to performed the forward, can own guess looking how has more that your

Glenn Cohen

on So, close we time transaction, actually than their went less occupancy ours. the were. contract it the are when first where -- to very, quote was very we actually by under levels when we we But closed,

So, we're have to now, leases benefit yet getting that net those signed slow. that

so, always additive nature. in it that the thesis complementary be original have And was we a very portfolio

a Weingarten that came I had of we about when watermarks at our well, came gains, small high as XXX which quarter-over-quarter. the basis portfolio from points, one the Kimco gains think XX a shop of you was wedge from XXX look which

a And seeing as Weingarten. where obviously there together now. so, then real entity combined both we're the benefit from growing So, you're

Conor Flynn

that's that embedded effort And time opportunities some obviously a within us those part creation. the then other their going that mark-to-market And future future when rolling portfolio, is on renewals entitlement strong and those to really at of gets Because on like there's projects X lot we feel mixed-use our where pretty focusing look excited. for opportunities we've the the The three been have far they're now, incremental the off, that value they it we projects. portfolio. is throughout are be of concessions so

teeth Houston, into now. Miami, our we're right that Valley Silicon and digging Specifically,

Kevin Kim

Okay. Thank you.

Operator

Wes comes Golladay from you. the question next Baird. with Thank And

Wes Golladay

the Hey, balance with the sheet, good it everyone. look-through. looking good at like especially morning, in a now, spot Albertsons you're When right looks

Jamestown look joint you a assets? there's upside why the do much in wondering when to just on I'm venture So, the so portfolio

Glenn Cohen

It's and best approach a here. good long hard about question. We thought the

that perfect we activities here with for us. opportunities be huge, to conversations the our some we other. this venture there was it we Blackstone. the a beginning. all way tremendous for of of reengage in early us think and we success thought the could amount respect we the venture. see. them guarantees market, or the and no We given was have that this a a with Ultimately, could have continued be felt where that future opportunity that But takes adventure all one point the had it that We've jumping since We that them. There's things engage great to see the

So, that's excited really was what the about we're conversation and it.

Wes Golladay

Albertsons, max Got about should cash of at a, not per when guess a the dividend? monetization if then dollar we think it. on to we retained And that maximize your how look you year, flow wanted I special asset, maybe payout and a

Glenn Cohen

It's question. a great

it our of still Keep over million. we in is there's because mind in $XXX a value. a significant our is basis that comes low, Albertsons components at have look I to a its increase basis little today when few to the incredibly think

So, governing is for compliance. us the real real factor

real estate So, you of from the rules, come have items. related revenues your about real if think gross XX% to

interest could -- and capital about be bucket that leaves have that income you net dividends have then, the XX% in other gains. So and you X%

So, to around our the going revenues with somewhere how the gross merger, are? much revenues be, governor is gross a And today, $X.X on look-forward billion. our basis

today. what on would can we I is annual monetization-wise, we is looking more could So, million what about today is, $XXX $XXX But gain gross year the the an say that million larger basis around a do. do. to million somewhere we're The number around revenue at we somewhere absorbed $XXX of could

Wes Golladay

Thanks it. time. the for Got

Operator

Tammi question comes Wells Thank with you. Fargo Securities. The Fique next from

Tammi Fique

you. Thank

upon thinking that in we Just be assets would if based about driven strong -- earlier, by proposition, activity about sales Ross, some that growth but given guess be terms profile? your it expect what maybe think will geography I'm you you XXXX or selling more that forward, in will capital I wondering going one-off of asset said can and

Ross Cooper

assets looking partners that mention exit. reasons. that we that might think just I there a did be be joint dispositions pruning a for to continue will I have our select of how venture to believe are Yeah, program variety we several of

have talking So, of them that assets those to the them which with depending potentially or their where we're quality conversations out Many is of buying we day. pricing the about every assets. of position, on

market We defer. the if them profile aggressive think pricing for the fit or too of the the may just Some is asset sellers be we growth doesn't necessarily portfolio.

parcels some Kimco as buyouts bit portfolio see both from joint some the from for be time, little off prudent growth potential as portfolio that venture whether as So, you producing that portfolio, then dispositions. may developed we higher and they're inherited non-income better to undeveloped we well capital constantly over activity we're capital, part spike we of recycling previous land evaluating Weingarten or more with to is Otherwise, selling believe opportunities. taking from that the what the if on a and assets, are

see bulk that's set. So be capital a tremendous disposition really activity. But where our of the it's of going you're to the don't to we component again, think going

Tammi Fique

then non-recurring or about Okay, that it we looks great. the year-to-date, quarter. in is FFO raise, It that there is a $X.XX share FFO share run that $X.XX anything Thanks. implied you. Is XXXX? implies $X.XX pretty like And is to per the per I in Thank think fourth as fourth with quarter good Glenn. for maybe one guidance guess rate

Glenn Cohen

recurring level, again, is a $X.XX $X.XX, the again, Well, that rate.

call some one-time in did items. have As it third I the quarter mentioned, nature

benefit the is the basis. one-time that lease from from have on and ventures in just improvement real a quarter. in credit really would the penny coming coming You But recurring the expect a a number termination had some some joint $X.XX, of from and about contributions higher did loss, fees fourth $X.XX we we

Tammi Fique

thanks. Great,

Operator

from Evercore And you. Khanal question next Samir comes with the Thank ISI.

Samir Khanal

morning, Good guys.

is to terms see next year Just XX.X%, upside level leasing there your year. of I trend out of already could figure how into the think and you're you you how talked high Can XX%. of is. much sort it, number, you pick over the much mean, at watermark year? strong up I next you color call some could We've you're at sort of so trying in as end the at that occupancy look about how provide occupancy, maybe how when on

Glenn Cohen

understand few going last quarters basis strong been average, tend on with, Yes. Obviously, the I the together. have X look going about forward. to to back like you try very happen gains to when what's blend to point XX to between

the During of period XX-basis back the when to that a over the -- recovery period, lost. point averaged Great through extended about to we occupancy an recover when Recession, going gain, time we're we

losing pandemic time. we Now when XXX a period COVID, the shorter in you and up it much of less, about ended basis at points was basis look XXX around versus over points occupancy;

to starting little that that occupancy see sooner. XX if basis ranging quarter-over-quarter, point pick you're gains up when bit out, I you're about XX cycle right. a look And that feels So, to recovery

Conor Flynn

point Just to sequential a occupancy, basis gain clarify, that in XX average. that's

Samir Khanal

high-water you mark in scenario periods? beyond I in the lot talked prior know then, XX%, terms go even but leasing, we've And call Right. shop of the this is a today, in of it about is a which sort where could

Glenn Cohen

Has higher-quality you so. that to made go aggressively as we that the off. it then, to on-site to with -- push has do we that off, is as in day, all at and efforts Push opportunity investments site hoping go And portfolio we can. the every have the

its back the it. we landlord support. we tenant of ability investments great XXXX. see I of helped and that of a really our and highs think the well secure just of to start April levels. our we're that the really the It that on these health landlord. is in thing lot positioned you to something of and mentioned of in number TAP for make Achievement do with struggling survivability launched that when And well. some now was light is And And that the One cases, control. the on was a critical outside real we're us pandemic shined historic haven't retention lifeline completely quality retain and program to their tenants, end help a as a through to operators of the

to now and you I have us ingredients, all it's incumbent these mix-in we upon when think right of execute. components, the So,

Samir Khanal

Okay. Thanks guys.

Operator

from the with And JP comes [Indiscernible] next Morgan. you. Thank question

Unidentified Analyst

due you compared I inclusion a good Weingarten quarter? occupancy pretty wondering small growth shop saw to the that was sequential question, portfolio last to in much in your was how this of quarter. of First

Glenn Cohen

Kimco. of XXX and were basis point Yes, Weingarten mentioned points is gain, XX basis Sure. related we was XXX to those to related

Unidentified Analyst

projects of expect terms Got should there. Weingarten development, pipeline, I we see the be guess, thinking in it. redevelopment some about from portfolio to in your And, when added

Glenn Cohen

Sure.

to important in think categories. but pipeline our I redevelopment it's at look separate X complementary

first The repositioning and our core retail is effort.

was continue for remerchandising of into to investment, and mouse anchor completed of project we we're the project. the existing Milton, had building is the the did So, at opportunities retailers, a signature to coming we a our to combined repositioning and projects trap you're obviously lot start just process XXX recently and Whitmer, tower in Kimco the integrating that portfolio, we and going the of a And Pentagon, on that's those real quarters. those so boxes, a at see program. that the unit be in the residential where second activate those reflected better should going have then projects where when The forward, And look part the second options. menu the of one we of earlier The that's

X,XXX over We we that upon have can in total draw units now. residential

expand -- goal the the five in is to over to years. XX,XXX and next obviously the built XX,XXX XX,XXX to Our entitled population

time -- in influences capital much point the structure. selectively we'll deploy actually how to and in And sense at what to what makes at determine it those will market. So, the have And them. it activate look factor then in at we and structure out

Unidentified Analyst

Thank you.

Operator

Barclays. you. from Powell with comes question Anthony the Thank next And

Anthony Powell

Hi, morning. good

Just a mile. demand the last question on related to

it it you in and seems sold pretty of Could their demand nationally, be local meeting are much more driver distribution to how like demand. you're areas? out retailers a warehouses quantify leasing related seeing Given could powerful

Glenn Cohen

to to looking expand for of hard you're square looking do but inventory. quantify their back seeing anecdotally It's retailer potentially they what some so house is are some to additional Sure. either is, right footage now,

within square seeing repurposing the some that walls are last actually You're and footage fulfillment others like their for four also micro grocers of mile fulfillment. some the of utilize to

from and split them And into Florida. so, the then, goes goods to categories. dock they'll distribute actually receive the One different and loading

existing So, so know are the really the it's about experimenting be what the -fulfillment's that distribution distribution, is means, think I customers four having the set that they're it's I'm is chain facility, but walk up. you're the seeing mile, is while is an forward. which say expert these all the goes going store with And to complex balance within But that what really best retailers it on can't their in right foundationally and brick-and-mortar have a how to logistics micro conversations part for I and going them. supply now for and clear actually that a them walls. we that critical last I works

Conor Flynn

been box. the Yeah. dealing last I the space now adjacent the X narrative can say, And downsizing, downsizing take question would enlarge we to with downsizing, additional XX of just anecdotally, there shrinking the we've box and to years, sizes, that hey, is, is

square the how narrative becoming you more distribution last changed, I has use it footage mile on the integrating flexible that think and the So, inside box. and

your point, closely. that one we're So, to watching it's

Anthony Powell

given issue? on to change At will of people huge issue start an Maybe to it's supply. does build supply not what would that do try dynamics But I low now. more a and think your of it growth strong Thanks. fundamentals, become the supply imagine you point I know What will some extra in the markets?

Conor Flynn

a are costs The big issue.

of land values where we're you think if So, located. the

look main high barriers we to at because to that portfolio transformed entry. in we you if the map, sits why our that's our today. where locations have It's wanted portfolio of So, be reason to it

with and go it cycle come to compete to hard center land does shopping and that supply would Kimco's. the it's when back, develop make a pencil of one very So, buy

obviously at as build FAR look to in versus these lot. the terms of to the areas. got dense And well barrier You've the parking of entry another that's the again

You have generating the XX% just as revenues property from don't not your that. luxury of putting parking lot and of any

a portfolio. But from throughout to point, still watching the they should do to to get new a and development, We if we're amount your experiencing to we're good that rents closely. our start there's think be it so, slack point justify of absorbed where And pandemic, it happen.

positioned can is portfolio tremendous our have in positioning, amount around the position our competitor where are We of barriers we've unbuilt where today. lot dirt it that's But yet. we it be be why why quickly, because is you a entry has asset sitting haven't work to come to an so of it those reap and to we've seen don't in a done that want we

Anthony Powell

you. Thank Good it. quarter. Got

Operator

Thank you. comes Chris with question Lucas from The Capital next One.

Chris Lucas

X questions everybody. Good me. morning, from

to You debt no given mortgage put it's sheet mortgage sheet this and guys balance the point. on there just There's balance debt-free that to Is plans sits closed their venture. the on that brief joint at stay where your deal. where or sits going debt --

Glenn Cohen

Yeah. amount small assumed there joint new $XXX debt we the about actually of million portfolio, is Chris, on a venture. in that which

Chris Lucas

it does it mature It I I mature And paid soon. though know soon, but thought off, we doesn't it?

Glenn Cohen

seen Yes, We're The that the with we'll debt our are now expectation of be is, again, next there. in determine though, this it. as they'll partnership, what on it the many you've ventures internally and with partnership, having steps does. joint level property conversations

Chris Lucas

is diverse. more I've while you, Glenn, bigger, it's got then the And portfolio Okay.

You goal comfortable Is you now? agencies there a that of given pull. Or backdrop? more rating where you deleveraged got levers ratings to liquidity and the a are getting lot increase sit some, different right from

Glenn Cohen

almost - we've of capital boxes it's an to talked EBITDA all a differentiator and it's again, we the to for I ours check objective overall positive is goal us. -- really an a separator a We think get that continue to we naturally just something them. clearly should for continues as and it And just outlook about, mean, As and put grow, think structure. happen eventually improve on actually we and A level. get AX to

for time Some -- monetization of steal hopefully them. Albertsons, I the deal think over will should

Chris Lucas

And all you. that's Thank I this morning. had

Operator

comments. session. to question-and-answer turn Bujnicki concludes the that like Dave would for floor And you. to any Thank closing the I

Dave Bujnicki

to you want today. NAREIT I a on Just have thank number Until weekend. then, look that connecting of week's everybody conference. next great call participated with at to We a forward upcoming the

Operator

Thank attending [Operator today's The presentation. you Thank for has conference you. concluded. now Instructions]

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