KIM - Earnings call transcript Q1 2022 | Kimco Realty Corporation

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Operator

Greetings and welcome to Kimco Realty Corporation’s First Quarter 2022 Earnings Call. All participants will be in a listen-only mode [Operator Instructions] As a reminder, this conference is being recorded and will be limited to 50 minutes. It is now my pleasure to introduce your host Mr. David Bujnicki, Senior Vice President, of Investor Relations and Strategy. Thank you Mr Bujnicki, you may begin.

David Bujnicki

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

reference it projected be is made statements to statements certain that measures, risks, the of deemed the due uncertainties during non-GAAP the forward-looking, may such actual materially and forward-looking of filings refer to As SEC could make Please a address that reminder, factors. company's presentation, to important this course to Reconciliations company's this that can variety Relations factors financial over in that, as we turn note operating call Kimco's believe non-GAAP try to and Investor results. event, differ quickly we'll the a incur our call the was During Investor results other from such those may these with resolve investors website. as post in our if to measures Conor. better to help area our and technical Also, difficulties, in And need found we'll of financial website. of understand additional the call to information the possible; Relations be arises, I'll management

Conor Flynn

now on is metrics I’m Glenn Ross off accomplishments transaction going and our our for platform QX is scale, used taking off retail. and a of our ever. that current long portfolios be store to mixed clustering lead and an geographic operational good of The call has time, XXXX [ph] And merger very when is the at highlight at today. updated fresh integration a product. in the proven assets that for financial And strategy. many all an on but of real-estate are morning complete. their high occurring will will all a same people than and lynchpin ago, be physical stronger joining start. as market provide it the physical was ahead. the provide mixed wasn't of for Weingarten is concluding guidance put air thought perspective, a year and the and open cover to and few the us To and as e-commerce overall the the look brief the environment, anticipated The Good update retail thanks for describe that with extinction. of the the review the was that our to retail. store And verge retailers our demand

physical through e-commerce store optimizing retailers distribution. their and distribution. evaluate it’s a last retail and store refurbishment, looking revising focused omni revolution, fulfillment Now And e-commerce are for at are a channel is They When the to investing and new mile on capital expansion, spending reviews for the requirements. that to optimal capital retailers integrative readily Today, budgets is platforms. lens the to their they the retailers the lens, approach and taking recurring distribution demand their needs approach our leading longer more holistic estate, warehouse their sales this dominant real the Indeed, best is during and serve are separate customers. retailers determine no location. theme a from ultimately and creating portfolio locations with address

supply, fulfilled a base. growing bellwether and existing our well-coordinated in trend This total fulfillment. mile distribution that deal in well-located good increased flow, speed retention, a a for on and estate The velocity, news by and demand of new throughout net fleet. portfolio. not for through store greater with Kimco. new and physical this result is is their and result their locations value being The generating new and space quality it's Higher is real team also power and growth suitable conducive stores spending is more to of lack for is than sales, renewal Halo renewed the effective the demand leasing retailers approach, seeing for XX% last quality capital recurring for focus sales, tremendous are cash and Target higher of but effort We are pricing accelerating store recovery only as online improved in of rent strengthening and store their FFO.

just record Our I XXX million spreads the and incredible and to renewal demand the renewals X.X% supply totaling a square option feet, underscore X.X team of described. produced dynamic and continue

XX.X%. strong, quarter has leasing Retention strong superb mixed-use Lauderdale new for excellent new our Kimco. we been Denver, yet remodels stands are entitled We've as of XX.X%. Washington from progress look fit levels leasing In pricing our at And by first up lack a in the potential apartment required rarity. and absorption and first with point DC. extensions first totaling quarter and enhancing top our now a that new XXXX is more grocery markets. points. the and high acquisitions on reflected also we power in our new producing open XXX,XXX more new net our in core lease Ross is focus basis and on quarter units team deals, rata XXX three already best a team of remain portfolio continue constantly analyzing air This markets spread XX-basis minimal Specifically, our increase made anchored It occupancy our in portfolio. over is Fort of years. we in sequential and XXX XX the leasing capital Year-over-year was to with pro putting worth value historically entitlements. his which highest supply, positive is in stores, on quarter generated gain resulting Strategically, existing occupancy, our first occupancy square feet, noting for solid

apartment create growth optionality shareholder and the recovery Our and both value. benefiting from retail All us and gives are in activity sector. mixed-use FFO to assets this dual flexibility the

a proud downs recovery enabled to to rise closing, the we value our mass Ross. we grocery of areas at and it do challenge. base is to headwinds, respond which team. the the are collective us central our with centers. based record be and in in execute by It thing, part to first in store. Despite so The at we remains faster as our Ukraine, I in inflationary and as not And being by organization. The COVID They XXXX are with every our thank the anticipated, tirelessly flow entire and I'll is a and real period results, of precision. stretched makes numbers right the all our of necessity want strategy feels XXXX, maintain drive retailers important neighborhood We're pump China, to continues recognize the our as sailing. it smooth exciting these over gas anchored consumer environment Their like push XXX.X% this in ever. provided mandates In than culture. has getting started, of just to the that, we great to traffic the it turn was same the certain present re-emergence war in While relative challenges. to grocery Traffic lock quarter our

Ross Cooper

we're and first encouraged limited, quarter by been building. pipeline we Conor to transactions It our morning. you, remain good while has start were acquisition the actively the an and somewhat exciting Thank year

deal in very four have our focused third the buyouts. mentioned we acquisitions, combination have into year, and we all categories and our Thus partnership structured pipeline. almost selective on transaction As quarters, of three months previous in flow activity party acquisitions a investments, remains far, for

we transaction by our couple adjacent within Columbia, quarter a anchor first parcels land In Maryland. terms Columbia of acquired box of activity, in a center junior located crossing highlighted

deliver and external up move as to of balance year, capitalize ramp We closings on expect to completed. frequency we we we through growth and as these the the are of the transactions are eager the can pace

indicated As three we In joint venture taken growth. sold centers have with the limited last opportunity several assets quarter, future felt maximize We joint shopping to we prune value had that from we ventures expect partnerships. second million gross Legacy from $XX.X for to value $XX.X dispositions additional we quarter, complete million. the Weingarten both recent and Kimco share and JV Kim’s of a of

of back to not boxes rates the seeing country. point best assets, for rising comes taking power well. quality is with is a commonplace cap we the look assets and is assets in rates of to wars the discipline in time a but of are noting a demand It rather further have for cash position it any advantage at which rates, Even are centers. is where the interesting worth interest we privileged Kimco’s lenders gives as values. the and today are lifestyle the quality sheet quality a premium that and these sponsorship or adding pricing the is the institutional in are the Equity core the and portfolio. this X% for Portfolios all This while product. norm wisely creating only quickly, at on competition recent investors. to air composition for a investments closer throughout anchored if strong position seen the Bidding better loan unique and impact like today. open on We there are and very selectively the benefit. into rise We buyer, time and for comps which marketplace the protecting yet major in grocery are checks commanding abundant, not liquidity balance a intend best marketplace properties the structured for the utilizing capital Sub at now

in structure. the and deferred differentiator this a Kimco to market specifically structuring, creativity offer Another tax is ability

of way this an a uncertain environment. value certain in property For owners optimize is best for sensitive seller net tax regulatory the to

to to results all opportunities in for the the the investment now unlock growth phases company various in paths of to three our we our ability Given Glenn financial we are capital, external deploy confident accretive prudently strategy. for the quarter. And for have

Glenn Cohen

and Ross morning. good Thanks,

and strong results increased first occupancy, are leasing by driven encouraged volume by quarter continued We our leasing positive spreads. strong

In acquisition. $X.X and from ventures $X.X $X.XX XXXX which joint the FFO a also and FFO our from in year. per of we at last other assumed $X.X and which billion increased per higher $X.X to our signature of These our diluted Weingarten. share. this addition, from of $XXX.X were in wide site loss $X.X from $X.XX $XX.X the diluted the by share our and million $X.X fund, penny Weingarten acquisition on debt levels compares million million in to and one with of Weingarten from our credit charge $XXX.X or the was million the FFO $XX.X G&A million, Nareit our mature $X.X scheduled NOI $XXX.X NOI our the mostly acquisition, was comprised period extinguishment increases November to of contributed higher higher compared debt by associates projects. from was and rent offset in of consolidated million commencements to per increased was growth also new expense same by portfolio increase benefited connection quarter growth of or higher losses prepayment Weingarten expense million million, a was lower with early includes size million, associated FFO benefited This of the improvements share, $XXX interest Also, and million. credit collection million, same reported by our million for driven attributable ventures. primarily operating joint series The from charges first the Nareit of favorably of year. brought

improved percentage by points Weingarten a saving as XXX from the our synergies of G&A acquisition. showcasing significantly cost further revenues our approximately the However, basis

from XX tenants Our X.X% same from of comprised over points from increased X.X% of robust recoveries occupancy. abatements payments Lower basis from and year. increased quarter the X.X% operating growth basis growth The and including points. portfolio credit tax contributed basis collections loss minimum NOI last contributed and XX another site rents was lower resulting higher delivered [ph] same cash

in given As driven NOI for forward, large XXXX. same-site be range realized of we XX.X% prior will by more reversals loss credit look next our quarters the XX.X%, three in the the challenging year comp

for is bad of same-site is of worth be cash Our today full for positive. rents. our doesn’t reversals to to comes levels. It only growth the noting cash essentially basis basis remainder for from which prior from said, ABR NOI pre-pandemic period expect XXXX year back we anticipate or All collections that guidance X.X% debt of that the tenants, XXXX additional tenants

and Our full liquidity of comprised $XXX our balance $X facility. $X.X cash million billion approximately with sheet of strong revolving credit in remains of availability billion

achieved times. joint to look best net since X.X which perpetual our Our we began pro disclosing had the This debt-to-EBITDA, NOI, metric share billion improved has and and $X.X through includes XX. preferred current does monetizing investments, over rata issuances, and venture which value the of of market level as March include is our not a our benefit years ago, over of XX Albertsons potential debt the of

a repay early the has X.X% During of basis and bonds tenure the bonds later coupon note, since we first mature consolidated use million quarter, of in bulk we at the during new proceeds today, our as the points opportunistically have Of to treasury year. a issued Also of increased unsecured $XXX issuance. XX to over million. $XXX repaid XXXX, scheduled totaling the $XXX of million XX-year this mortgage debt X.X% all

October. note Our for million only $XXX.X maturity consolidated due X.XXX% in XXXX remaining a is

increased term a and term $XXX grid The zero to up present gas credit This greenhouse the cure callable a our comprised in We revolving reduce issuances the component also have a has year opportunity to $XXX years later fully New fixed Common to two York Subsequent unsecured can new portfolio. charge $XXX for should facility which facility drawn venture reduce further cured perpetual of X.X%. loan This the from the and in $XXX.X average by outstanding. emissions [ph] with that million the costs. Retirement total become five of with spread with State weighted credit preferred sustainability the on million unsecured been upsized facility of a two an based includes million coupon renewed has points our joint million totaling basis pricing borrowing we reductions end, Fund. and quarter to

increasing to same-site increased range range Turning strong $X.XX share the positive are based XXXX guidance first based Nariet our $X.XX to following FFO $X.XX. to on is our results, associated we from approximately that the are quarter year, for debt $X.XX per assumptions: range guidance, on of to redemption The for the of outstanding, prepayment, credit no as with remainder as issuances well callable of NOI the investments. monetization loss charges full $XX growth year, of million of Albertsons our the whether no the additional previous preferred

and first per of and increase, level flow dividend from the $X.XX. strong $XXX previous directors your which our now all million our raised entire of We income. dividends are to of of the with is of board a free quarterly of common result to quarter their this generate line Even maintain commitment still a estimated thank we distribution shareholder the guidance share over and on the after for and Kimco cash As results efforts we dividend the the in range, level taxable take increased expect has payment truly creating to $X.XX cash with questions. team appreciate focus And value. ready

Operator

you. Thank

Instructions] now question-and-answer will [Operator session. you. a conducting We Thank be

of Our Bank question. first question is with from America. Please with Craig proceed your Schmidt

Craig Schmidt

book are or wondered, curbside Great, changes thank any just anticipated your you. I installation enhancements pickup, or there to procedures? [ph]

David Jamieson

will be. that we version X.X what It's explore Greg curbside Hey, now actively Jamieson. Great to something question. are and trying understand the better David

know, our Weingarten But be. that to where retailers as As warranted sites. start of it's expanding we will is next to into you all the iteration what the we properties interesting have and we're it of curbside talk at

that to incumbent very understand So we conversation that us upon phase we're changing. seeing accordingly. needs different and learning to it's to what how will them is assuming right building their now their with continue something today. tomorrow really But and be much But then next are needs what And come. are it than in adjust the what's will

Operator

you. Thank

with question your McGinnis comes Scotia Greg from Please with proceed next Our Bank. question.

Gregory McGinnis

morning. Hey, good

is. like seems it your a role development it bigger currently size the portfolio play of than Conor, for easily So could

you some of Just development into investments year you use end, starting anticipate greater that what we're pipeline leases by ground what development kind and we size reach those see back from when especially maybe of should consider pipeline? the holding is curious, entitlements, to mixed

Conor Flynn

Thanks the question, for Greg.

entitlements. I a chest war opportunity seeing us, think of at you've have you a pipeline do when been of as look we for it

suited banking And giving highest best use the and unlocking our use our time best so we the And future. to real do the fact we've see determined focusing a best for half we that the on being ourselves to you'll that and is again, really estate, layering because future mixed and internal that shovel focus opportunities that want by the we some back really we our on better redevelopment for on master growth think be the land add growth We are that rather on add assets in to own couple of control we is is at that then we optionality the that in do parcels choosing. And growth the do of are of capital getting internal the year. to own close of taking our the development how them believe the focus flexibility of certain future for organization. that can FFO and going mindful than structure have our these But development, activate use supplemental to and future. forward, really plan want to really for ready, in and we sole

see I But stockpile adding up entitlements, like So projects. the so that choosing us and continue in are fact don't ground that I back then development large going to to entitlements future. those scale activate do the we some

know, We contributing with a ventures the into approach. that basis like number have done of a up a of you by little ways, We at the marked less taking land it different place. multifamily with joint entitlements entering parcels, or with leasing best-in-class risk bit as developers in ground

Operator

you. Thank

comes question your Please with question. proceed with Our Rich Morgan next from Stanley. Hill

Richard Hill

guys. good morning, Hey,

did want the a next I years. what you First to more attractive this leasing to is becoming of of be to all, of do business nice do they do specifically, couple pretty new a think business? congrats start a how about renewal today? over really occupancies think But the flow? So predictable than talk on cash rate looks year. And means opportunity that? where the stable about question. And think lease great can it's think guess I are more part two we you just a take you Where business, versus should is which a renewal you that

Conor Flynn

is Yes, question. it multipart a

it me try break let down. to So

we quarter, in typically less first, First, low XX% what vacates that seen this we've saw QX. than historically

the up So portfolio. think our of think high about was our cleaned when I solid. out obviously, tenants it's base, through you risk you when very, a that very moved lot lot start, a And of pandemic,

start much Then mentioned, the in rollover, solid plus So percent the highest at a the look seen with we've foundation. we levels throughout you as our that XX more years last the point you are range. when retention at the retention, five that too,

retaining when the So for opportunity notice you're out either an longer comes now renewal that have up those when they quality option comes or tenants punch to up.

strength So the also it's then the But us. centers. the what themselves our validation property leases, the think of within for one of of I the look sector which you new new the is XXX retailer watermarks activity validation showing lease and about high they're of doing at

this been and points in retailers we've those country. growth across about their in demand all over grow all are like wanting bar box see of smaller us other talking come You market sectors coming so seeing that expand Junior share seeing you're booth active several a very real really to midsize, the was months, say that for categories, and quarter from you

which growing. our come you're look back in all and/or which basis to when recover the we at occupancy gain I at we XX to occupancy, say bit back where quarter is and these I either where When is in points. years a of this go averaged look dip And through we our go, around a forces time sustain occupancy I historically So did a XX from. several Recession, Great of gain helping XX we can having QX, basis point combined,

with of that. a obviously I we There's now, the it's are helped components here, for there So where lot from we macro have it XX. can't But moving think direction. goes of through we're we'll that real the we real, good Again, headed. driving and out managing in direction feel, see And right continue this, what growth are optimistic control. we we're cautiously that forces momentum it's

David Jamieson

I water have the renewals and would that staying. of the where other X.X%, options for benefit options. this a the up the is tenants shift today, just And were rules add which portfolio just is real are we in to and whole is testament point, the on

a For the they're part, go required boxes that. those to less there's lot most capital when to staying like

beneficial. very very, really it's So

Operator

you. Thank

Our next Markets. with Sanabria your BMO proceed Please question from with question. Juan Capital is

Juan Sanabria

Hi, good morning.

that how about if thoughts your to their Just about curious but tremendous guys the harvesting you're obviously stake wanted strategic or have, monetizing ask on value? opportunities you the timetable thinking that review about value, shares influences

Conor Flynn

of specific Again, reviews. a they're great with anything thing this point. question. wrong not strategic That's doing the at their We're aware

think expires As you're June. up at expire our end to you, the of lock scheduled aware, are I

keep we're for the going entire So make all to of getting we once we'll timing about the to due status. our retain the Again, just can't to is how at that performing investment after wanting it. the then at appropriate reach thing continue monetize decisions mind; And monitor monetization, to we'll that point. in monetization be

maintain investment a the our available, we was into monetized up to the obviously will what REIT once. dividend at to that have cash our the back if all was about, and REIT. it and time this a somewhere REIT over total larger have TRFs was As have we've could period within ish status. status there time our a of If portion I'm private would of shift and then a to remaining We money of range around and making maintain gain on the XXX there REIT up transaction, company, in the previous our a talked calls, we million of we would all and some over

Operator

you. Thank

your Samir proceed Please Our comes ISI. from next Evercore question. question with Khanal with

Samir Khanal

winds up I morning, everybody. little Conor, a move are. that more surprised guess did the not here, tail considering strong good was guidance Hi, I how

occupancy the you the You've volumes; got growth here. talked about, rent up record moving leasing

offset of the higher in us guess have Thanks. factors, debt, could missing maybe is to growth growth and here headwinds sort to the the earnings to anything swing not it you Weingarten just pipeline, that through like impact the rates I sure related and acquisitions year? tailwinds potential make this trying here earnings I'm what’s Sounds walk

Conor Flynn

Sure.

outline Philadelphia; obviously remarks mandates back earlier inflation massive not got on. So in right? my it's you've I did in record smooth got all going that sailing, You've

You've got supply downs Ukraine. issues got resolved. chain still being you in war Lock the in China,

So there's, there the things headwinds earnings of there's a we plenty the in that one to impacted out of quarter. to and recognize timers deal we continue terms But few some that monitor. with have first guidance, we do have and

the charters You to walk want sort of breakdown.

Glenn Cohen

in of I we our raise the $X.XX end the by end mean, did mind; $X.XX. lower upper keep the guidance by of and guidance

end low the guidance, previous high. guidance the today's was the So of

And so have incorporated that all in. we

As million, I do of credit loss numbers. of the we $XX the prepared the have that's mentioned remarks, my in remainder in year

on a about position did comfortable guidance overall $X.XX basis. quarter are and on little a focused So to we that, say whether I we've $X losses see But time mean, play do put conservative of that's pandemic want can it that's million a a out again, But in feel stuff. about We'll to and LTAs bit because again, continue that a or we're some the are one ourselves meet fine. that share. we some it We'll where credit we conservative, the we with to of that that And the put and little first there. issues still had during to that's falls have we may dealing out of out. that

Operator

you. Thank

question with Alexander comes Sandler. next your proceed Please Our Goldfarb question. Piper from with

Alexander Goldfarb

can your on access six And the of to a credit that cash cap versus than line comes and the Kimco’s just just thank Conor, the tick debt on queue morning you're much you But you've the of thank to Good last described. more quarter. and this equity, sort implied buyers you. under quarter sub when your certainly question trading an it advantage is availability, bonds markets. appreciate numbers our at efficient

legacy it joint in lot JV a so is guys pruning your doesn't Second, have like been sound you of order. venturing

already proceeds from You addressed Albertsons. potential

basically, where to the guys are So versus non-traded and money market where raising especially you this the compete advantage does get private a Kimco other discount equity the REITs entity [ph] is REITs entity. that which are, with, at

Conor Flynn

when that's balance look cash, look sitting not with think tremendous that's, of to capital. we at earning we balance anything. sheet, amounts have starting sheet, at there, amount access of you our Alex, our when have records the you we On sitting I on cash, were

So start there, you flow XXX after have look the of free then at millions dividends. we plus cash

those for any with cash So Albertsons, earlier, account we're you there. we obviously, that Glenn have combine of And two sitting doesn't factors, which of amount pretty the and mentioned which monetization that's an million right like We feel on cash accretively we is XXX to do sitting additional a call position to the it our million XXX in plus. are good side-lines now.

to accretively the investment like trying where invest are opportunity those there. a scale like day in we look and and we that investing do actually feel Now, when And feel accretively and at focus opportunities blend we of returns Ross together, our add concentration. these our what do outlaid, markets to capital set do even we make look at of in to of on competitive our we're every sure we position our cost unique all you

David Jamieson

add, no going variety that metrics. to on factor a assets passing Yes, these rates so a when different I than we're be at that would just look But be, of at analysis, of also the are to we some our more lot we're going into trading winning. there's deals doubt you cap

together, Conor all the factors evaluating buyouts, mentioned, a excess really year structured it into an is of blend does one well is substantial rate, But opportunity, when that it return so metric. you a rate many cap has out acquisitions, to portfolio redevelopment that when there's leases, just our cap And and one put or consideration investments, a in and the going NOI it growth, if our the one is blend the partnership So, capital. market that's asset the come substantial as we're strategy. of of really taking of below cost

Operator

you. Thank

Bilerman Michael with question. from Our with Citi. next Please your comes question proceed

Michael Bilerman

you're the to I Conor, a driving want occupancy and activity, it spread the rate start the of sounds that than is I that headline sort that know labor, of it you trending leasing lease occupancy. not So commencing? terms bit. didn't you're continued leasing little year? grow. sort And wanted Is of the construction? for in that strong? about labor? to you able pushing has Thanks. unpack is open? move taking And between just just to tenants these environment see a the so Is up like delay to of get which it there talk do And to we of any getting due rent open It as lease I stores lease to stores is the big the driver -- if sort in is Is how for sort just throughout a Or the faster that. number it

Conor Flynn

can a can it's Thanks, Sure. and jump in be robust that leasing in. of Dave, sort spread where you you a start and continued Michael. levels of that is it I'll that's of then seeing driver we're quarter. the now first volume taking It right up combination to the

rent on focused as laser possible. and are our quickly open trying tenants paying we as to Now get

greatly Because of could a walk day through a we getting that years many so quickly and the is rent big operating priority and take process of permits be like of it's ours. more even every of their vary paper For just felt as tenant open them is we process as ours hits the that we the as in and a day that sophistication collecting internal of focus that we’ve process focused tenants the as in that the are possible. on lease, expeditors soon have getting, many, on hand ink

issues as supply a mentioned factor. earlier still are chain I Another

lot process. We units have pre ordered a materials, certain labor expedite the know items of roofing tight those use basis still of HVAC to types we issue, seen a an Labor on and an annual is amount you've with as try markets. that the

handy that does we multiple ability use together. scale clustered the have areas. come some do on assets doing to Now, in our projects crews are when multiple We in on are

advantages and there of some scale some So we have efficiencies do scale.

one platform use ways to again, our to that's, try we of and our So the advantage. continue that

David Jamieson

the just bit speak then numbers. and a little Yes, about

So tenant number amount to on come $XX million, commenced whereas an the points grow this million, delta that year to openings. annualized quarter, it about tenants now to last million. quarter. quarter. We XX spread we anticipate XXX it’s million We did our economic points another basis of $X.X this quarter a leads represents basis talked In when previously, basis, over annualized rent equal that from it XXX was $X through rent of did through $XX this to have just XX million that about of balance do million the is

you have Specifically relatively when as larger any to modest still new we look result the a lease is of outpace your that impact question, seen activity delays, Michael, did the at tenant that sum.

So of we're track but the result we've that lease a seen the is year, on for as still demand the activity. the new on pool growing

Operator

you. Thank

question. your Please with Barclays. Our next with comes from Powell proceed question Anthony

Anthony Powell

morning. good Hi,

generally discussions strong on collect? question How just were that tenants you also have prior gas collection are And Just could in of in collections this terms to that where had may the had you prior that prior potential pool of quarter? issues? receivables with year they

Kathleen Thayer

Thayer. Yes, it’s Kathleen

collections to related of about prior million terms question, what that just we your in prior in on receivables. for then quarter collections And our we part know those of have for answer to tenants collect basis XX% receivables the cash also $X.X the did to did that So quarter. period

we of which inside to our on at way. the our helpful helps; of cash $X.X about the love what's to We that vacated going it this uncollected, what potential of down think we're looking to basis tenants, at relates it's tenants number, it reserve is XX% I If is it million know look you're paid break get then at to it And break a million. $XX.X related space. the for further that little is but about would course, bit that reserves, I'll in you to down truly

course, current receivables. mind tenant to then a they're when the number of vacates cash of tenant. of $X.X collecting, basis as probability related not is So of to it to little a another that the keep piece bit that is deferred million harder And it's in

pieces, period rise. on kind to But those a it out, pay with have high those they time what of long But all I So receivables. think have of the you potentially lays exactly why collect know really that's collect. reserve don't we conservative do we're we it is We're that will we it in what but to going again, hopeful be something, to just aspect. that do

Operator

you. Thank

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

Derek Johnston

to pretty rise the tenure, real know focused are historicals. to investor on ample do But sentiment or cap compressed starting investor pretty the any rate spread if pressure I retail better. We so how they agree versus Perhaps see is fewer there I capital but private Hi, yet, mean everyone. the not either potential given far in good morning, upside deals is is cap you trending? future in Ross market time rates? seem firm.

Ross Cooper

capital, yet named And fundamentals product And you And any case business have to think of when closely. is a Yes, you substantial shopping I to strength. classes, air we're factors, a have watching very as tell of great of is still it open of couple, we type. the investors the seen it's centers. continue quality, our look a asset some amount spread it's a I a it other buy for question. compelling what at to the not showcase our of that for we very variety there high can is slowdown you And the

it very closely. watching we're again, So

the sale. acquire our of any seen the ventures to we're not in assets have that as as that on bidding market both We assets on well are slowdown trying some for joint on

that trying is the that And selling. asset the neck and in an three now win there's neck final best deal. to have or that we're are four and groups right really We

to any our think concern that if we'll markets the and we not and start very some would be that there there capital see So capital I yet, was there to continue disciplined about watched was sign processes closely. it but with we these it's just of in

Operator

you. Thank

comes question St. next Haendel from Our

proceed your Mizuho. with question. Please Juste with

Haendel St. Juste

morning. good and a in you guys, at shop guess big new of looking piece bigger Hey, partner you And And with ask quarter. small small becoming then spreads, a the shop? a curious, what I in guide wanted to shop multi here. here norm norm end, what’s apologize I year I in about small were we is of are that a can I'm guide. your advance the XX%, leasing NOI level new But a clarify occupancy spreads same-store for first And here. at is for the

been all? you clarity some if quarter, get at Thank to last around you. X%, that's on just think mentioned updated I

Conor Flynn

I then it the two. take will Glenn over Cohen first And take colleague third. my I'll kick to to

are lumpy, the relates it spreads on and given all population quarter. As to to spreads of spreads dependent quarter say that every are

is that the quarter, still quarter in we by but bit achieving less, digit XX%. the count were Last This little but spread encouraged obviously, of range. a double

direction. modest is going But rents. the a quarter-over-quarter. the still we look in really at effect dependent four the we net effective pace a look when growing right it just on of generally So The quarters is trailing speaking, the at at trend net at line, when you look rents,

inflation the are chain So that helping to the issues, etcetera. offset by the seen we've supply we're encouraged new costs that, obviously increasing of as rents some due

that very So trend. encouraged by still much

legacy When impact year-over-year but Weingarten year-over-year. a it the even shop substantially a an it that, to comparable, is to did is look XX.X%. it's at XXX have good, the on stuff, points. occupancy. at have Yes, which to As small relates basis up you Kimco we're up positive,

is the it moving right in direction. So

deals In shop of and terms from of national small our regional seeing XX% players. we're come credit,

are tend recovery great for building terms post for don't in remarks, to now a with occupancy XX overall point a have you sustained to recession is my during But base future. that new stronger deals a don't go quarter. guidance again, these well basis cash year which flows we basis credit going point in of a the basis XX XX good the sign So to and we point end, see we or this game to earlier but we at

the Glenn? So going. we're science direction we're by encouraged and the

Glenn Cohen

Sure.

guidance So NOI, as to tricky. mentioned a few times regarding is XXXX NOI a same-site it same-site little as we've question relates already, your

same-site you You loss the NOI credit prior have last which so incredibly saw of why strong much is reversal year. in year,

it and improved. because the really range. is because And from. where coming very, real at very you looking occupancy, it if of It we've that. challenging you're said the all or comps for So of Having rent that, out in loss, of is the seen that the credit next increased minimum X% is difficult to look just the growth encouraging pull three at the point want quarters composition

growth number. in component growth they're quarter, So X.X% total first minimum of NOI the up of same-site the rent made that

to the that factor. So driving is me really

And will the the all think even together we we of with that possible. end so still be the and again, credit day, it at put loss,

Operator

Thank you.

Goldman next proceed Sachs. question. with Burrows Our Caitlin question comes from with your Please

Caitlin Burrows

on Hi, good morning, maybe late just question Albertsons June that at is away this a up months given follow plan, point. the two just

aren't a sure choose whether that in could not, there point, what is is this to, you guidance? some possibility you at just you confirm again, don't not why And monetization Is so that? would monetize or this it's the currently probably, assumed be is of if year? that any it proceeds So use

Conor Flynn

in our the that get monitor in the guidance, what except we end that we the alternatives. their the the until able guidance earn investment from of predict for the numbers. strategic So to of dividends Again, very, to it's period, we going And closely. are very we're not it's very fact investment still be and lockout in very, do hard to to they're middle own the

dividend again, in the for come of it's options So end opportunities we see that and somewhat available But us. to fluid. But not except June, our components. the our guidance the have we'll

Operator

you. Thank

with question. comes JPMorgan. question from proceed Mike your Mueller with next Please Our

Michael Mueller

Yes, something to wondering disproportionately or sequential quarters portfolio the Weingarten or was hi. did I'm else. occupancy add parts whether of gain, any the something geographical it

Conor Flynn

were with gains actually company. occupancy overall So across the made entire

really seeing and and momentum occupancy. encouraging positive west, That's gains over at saw, actually you south see Obviously, coastal all east sizable our when of momentum. sign when a markets, the terms to activity. was in we So that Sunbelt, XX% north look it's of of representative where to we're

markets and I down surprise is well as quite Florida doing other Texas think to is obviously, there. it's no anybody

so positive growth the non-Sunbelt stronger Sunbelt/coastal had you overall, seeing, our from are gains. stronger, coming But versus markets. And rent some markets, non-coastal everyone

Operator

you. Thank

Our proceed Securities. next Truist Kim Please question. with Ki your question comes Bin from with

Ki Bin Kim

good Thanks morning. and

from to it have engaging any gotten strategy, strong mental when from about the into boost leasing proactively tenants demand, given So your credit I'm that insights can perhaps weaker of you share? comes a that curious COVID may your kind environment, that approach the

Conor Flynn

for opportunity is you out mean, trying our something we're with and it relatively move of recapture continue through and and that an release was again, is entire run do touch and, and that on small, else. like think, enable feel sight, normal of to think them to stay need tenant to that in But very it. to a that in like those to business, end I will purchased very, lot any basis agreement course an help and rate, assist base pandemic. pool a That the create it then for of they that longer your to those have we close work base, feel make regular we're on a the space, and always struggle, be I those proactive tenant want don't

David Jamieson

a back anticipated. that to be vacating much budgeted we going because this There tenants on some thought or did which, retention tenants of we they higher was as which of renew few did we We rate, found quarter, sort give didn't to were even we had see that their the interesting, a same the see outs anticipated move not. we space,

your that So earlier we comments reflects that again, made. in

Operator

Thank you.

question from proceed Point. with with next Dijkum comes Please Our Floris Compass your question. Van

Floris Van Dijkum

but ask of you're asked guys. because morning, markets sort with the getting line consensus was you from Good that to Alex one green going already. about Thanks. in a light NAV, something trading I

has bumps rents. leasing move talk space bumps space is strip your as comment can about strategy. tenants maybe about the also on if particular, they to you bigger, And potentially. majority bit have when in new space, you can bumps longer that of it And leases. is Dave, But on anchor on for little a and that going when bigger I'm signing you're you're owners. maybe So those to shop anchor spreads, the maybe tend have talk most comment the rents getting, can the you you Are small market sort But up, come either Obviously, up? [ph] you of the of decade, higher inflation that shopping if a profile the result on or forward higher, with is strength or forward some And today? in of on of your some going get on the space, going negotiating in last gone the growth new your, the you getting how does fixed as shifting, and your of environment supply center your market in the potentially confidence lack your prospects? the give in more that

David Jamieson

lot A lot Sure, a yes. there.

by feel I'll to bit. Well economics good help a our driver push across really we to pricing have your number spreads in. been the supply we north, power. that the So operate all rents try unpack showing, of pricing in it you dynamic little power what we markets, And where one driven the the determine demand are right? is to of with we've position markets each sub that that have about and the Obviously the markets majority we're

determine to at much the you deal. maybe to adjustment the push the increases, some is escalations, goes we as what your look as there it On into to anchors, economic we we typically a an there's area, As the higher XX% get can. might maybe to average you in it try to consideration all when cost pushing those say so relates and you're But again soup XX%. final bonds rent, for,

in and that in that averaged into we should pricing that. we've are can multidimensional the when the for we there be. that rest economic the signs the X%. best place what's about teams, of really, Sunbelt need goes leverage their as shop Historically, can pricing deal. But at available we're occupancy times, tasks, push a negotiation. encouraging and I'm up, they seeing than our that area, do and they to increase in well. as small know some it's But markets, power tick a structure that starts the that yes, north opportunity, our such and to that net, is to further around markets power when the side, X% On it can And

Conor Flynn

are changing Floris, that the we than retention much dramatically have because of fact how dynamic thing yet. our part data rates different costs occupancy and costs is we're the four to I much think the cost the occupancy a to are higher, e-commerce the why that in halo due innings would that other traditional But renewals that's physical sort add walls. of early is understand on of to the really of being reflects And perfect that the don't trying occupancy I the of reason very store. our

trend a to actively that's think I trying unpack. So we're

be is mentioned, But driven. benefits to cost to retention that all retailer. Dave are it to As think higher, the the market going occupancy through this really due additional fact the I is flowing rates

Operator

One mistake. [Operator Capital Oh, Instructions] Our from Securities. next question comes Lucas, Chris one with

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

Linda Tsai

and when with smaller maybe credit the a high of pursue your non anchored. something is centers percentage yield? morning, your better to capacity you to given anchored butters the is peers tenants, given good But know this grocery buy pursue would to bread the Hi, opportunity achieve discussed centers, ability I

Conor Flynn

a at look do We formats day. of question. lot retail good a of That's end the at different the of

real business the local us, that down a comes estate. For very to it's

the redevelopment any tend leases determine creates of we've it the below today overall of in visits the the creates, there it upside, to then traffic flow to So grocery that the asset would creation potential, benefit is being with and with tend, or that consider see what if market marketplace asset. open the retail. that a strength we format value of we anchor, air the What that it is of amount real cash we

focus grocery right some we say centers maybe larger for to estate, that anchor. formats. But piece consider alternative continue not that's to the wouldn't we format real and So, on of

Operator

you. Thank

your comes question One with question. Security. Please Capital Chris Lucas next from Our proceed with

Christopher Lucas

relationship really just pricing in between in markets relationship your you're and understand or urban of if I And between seeing rent tenants any box there's to space? what mile of of everybody. in for any what to very wanted about to understand you're just retail there's importance able Conor morning, industrial last terms particularly anchor the I guess the coastal junior industrial, maybe Hey, And last there markets. in on follow was good selected, get I'm mile. up of to sort the rents, trying trying of comments anchor some or and anchor, out if the of in terms your

Conor Flynn

go trade geographic to footprint that their equation? utilizing is just the I retailer to think that that both coverage specifics question, we're a it's think starting because trade service I do look customer? And good does area dramatically. that to tenant to certain a And specific really line penetrate they footprint Chris, down of comes about Yes, and is, industrial difficult how and in solve retailer like blurred And that see that, of that what area it tenant their their it to in area. by how really it that being

think put and how brick the think different And physical to operate to starting that economics lines. unique where occupancy a that I the I pretty where dynamics, to have blur that's on-going space, continue So it and can retailers trend much a their of that's earlier, is capacities. change those of starting we situation mentioned retail value on the again, in costs as gaining multiple this I mortar momentum they

do early, So I it that's trend think worth is a watching. but

Operator

Thank you.

is Paulina your Rojas Our from with next question. proceed Street. Please with question Green

Paulina Rojas

whether real it theory, rate independent position. intrigued. of we're you or I'm all use income right, for That's In financing. interest keeping looking constant, attractiveness higher a you other use rates not, fixed used hurdle I drops, am things Good the of vehicle. to morning. the is to environment higher the investment other estate thinking debt that

Conor Flynn

really, very it And factors into of a much capital. Yes, is factor. it our cost

blend cost a metric. when and have cost an a So of volatility cost that debt equity on is of of capital our impact basis, and daily at our there look our does between the we on it

in process is and very we're being of external in the So said, And with our cost in of structured play party doesn't a yield, and does rates move that a upwards still investments in acquisitions, cost mind today, the into what in provide the the we buyouts, thought where meaningful invest of at that moving closely. does looking ability created the hurdle capital thus very That see us high of it to how we've the we're and partnership our combined interest invest interest we've some set spread the confident to capital, to continue necessarily our acquire. seen that it with it of that impacts far, the pricing to growth with marketplace. even combination watch program our third We'll to tandem what and environment accretively. our which pipeline opportunity so rates. in have very theory, are But a

Operator

you. Thank

over like We management turn have comments. question-and-answer for today. closing to back session our the reached the end I any of for would floor to

David Bujnicki

much. enjoy hope like today. call We thank so rest everybody in Just that the you participated Thank the your to you day. of

Operator

today's This concludes conference.

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

Kimco Realty (KIM) 28 Apr 222022 Q1 Earnings call transcript