Kimco Realty (KIM) 2 May 242024 Q1 Earnings call transcript

Company Profile

Participants

David Bujnicki	executive
Conor Flynn	executive
Ross Cooper	executive
Glenn Cohen	executive
Dori Kesten	analyst
Michael Goldsmith	analyst
Will Teichman	executive
David Jamieson	executive
Alexander Goldfarb	analyst
Floris Gerbrand van Dijkum	analyst
Juan Sanabria	analyst
Samir Khanal	analyst
Haendel St. Juste	analyst
Craig Mailman	analyst
Caitlin Burrows	analyst
Greg McGinniss	analyst
Michael Mueller	analyst
Anthony Powell	analyst
Wesley Golladay	analyst
Linda Yu Tsai	analyst
Ronald Kamdem	analyst
Paulina Rojas Schmidt	analyst
Jeffrey Spector	analyst

Call transcript

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good day, and welcome to the Kimco Realty First Quarter 2021 Earnings Conference Call. [Operator Instructions] Note, this event is being recorded.

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

David Bujnicki

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

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

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

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

Conor Flynn

results, day year, the on acquisition behind close major will the After on thanks RPC of review close Ross with our and on now the summary our brief update the our significant of direction will and transaction lead first a leasing on a summary specifics guidance. integration, and a follow our off Glenn business strategic for complete. is a will the I market, financial morning, seamless joining of us. an integration of and update first and Good RPT increase of today with with the an our accomplishments to goals. quarter metrics

expectations our exciting performing portfolio are timing, in monetization RPT, their X% revealing conservative Most new as over aspects not overly underwritten growth an it to the producing relates the for either select of important is that assumptions. NOI ahead were or opportunities is performance that and well, in underwriting we of terms The previously same-site and quarter almost all assets. of

greater loss lease-up shop space. credit and ancillary income, includes This better-than-expected the of in

We end are for very year stated on the combination including our our prospects associates were team, in of many excited range the forward, reaching thanks at expectations $XX new about anticipate in this a and From the smooth this high the and talented of going ahead the point synergies early XXXX. integration. perspective, newest cost to of million

decommissioning as eliminating to to of The including accurate space better-than-expected approach of as and planned lessons dispositions a underwriting schedule needs duplicative implementation more ahead results are rapid learned attributable services. from well of hiring execution Weingarten, our of and the office

Kimco's operating the areas. the talent core delivering our due trade the over areas X technology, is made as additional to in well and investments platform we've efficiencies assets in strategic other clustering as years past of

combination The and increase landlord The our X.X% last from a which from Pro points same-site credit points NOI XX%, rents ago. includes leasing minimum basis also came first basis and portfolio at of XX occupancy quarter, decrease of of X.X%. net represents Turning a to of improvement XX rata generated higher lower growth in an from year results. recoveries. but loss a quarter higher growth expenses, lower

was result to basis of basis up merger, as a points ago. from Pro a points rata primarily occupancy from Rite occupancy Aid to last change also of RPT the basis and The quarter XX.X% from quarter a due points to Small year XX from locations. while shop year XX ago. RPT was the and XX up vacating the XX.X% merger flat X down was last still

of Excluding future the upside. have shop RPT and sequentially basis actually represents occupancy small XX impact increased points would

the quarter, signs X of new million over XX.X%. positive including leases square leasing XXX feet, we leased first During spreads of

We options on an at continued X.X%. positive spreads XXX with of combined were spread XX.X% XXX our completed Overall over overall renewals deals. trend and strong

now Our XXX expected come compression a lease remainder to basis of $XX with last $XX.X economic point as occupancy stands commenced representing from annual basis base and rent represents XXXX. the during online spread about XX to at points, quarter of leases million million

remain guidance and we further noncritical recognizing year high strong on, Glenn us a same-site trimming to which on expenses. Our growing environment our give quarterly FFO color NOI, raise will in inflation results confidence the for provide focused full both of importance

have our strong. we areas. remains select portfolio strategically markets sweet vibrant the landscape These high of constrained as the represent supply suburbs to entry from first-ring remain Ross? in positioned barrier of metropolitan mixed-use Further, open-air new tenants continue and demand spot retail our grocery best-in-class and major

Ross Cooper

Thank current positioning you, we're of we've year-to-date. and good morning. with Kimco, pleased our It what and busy was execution and a accomplished quarter for

months I the short quarter earnings mentioned ago X for the rate in a off the on treasury expectations environment and Fed dip XXXX. the call, transaction the in cuts in Just optimism of fourth coming rate

and able short-lived inflation the RPT in sales remained previously our similar overall activity. a the the to of level with successfully underwriting Conor shared. January. has acquisition rates The rate cap sticky transaction as and as prospect Notwithstanding centers the ranges completed this cap challenges, dampening sold cuts macro rate we that well first with consistent complete guidance We quarter provided XX sales as company RPT was of with optimism on interest line the expectations in as was were RPT the the former

X to the continue a we the to allows yield stack of of of assets a the in earn form us secure on slice double-digit financing mezzanine stream. capital which a In sold to income negotiated retain on addition,

of the balance the completed the our schedule, will We sales year. targets efforts our investment of Glenn activity now provide of on With can have details we XXXX. on ahead disposition new this. for soon these executed majority throughout focus on more

our also high-quality pair investments. during by a investing activity, align strategy end. of first estate, second investment strong X supported structured real subsequent demographics of on and seasoned quarter Both of the with and operators. in with to quarter tenancy closed the we properties Speaking have

We offer first X right properties in the in in modest the future $XX potential combined of is acquisition position. investment or of opportunity. centers value on have million Kimco X our embedded million, refusal was a door the get at a our Total $XXX to also the of foot upwards allowing us but

will We additional structured unique investment attractive capital demand. as our and expect opportunities high remains in there be

capital. our maintained investing to acquisition core have disciplined at cost approach we of our On the front, spread a to

remains market X% grocery plus infill convenience cap high-quality have centers major cases, we in still trading Asset seen and and even strong at that. rates as some below pricing or minus

fundamental the to testament platform, has year. strength Air not of the a first it is X Open easy to been months the retail through this While opportunities of find the accretive

to our in We year. push and the that confident align with activity acquisition late selective and ability our it thresholds will remain second source more properties likely return our half our the toward of secure approach, given of

outlook. financial Now results off to for Glenn and updates to the our

Glenn Cohen

and resolved to good Thanks, active start. strong XXXX morning. Ross, a and

same-site which first our we RPT business NOI activity, strong of XXXX. first share leasing are are inclusive Conor growth, As robust on leasing quarter merger solid and FFO day our spreads double-digit . All mentioned, the drove operating $X.X acquisition, highlighted completed our excluding per billion metrics costs. growth. the by These of positive metrics results

While continue integrated. RPT do as we for are to contribution providing the operations performance we fully insight first out not on the quarter, that plan breaking are

first details Now results. our on quarter for some

diluted $X.XX share, or or FFO was of which per million $XXX.X million $XX.X merger diluted charges per share. includes $X.XX

in resulted our RPT to of improved higher acquisition NOI. pro several timely and rata significant primarily strategic on performance, Our contributors

Importantly, all RPT is our Conor underwriting expectations highlighted. running ahead of as

performance per for first million charges, quarter or share per as driver credit diluted of our pro from rata not lower was been quarter per and NOI RPT increase. the primary share last The share benefited for our rata year improved FFO NOI the by from Excluding $XX commencements rents the the pipeline coming $X.XX $XXX.X sites. compared generated the occupied $XX.X also have a minimum merger of higher representing of first diluted loss. Pro million million sign $X.XX was would to which from XX.X% higher

points the year. points for XXXX last first basis first to loss quarter compared XX quarter the of basis Credit was XX for as

$X.X below market and in $X.X increase from included GAAP NOI addition, RPT above million higher is the benefited amortization. of higher also the the from quarter. acquisition and of FFO million the attributable income cash In rent during straight line to income balances to interest related

lower of and were to item bonds the significantly from resulting amortization quarter the of do and million, the our $XX.X RPT nonrecurring this the on towards market fair expect increases of joint for debt most of expense $XXX not we as that floating These interest our have interest offset in year Weingarten higher refinanced the the bonds the million rata first to related view of pro were ventures. greater by the on rate in acquisition cash as of form remainder debt continue higher rates reduction. We closing utilized the rate value and recently this a

the also $X.X million million with per X $X.XX of quarter rents income. FFO of in share and tenants vacated first from Our $X.X early of below-market items that benefit onetime for about a other includes income nonrecurring other

call. already resulting active last much very addressed a RPT was primarily was the sheet perspective, which from our from balance a acquisition, It earnings quarter of on

OP summarize, with units briefly preferred with stock replaced new XX million to issued convertible Kimco liquidation XXX,XXX and with RPT's a common X.XX% of similar preferred terms. a shares and value Just $XX.X million, convertible we issuance

repaid cash $XXX balance have million and our XXXX XXXX RPT's of RPT X.XX% from weighted maturity facility credit a and placement staggered X.XX%. a of maturities sheet. XXXX assumed also fixed on term at of rate issued final rate $XXX which their loans, and blended loan to term We a million private $XXX of in million new notes with average revolving million Amended at $XXX from a

on million $X shares As balance we monetized the of maturities over and first immediate the mentioned, $XX nearly Albertsons At the end the remains the receiving remaining our $XXX strong availability of with quarter, game. quarter, in in provision million earlier in billion our very for and remaining proceeds no tax debt recorded position a the year. liquidity previously of

including metrics pro ended the first a net look-through outstanding stock quarter Our the as rata preferred again. joint share of on leverage We perpetual venture once and basis, X.Xx X.Xx. a company's with debt sheet of ratio of debt-to-EBITDA and balance improved strengthened consolidated further

reported level has improvement ever look-through the X.Xx of from the an achieved metric is and The PIMCO X.Xx a year ago. best

for share RPT outlook. from on balance to to our per to the $X.XX $X.XX Turning results, the successful $X.XX Based $X.XX diluted integration merger our of and raising to acquisition expectations the $X.XX first a our quarter year of range of new FFO per costs. RPT we are inclusive for of our the strong share range

merger the per X.X% of represents FFO Excluding growth range increased costs, at last year's share midpoint results. over the the annual this a guidance

to our the assets Our of and increased FFO of inclusive to Higher guidance based of of RPT noncash growth XXX $XX comprised below per X% $X and on of value million. $XX and and income first incorporates credit assumption NOI to income following the share level related basis from assumptions. interest points X.X% straight-line same-site previous the above of Interest XX RPT quarter full year $X X.XX% loss rent the million to range to a and points. is to X.X% market updates amortization rents basis fair income the of million GAAP accounting million during and earned

want intact, million weighted $XXX million to other year $XXX the are take and million to results. guidance thank million I completed our $XXX toward investment of whose associates that, our quarter, first late of your the RPT inclusive we half disposition and during with second Our contributed integration year. million to strong to the $XXX And remain first assumptions of efficiently $XXX questions. the transaction completed full incredible our all range the the FFO effort to of range of including quarter of ready

Operator

Fargo. [Operator Instructions] Our first of Wells Kesten from Dori question comes

Dori Kesten

built are annual credit relatively low loss remind guide you to left unchanged, assumption? a Can your just had XX of exposures your us up QX. that the but You

Conor Flynn

been in we're And assumptions. the quarter, XX Overall, the basis at entire we just But basis first XXX points. to portfolio the lower credit that it. we during assumption current potential able look is levels. guidance the more some XX when And have assumption, could to pretty clearly back potentially same-site are prudent guidance point we the really doing historic it's even increase impact the to at significantly. it's there year the again, NOI more think just leave though to still bankruptcies

Operator

UBS. Michael The next question of Goldsmith from comes

Michael Goldsmith

million $XX million $XX $XX it integration G&A synergies said $XX to million. the to RPT, of initial On up of million, you you took to

the guidance? what's the to upside And action. of What's into have to the So been there put initial driving surprises in where driving as started positive your realizing plan you've them? terms synergies,

Conor Flynn

start have Will little off Sure. bit Clearly, blueprint a Michael. we're helped integration. and and Obviously, G&A from Weingarten Thanks, great have memory to helps. I'll muscle we the with a Teichman the great about comment there. a synergies certainly the what's

obviously synergy earlier But we're anticipated. deal side, seeing on the flow revenue than lot a of

quarter, the RPT were Just of foot, so for at in the XX deals XX% XX.X%. X.X% for new a signed rents spreads $XX a leasing portfolio combined renewals,

believe, attractive rate similar you it's really where always enhancing was where a off be an could set and up the felt allow business plan it obviously we us rate Kimco would high-quality, to very strategy we we when at time. a enhanced at retain selling portfolio. numbers, have look rates And over that on like those could cap So buy and with execute a, portfolio we portfolio the our then tranche a cap cap lowest to high-growth profile to at platform the would the need

you quickly the comment as on to G&A Will, well. I'd love so And synergies for

Will Teichman

Sure. Thanks, conor.

And future Weingarten. developing been we mentioned, that post with an key concluded to Conor transaction that repeatable the and are systems tools of our integration model, about we for of capital. time processes We human prior playbook . versus Weingarten operations, the matter portfolio months said, a did governance the established it really Conor line and transactions. As has X integration weeks, off within as saving that

human of On any significant sector, side, is driver M&A always capital the the as with in our transaction most expense G&A.

And activities period up that pace the of avoids expenses a drivers transition of so would the speeding integration carrying note necessary call few I during out.

execution these we assets. his us XX First, comments, as sales don't quick positions more asset necessary allows need to conservative Ross plan the mentioned hold that to operate a the of staffing to in staff to

one our integration the a where to the on secondly, go-forward and expense pace over of professional beyond and of minimize Overall, transitional employees allowed more assumptions incremental G&A subscriptions. exceeded permanent our of solidifying for positions, underwriting need underwriting And staffing, few were target, first rapid to months of And the is for associates year. finally, us areas other all services portfolio. operate feel around we we've the the levels noteworthy the

faster service quickly teams agreements. to legal a result, and important in IT this effort Our led accretion an And as exit over area. seeing we're XXX

David Jamieson

up with Thanks, also of grocery portfolio Will. I percentage execution just comment the is that the of XX.X%. the XX RPT dispositions, to the

Kimco So as to convert grocery X well. to it's those well. as the sites a remaining grocery few on don't anchors We enhancing of potentially activity anchors have obviously the portfolio even that have to

So income Will, a do little want ancillary you bit to on well? as comment

Will Teichman

not area. had the a case company, the ancillary where this to Sure. dedicated with national out working around peers, With respect wasn't where, we've as of ancillary specialty the case of That's our to it RPT revenues. established team recently it's and focus important a build exclusively to they only all that's income, X a areas leasing been with

referenced vacant this revenue through temporary well a this as have remarks, it's to and portfolio employed ancillary income and it double-digit have growth space. to tactics monetize RPT's started in combination the a different dozen strategies of in a of a line that basis, to as XX-year of we first his a over area, We probably monetize lease-up track quarter areas, track year our in And We as variety strategies. different streams. in on common comes And of in performance off terms record XXXX really relative area. we Conor with across

higher provides us near-term a is little some bit temporary And for terms knowing upside that vacancy the portfolio RPT in leasing. in of the

Operator

from The next question Piper comes Alexander of Goldfarb Sandler.

Alexander Goldfarb

were So outline on side, NOI what sounds bit you but side, pretty of you whether very like cost the a how RPT, guys underwrote on a like maybe Connor, or upside the the just It it. more conservative it synergies operational clearly, sounds on cautious could is. sandbagging, you there's lot

better XXX in like of basis savings that points just NOI performance the it's And you're a of -- know sort of cost basis yield, this of XX on the seeing addition what to points if there's it or synergy out sort it on you're sounds and magnitude side? don't I seeing but

Conor Flynn

I stats that Sure. assumption. Happy a some to, we've there portfolio. to Alex. gave of And you on we But think, ahead I gave obviously again, the RPT been and nice runway ourselves, execute

there on similar transition have a we would a had So -- might velocity ramp-up thought we Kimco of again, where and be, portfolio. terms thought for the wouldn't we the period leasing, year, they be there in RPT first

hasn't just very as lot to transition to that well. And able we've higher case. rents at been been of lease able quickly space quickly relatively tenants We've and the been a retain up

the transition So to we've XX-month on exceed and period ramp had underwriting the to a original X- of to that. Kimco leasing been velocity able

hidden that there's as And we on some covering. gems didn't originally anticipate well

on of grocery-anchored a I that well. these ahead assets that on we're anticipation transitioning some So of to but deals on, those we're mentioned time, working as of lot assets like take

David Jamieson

There's I'd you also handoff from especially is despite X risk we to construction over off still transition, need portfolio, when a to to when And projects the met. period, on still in other. mention the Yes. the company need took targets projects these always hand the side that get there done. be

that that, the obligations the from exceed will result the we of compression in that pipeline with get were now that lease very tenants key for to to and benefit enable year. saw and year to really well transaction, fulfill. we us some this balance new of some through quarter from RPT as the this and to that, early open day still enabled a And X as of There's preparing prior meet

about in some comprising the saw just year. few points, snow, we a basis in of XX our big more good the saw the So RPT side actually compression beginning part on anchors but opened we because obviously,

off hats everyone. to It's again, So not easy.

for but team Sometimes just outstanding take doing that, with we laser-focused on executing to an make only fundamentals never granted But the to it quarter. had in core is really, not integration sure also we want then business Kimco side. the

Operator

Compass Van comes question Floris Point. of next Dijkum from The

Floris Gerbrand van Dijkum

are particular. Nice focus cap couple going guess questions, pretty know A I of I'm tight you that positive for guess. in to Ross. results, Ross, the mentioned, but my to grocery-anchored question I I rates

As you forward, more And lifestyle a you -- in you why pivot on acquisitions maybe little on think your centers? bit wedded about wouldn't more talk your percentage to deploying views capital lifestyle holdings? grocery anchored of your acquiring and wouldn't towards are you going why not can Kimco would -- increasing pivot why or

Ross Cooper

Floris. Thanks, question. Yes. It's a good

of look sort expertise lifestyle love at as of grocery a own operational think the do and grocery-anchored component you of have I have many assets the those all with of we when benefits formats benefit retail. you well. that is We of. in open-air X do and that the Kimco get

we you a a operational high assets. bit to deal cap had limited to is more rate it requires year think pool a When that's was Stonebridge, gives us north buyer a those of because differentiation. dominant with the upon were the of able size that made at acquisition of larger expertise and X% we and the operate prime we that's center lifestyle that and manage a because that based look example component, a last anchored buy that at size, the a

types neighborhood strip of into segment, There's about. looking are at cap heard assets environment lot on unanchored a flowing a center absolutely lot of how that. capital because tight you've anchor of the those this in we're grocery So rates

that You've type. on seen product compress cap rates continue to

grocery-anchored that we're that what the And in we neighborhood or not But just our utilizing difficult to can can. is more focusing more operational aligns don't continue that doesn't platform sometimes cost going today and that's create we're the capital. to opportunities are assets of with on. pricing we mean We pursue value more we that others believe when complex cycle, that our believe where differentiation our

that to utilizing component venture. the relationship the the can help our continue enhance joint to we yield at venture And look partners of opportunities our platform is, joint alongside other course, with our with

something the look way to at. our So it's possible. continue capital evolve, certainly to deploy as that we best we'll market And continues the

Conor Flynn

mean the Floris, retail the is are really what lines by the would to only is a that thing mix. that different blurring seen for while you've merchandising formats. I all across add And I

And of open-air sort towards mall best-in-class so the you've gravitate shopping seen tenants centers.

seen You've certain towards formats all of gravitate open centered retailers lifestyle air centers.

our enhancing with on, focused And we we Rolodex so the think operating have. really I team, again,

And and so success. critical starting Rolodex similar the across they looking that look across we those have have all the formats making X our sure to to different so another to been are formats, all

look that And enhancing I extracting mix the the do think go formats. at merchandising value we all is what well we Rolodex do having that's by across how most different about utilizing

Operator

next Sanabria Capital comes BMO from question Juan Markets. Our of

Juan Sanabria

of Just wanted terms switch Q&A. to tack here. the in

get credit Walmart your health to pharmacy we've and and strategic shrinking business trends pulling wanted Just now of views wellness redid, of or and BK, is the Walgreens sense out. had is there, and kind just

see So you how space company to with on the and how just you're the evolving just deal curious positioning landscape. changing the

David Jamieson

Sure.

but we pharmacy have disruptor it's there settle big shifting them, think customer. as and and lawsuit of no having was for it to is each Rite And a I landscape how Obviously, think disruption, story. the secret. the I in know with their services own Aid business a a those and

consumers, what wellness, focus. how in it and what consuming. they're how with think, more both they're health themselves Food, has maintain said, now been That ever they're with eating, is really and fitness, than been body a forefront I they mind eating, at the

new lot a public. seeing creativity the went of innovation SMB in You're and world, concepts,

there. expansion long good seeing Too and ago, growth

sector. customer others That individual opportunities business and services of evolve the Spa opportunity said, see care in menus some different to to concept and some businesses, to case the consumer while Med models, new disruption. the F&B individual have accommodate the is do see with urgent traditional what -- related format the the concepts, their seeing you then open-air and business continued fits the QSR more businesses well You're then

trends look the going? it's cyclical, opportunities capitalize have very But you other think more disruption. on that that. also always again, trend holistically it evolve creates I business think newcomers for still where to moments But and to And of are entrants there's it. supports at I to macro and their is obviously, much

Conor Flynn

think standpoint, a the mart mix a merchandising like has I from almost in pharmacy ways. evolved Juan, become mini many so

So higher-margin the go got grocery elevated pharmacy, is all had. then back on you into in items. walk of and other it, I the, script and traditional the think when the you pricing the were script a their And aisles business always business through items, options the then what happened is consumer there that call versus disrupted

Amazon going so having And what they're into the and like. come of transition the house the prescription and looks through then a of others business front clearly, period

the real that highly So is shopping up done of we're positions on the news those point done view center deals from the good ground are front of were valuable. typically estate in or pads and leases,

see the it do a our typically they X center, pieces real and have the coming some get to we we significant back. recapture with lot get probably spaces mark-to-market because think think of repurpose that get of them. we'll we most the if I unlikely on have hands a those reset opportunity is shopping we So the I actually to are drive-throughs, them in ability few back a estate of us it's of valuable on that but to

Operator

Samir ISI. of Evercore question . comes from next The Khanal

Samir Khanal

was to greater more for XX portfolio, at into opportunities? Is that, as basis it delease Conor, of sequentially, RPT read just down while we've sequential I points is the of that sort for think occupancy sort sort increases looking that considering space there for you proactive seen being of you the something a shop now? Or here.

Conor Flynn

was that's upside shop the because momentum continuing. actually squeezed of we That of for be think that, to small see us. the the We the deal sort really juice

the at there, the because shop way look actually the the deal, leasing obviously, the shops gates . Clearly, small leasing of shopping ahead on and of you and those on to of of are was lower be that occupancy we centers look on portfolio small we at the portfolio we out RPT out sequential some anticipation. the If lot upside anchor the there's had the a when of Kimco of the some had building our side -- spaces. going we're where have momentum gain

And are yet. under and a example, shops momentum. are public so going to the baked-in under Joe grocers construction, construction for the no significant of those lot We got because there those be momentum having there's small the leasing open we've trader know types in of anchor Florida, to is of

spaces. it business and is lot right continue surrounding lease the we're in gives up building a out We executing that of cautious those optimism well. So us on The model and focus spot. efficiently working the can to then spaces

So so integration. terms good far, so in the of

Glenn Cohen

basis than ours. Yes. I points their would just over XXX add that when we acquired RPT, small shop was occupancy lower

the because it's points. basis smaller at blended only together, obviously you a when end portfolio, XX again, impact much is the it So about all

Operator

comes question Haendel next from The S.

Juste of Mizuho.

Haendel St. Juste

of quality what from you challenge I want redeploying up, transaction be there comments out versus market, rates the cap Can you're range on you Ross, dispositions capital a about wanted follow for buy you the you to some seeing of the made the talk to the need about here. dispositions see bit to to more into active?

maybe well. rates a of back the to play as trying the why the not year get JV better of a and capital more now more you move higher could opportunity, perhaps seeing And in will you're or role do why if getting think active half cap understanding

Ross Cooper

put role. capital mean your ways question, certainly can the to a of I variety capital. fortunate out play we're that answer Yes. Sure. JV But a to we have

the acquisitions, acquisition, continue the disciplined. to core we So very be

the other ways traditional of into of we a to amount modest market to is stay we and where redevelopments, last we're patient, our lean leaning lean because very have cost year is, You capital. saw core into structured, acquisitions when place we we capital leasing, not

today, the are I neighborhood, with fit today, we plus core that doesn't X us. grocery-anchored are that as mentioned, in necessarily range minus or for So cap with where of kind in pricing shopping either conditions. changes centers more progresses? on aggressive softening macro our of is little of that, cost hope the Or bit as a depending a that the year capital But being our

in You've call amount in of -- with cap upper still it, substantial seen range. X% our the X.X% one market peers the a to those trading X% out of, commodity are more power

capital assets. assets. question, some power clearly today that Florence's We're doesn't not sort have of there's for. lifestyle you've seen commodity profile that's type really those to the earlier focused looking that chasing growth we're So on

lot of mentioned, Conor really the categories. as are, into a lending Those other

whether what have. So space it is on type a component, depending grocery a hybrid, of you there's bit of shop a

the us, cap significantly. that levels really assets pricing pretty year. reference again, So Stilbridge to Where see and last for acquired the I'll opportunity there we we range rates

of but pool we the attractive be more our to a of eliminates sizes types those a amount yields the Some can aggressive are really bit on us. platform still utilize assets, to significant of larger that check bidder maintain

the team us. cash deal, we the CAGR but to utilize and cap to it. not that the actually on can going simply move increase And our where the critical rate growth rate, is flow really that just in

going the going can very it. focused on. do what we So doesn't that, to believe it is that's in something don't If cap rate that we're really not we're matter that acquire we

field in remarks, level. to mentioned the X of interest questions, continue a program structured I that is we investment lot the As conversations,

real but estate. assets there's think where have there. capital perhaps activity that a can participate be more broken I going we broken not bit a to in stack,

those opportunities, more we to and think going like We it. of be there's

rates put we're to confident if tight. to able that opportunities pretty we're going be out still the capital blend, a acquisition accretive remain core at even on So

Operator

of Mailman The next Craig question Citi. comes from

Craig Mailman

But kind curious RPT if mentioned to have I on just at the I'm a want of progress X-parter to just anchors is kind and coming around you maybe clearly the commentary, good here. back some grocery quick helping. of assets. small commentary ask shop maybe some timing-wise, go you'd the

small are general, But in how overall of is any tenant the there much of an pace kind has of been the of mix there just probably to space. change of activity market? just your also, kind tenants in asset And small looking kind among broader shop what just that of so kind relationship take versus

David Jamieson

question. great Yes,

is we the are Open really management market effort But into to to variety to operators we've visits launched drive portfolio, and Air with to programs We've shop try those looking account well. effort market stops those our activate grow and demand our fast-expanding retailers, broader and drive individual the a specifically, retail tenants regular portfolio. us quite retailers. the showcasing make obviously, with really those a have demand doing for launched with considered that's F&B share and program a targeting and small to really hit national of within piloting that So opportunities

seminars can services they leases franchisors. that with develop to make help form the to sit that engaging we help as get understand them. and landlord partnering possible with as to them best-in-class concept do with introduce franchisees and so provide the within they Kimco when a what the Kimco We We We can experience to all as do what and when operator. partner with seamless they Kimco.

investments evolving into acknowledged represented that best mousetrap to and business. saw you're the when and local important to services the to been the delivering I critical make the market small some sure shop see on and through as really was focus tenant, in can then And site of COVID the and thrive. providing to constantly operator the the community developing think almost we of you So with changing, especially what is the essential landlord building well. we think that's the need the allow those interview as I of is the the as make interview activity operators the And survive themselves

to In earlier in the others terms the of uses, I in call. mentioned, Cavan growth F&B. see you continue

really shop, a continued they're where personal dollar creating concepts, once but growth necessarily they say taking combining services. that new and a seeing was in in on also was some small growth we're are X opportunities path, store holistically, there, ISO but seeing You're care spaces,

So retail pretty it's reaching. within the broad verticals, individual

Operator

from The of Caitlin next question Burrows Sachs. Goldman comes

Caitlin Burrows

looking looks on but forward, is I'll sorry, it XQ from like a you 'XX the larger first still leased now of same-store million having I keep square -- same-store, down pretty its portfolio. XQ rise guess, not and feet that's wide. quarter, 'XX in the snow space and the pipeline despite But X

lower of it driving a number can could about leasing be you wondering if So that talk reasons. for realized what's volume

David Jamieson

or high now, mean, right all-time I at is also Yes. XX.X%. -- our obviously XX% it's occupancy

set So you're obviously the with well looking at opportunity does that. as change

pretty years, line to also it's in relates the still much with QX. prior it it's volume, and As

And cycle is timing have to some say and which and in interesting they're the really there's come our their retailers slowdown throughout targets. we opportunities of their market interest the set the actually vacancies interest from, there's any hit wouldn't share to And nor store longer-term with velocity the in of the vary where now, conversation inventory that about can of to I deal try is We're find continued targets, next see. execution hit And quarter-to-quarter. continuing the deal in space space. seeing to there opening

we're looking on years at not current rollover but year, the schedule. And out obviously, just X

market last Obviously, by it's It's any we've So which really we're in the seeing growth the the encouraging. very far you're activity, of isolated Florida reaching Southeast particular and is geography. not very years. encouraged and fair its to the over across but terms several what seeing seen been market. in really board pretty That continues, has share X

Operator

Our next of Greg Bank. comes question Deutsche from McGinniss

Greg McGinniss

little bank the a there. by strong Sorry,

non-GAAP at initial there. our Looking offsetting just than from $X.XX be $X.XX least math. Is at dispositions looking guidance same-store would range. earlier under update, What interest plan? the higher based any appreciated at growth, and color $X.XX the that on the income from income, are it's around guidance just on the NOI factors Or --

Glenn Cohen

are onetime year quarter. very I in of There the just strong as I is, balance under of again, was I'll things well. nonrecurring that it is call Yes. there. But the mean, very $X.XX shaping or up a mentioned,

that the we that in and So to of $X.XX the we towards the shape end saw upper feel so good increased good reach far by we're guidance that range.

Greg McGinniss

cap And then you had mean at have financing getting transactions think providing where elsewhere Okay. seller on to mortgage done if how important the RPT might go I do for financing, those the on buyer rate? the dispositions, the to X.X% trended? them XX was rates those cap

Ross Cooper

about the execution really really the all to retain a mean be that really at that to and we That completely pushing think impacted of the I a it excited on those us. wanted was pricing assets Yes. slice because buyer for are were to at I attractive transparent. we yields structure don't that or

was to telegraph were transaction strategy company tried cap we relates at whole the was the And our as And a a bit mid-X in cap acknowledge company. the that So into acquisition. itself, repeating and that the same the rates bought little we risk tail sell to really we're excited said, sale it a buying the on where there we that early portfolio able portfolio. a of we're at on of on really great what that to Conor what at the we

left blended what that to a with, with name company. Nashville, cap rate we're acquisition. few the we Denver, Atlanta, So just the Austin, Boston, and went into Miami, at same the

we that the We that. on really execution that So buyer and us we the feel win-win feel deal. a it And XX for about good assets. good about on think was those

Operator

of Mueller Mike from comes JPMorgan. question next The

Michael Mueller

looks be $XXX full like year the looking million another mid-Xs. still the it planned cap at dispositions, guess, to $XXX to million the in to I guided those, look guess rates I and maybe

up that Just curious making bucket? disposition remaining what's

Ross Cooper

we that. wanted the get about to have We talked anything identified as executed, done, got for that we really with specifically done on frankly Sure. quickly. don't and it we We've XX

growth to So asset, that's on RPT, legacy it doesn't a a and portfolio go-forward basis, our wholly frankly, quality profile. JV, goal is owned. the Weingarten the improve matter Kimco if And really

those to in they to not before line the them that Our with the some do direction that job so. remove identify have in with go movement and where is we're portfolio is assets trying

continues able an assets The there that that occasionally, value. then portfolio And add these changing dynamic doesn't that our there's look asset and fit are majority we're to or prune. we at to to very So here times. profile of all vast improve, and

again, we we'll but identify expect really when on back came portfolio, lower the it to those, that bought of the the and are So do we normal from of it end course be just pruning the would or of we regardless range. selectively we where

wouldn't range guide. in our look to that anything We forward, that the overall Anything blend going sell on do same rate selling the at remain while end is anticipate we low the not the cap that range. cap in be assets end would much that of the that range. end going couple tighter may below a and the or market. at joint be of up into rates those There venture

know anything because going that going forward. like, portfolio range range we below forward, be the know intact that we exactly sell kept just what don't we that that do So we looks but would

Operator

Our from Anthony next from question Barclays. comes Powell

Anthony Powell

Maybe to we expenses You too. than lower, opportunity those going expected that, mentioned landlord you control talk drove a continue I forward. expenses and your guess, saw what you and about to noticed lower

David Jamieson

and and find done just I opportunities do to team make Yes. either our of just mean, every really exceptional line looking has efficiently, job terms an expense save strategy. it item at our operating in ways finding to more adjustments

the sites team to digging and and locally. have finding deep the the manage to just really line And a better business line really so I and manage by way commend

the in that As hit is in there, a of book. result that sort when But timing occurred. seasonality effort of There things of too, the and drive was terms for broad quarter. just our of that, that down general, actually expenses some helped our in

Operator

of The Baird. Golladay next from Wes comes question

Wesley Golladay

to the at like Do have interest looking entitled. now? you X,XXX about multifamily low just -- supply have to I'm few units starting presentation, any a a the in market from developments deliver year years and you this

Conor Flynn

as where of capital cost supply capital Wes. when way benefit to always a in on It's I is unlocking question, on of a . It's optionality program. of and the set good hard and demand levers sense cost favor. sort in us of is that different at the to making a ground embedded that our of good creation see entitlement up growth to ton we've do sort portfolio mean, shovel value being future believe looked a We our putting is your and a is. for today,

developer multifamily and seen we've we venture on you've a approach position. the a have is capital ground in can no we in land to ownership outlay into we our that contribute the preferred a equity entitlements as what capital joint retain as the and So has come said, That of do, fee higher sub in the where and elected yielding put return it. entitled and then like being develop lease do the

it developing it continue ways that. take have a we office anything significant where And having day see to understanding that entitlements to don't terms ourselves we not and We've a going of without fit do being we'll capital X. of very amount So of number selective out in monetized approach entitlements. that's like also different returning

look it can there's is number So every its we and different analysis. ways asset at of own a single

forward and X identify what's take way try best it and asset. by we that X so for the And

Operator

Linda Sai question comes of from Jefferies. next The

Linda Yu Tsai

you As you lower still. at pipeline Do good snow you to or opportunity now? had the you have SNO the year-end higher lease-up expect pipeline, look by be versus

David Jamieson

Yes. compress Obviously, XX Good basis points. quarter, did at this we question.

We the that compress also absorbed pipeline significantly. actually RPT portfolio

earlier mentioned that the cash in deals benefit big of QX, call, to I flow driving started couple was As which a in there.

Tier we're have sort on inventory continues we as absorbed. get seeing that upside X lease-up. vacancies on earlier continued that said, a longer we I well than that do That the baked of the now see bit as that to have some to and been others continue little mentioned opportunities in the

contributed you So pipeline just But look had they'll openings, million of about we're the of when roll would that in I together, balance new continued there, $X remain anticipate year. what when result XXX-plus QX the cash it the leases from contributing new all will for SNO terms about and in contribute that elevated activity. as commenced obviously $XX our a over in you we from flows, total million of at lease-up about

we're million in in entire $XX balance then -- be to million $XX that, totality this And for contributors year. to for the around targeting addition to

it as but line. that benefits, is lease-up we starting those side. contributing results continue opportunities bottom in the to QX our we're saw you see see to to So with the

little it probably I a think bit for the elevated will why remain So term. short that's

Conor Flynn

it Linda, well. a driven lot of as is event

lot snow space of can So elevate have quickly, don't backfill a those, should get release leasing have a you you event of at activity that pipeline. spaces once, lot But number when back it of that can the back then an if gives compress. you you a you and you

long leases emerging because no of market said end and share spaces with So showcasing back boxes they with it's want sort about out of bankruptcy back Joanne And no the that. they the they any even give bankruptcy and coming coming to of and would lose rejected, so are been wouldn't time. in It dynamic existing today experiencing market robust that demand on we're being showcases the and no have they in our very than demand the share. a sector where with new supply development more going worth leases

to on. we up left to filling have which of be pipeline. And at so side, same the small It's SNO be have on a that, the anchor in go when going good coming there's the more see blocking a time slew tackling, you to that and the filling the back boxes going cause vacancies that spike shops unlikely we would and then activity up remaining

Operator

Kamdem Ronald from Morgan Stanley. comes question next of Our

Ronald Kamdem

a for just quick X-parter guys. you

So how it's year, just fair expected versus commencements same-store part on that the on of then rest of sort drove what deceleration already upside. much X, earlier speculative? X? the guidance, in that to NOI raise, it acquisition of And the the it's that basically identified is is say And the driving is the part guide

Glenn Cohen

Sure.

the So against looks in it as to quarter. bed the bats comping year, the of the second we're rest some of still

we that online is have to there. go to. So that's really as quicker, came going guide The have some as alluded commencements Dave impact we increase further

credit the very so far. performing has loss And well again, been

more we the comfortable of the So lower range. towards are end again,

that's So guide. what's really the built into

Ross Cooper

talk related you really and what the firmed acquisitions, your on core contract under hesitant we're they're today. acquisition to tell can up have anything about But before deals is we closed. always to I And do not question,

whether investments pursuing by senior opportunities We are that. it really And be are sellers, few deals on owners, hope it we other relates tuned but buyers, parties, stay will lenders. a move that as ahead, structured by to driven those nature,

of the always those until very deals bit are fluid a end So process. the little

capital capital a some seeing us for buyers of and But as with conversations earlier, the a piece owners to looking stack deals. we're demand having secure really mentioned of lot dynamic I those for and our help that in are

to more some pretty year there we're that there's going progresses. confident as activity So be the

Operator

from Bank. Okusanya of The Tayo comes next question Deutsche

Unknown Analyst

question, wanted redevelopment. retail just I go but talk bit to back I talk Wes' to rather the multifamily, more a about little about

but of some the just of not You peers, could as do of about sopafairly on have potential really starting yields I'm as you up, your good pipeline, expansive potentially new curious retails it's overall of large kind your that. list is getting development probably everyone those kind in start. just given

David Jamieson

the we it we as our shelf is our any in pull honestly, capital and of is can we Those the best I Yes. that given are off where back at pocket determining entitlements nature. use point use when the always at all look opportunities when of right. have timing in opportunistic look fund mean And of time. in that at we

We And program. at So them. how we always it entitlement that's look holistically. approached selectively we've the multifamily activate

be just now returns As you on right prudent next repositioning, on know, the retail very we the we have retail a underway core. right couple activate now. We're great But when redevelopment. going tranche. to seeing That's

the day on continue on yields side, continue do can investments. best when our base, the elevated yields if those that at activity to high investor it's returns we You're we double-digit the all and capital. the to obviously, look that for And you And leasing leasing, use drive seeing and long. do of then

timing sense. the in and cycle we'll is toolkit, the another tool us, So and appropriate it just for it's when activate market makes

Operator

Green comes Street. next from Paulina The question of Rojas

Paulina Rojas Schmidt

the out standing more your about there opinion, could that, or I'm that I'm tight the in thinking in so talked but assets. being markets certain Southeast such market crowded, as opportunities. for regions regions geographies. pricing And And being any thinking Are some about hard. transaction You for offer less basically

traditionally I somewhere investors after opening most markets have opportunities in wonder else, the Midwest, even by not is been sought that example. even if that for

Ross Cooper

it's look sense And a markets for we might us. at new make that do always question. good Yes,

RPT have market transaction. us in via a the that before that As Nashville relatively lean into. a you acquired market know, really few San assets Antonio we a new weren't to for is we that continue is we

it markets. decade, capital you've the outflowing. new institutional even which of a open-minded over lot the in seen to sort we're relates Midwest, last So of as

been are more where demand it's some those some pricing tighter and and to You seeing other of in is markets markets. getting compared that

for we really can So the and have benefit we geographic anywhere of in the look we boots country that really conviction. the on have diversity ground where opportunities we our have

an So mind those we're markets. open keeping for

to our investment to also little core creative program, just allows acquisitions. and more We structured be a have us opportunistic as opposed bit which

continue to keep eyes So -- we'll our open.

Operator

The next of from question Jeff comes Spector Bank of America.

Jeffrey Spector

given the back on you what's happening the turn let's the transaction the Ross, rates with say, dampening Maybe weeks? structured a the to in touch And call, pipeline. as market. transaction couple said changed, view Has last anything the you top in could Fed the let's investment on market, of maybe at just of

Ross Cooper

lot a going that was identify hope the than be know months different I year of the would Yes. don't I we've in the There sort year. seen that X weeks, the first just the few any would into last that of volatility some stability. of more there

a we And and efficient there there. needs interest just can that's be stability in rate can to really, higher but there live market some a be environment,

close it between operate and because lag go financing on and loan investor buyer shake seller is makes just that on when actually looking and very it for you uncertainty, the with the or that expectations a deal change is for any you So there and time the in accordingly. difficult a hands oftentimes when

back of that. can over will transactions little the that, go-forward year. there's start more a then is think half but bit a still the the a of see to that we moment. the hope stability I So happen, that lot the on And And basis, at unknowns there's just to increase

Operator

Sandler. next Goldfarb comes from Alexander question of our And Piper

Alexander Goldfarb

the retail think Joan's that quick fact the heels Tsai's had the no downtime. Bath the we're Bed a you Linda on on a the follow-up basically Just nonissue. was question. of that Do in almost strength loaded complacency being of market,

environment we're we're to complacency credit certainly next a years, Just loaded the curious enduring for contrast or that high-demand used being few pre-pandemic. if you to see quite into you it's low what this think

Conor Flynn

of of evolution supply lot work and where you located live, plus, close omnichannel if by for think, is retailers and it, Alex, new I last the approach of last to back how supply the I their with the the at mean and people decade and then look to A lack important the mile ties play. demand. store

as grocery exit now has seen won I larger and that in the the of play distribution lot an think that e-commerce into have of an pure-play utilize the you've e-commerce you've in-store especially experience. a out. And they ones lot model seen their them of business. stores fulfillment players, lean players, to pure a

where Goliath versus X think I it's the boost. and a was X been combination going leading So of that following. going e-commerce is combination that was lose Whereas of world is integration really is importance a going is the David to to platform what that of was resurgence everybody brick-and-mortar -- win the big the to winning model and was the it obviously it at be to has now point, X the

think, that I I we're word. those today. lead think, the all the to ingredients, right So Loll, is environment in not

where I think of have a commercial situation rates real we're higher all impacted estate. in

in noise out, outgrow and able is to power, you stabilization may be, when to where has settle interest this really differentiation think I through of rates who so a sectors think, I of period get expense. pricing And who going there's

going there's are categories I right do only think able think to that, be be that certain going one. in I to And and we're to the

Operator

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

David Bujnicki

Please the I'd you. seeing at a look of June. the . joining you NAREIT call. your number upcoming rest today's like enjoy week. to forward of to in just for We thank everybody Thank conference

Operator

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

disconnect. You may now

We use cookies on this site to provide a more responsive and personalized service. Continuing to browse, clicking I Agree, or closing this banner indicates agreement. See our Cookie Policy for more information.