KIM - Earnings call transcript Q4 2024 | Kimco Realty Corporation

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

Operator

Good day, and welcome to the Kimco Realty Fourth Quarter 2024 Earnings Conference Call. [Operator Instructions] Please note, this event is being recorded.

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

David Bujnicki

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

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

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

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

Conor Flynn

joining Good to drive continue that My morning, our the remarks and and thanks demand dynamics us. favorable leasing everyone, for today supply will cover portfolio. across

for off on Kimco transaction with servicing things year-end healthy will is mix consumer our Glenn update well-curated Our goals. outlook and that our and then QX will market, and the the Ross ranges results strategic and tenant XXXX. provide our an and cap accomplishments future

and but be every with and thank and leadership, also speak team. to the our ongoing on will stewardship want to always our direct that and friendship. be to will Chairman serve Chairman as behalf respect mentorship his our enthusiasm Kimco, not Executive Milton's great exudes we is role the permeates the an Milton synonymous can to changes we role only for to Director, that our challenge he I for announced The sure new organization, want and success the of us a recently to optimism Milton Milton from retirement his management organization. be. as His is passion of entire can news entire first as his continue With I every and day Board best Emeritus, in Kimco is his resource through contagious invaluable day. making and result

new Saltzman's the one Other Richard history Chairman the at brings and lead future. help as company's experience, us time. into comes to Richard and role perfect than understands creativity no vast insight better, Milton, the

His his I logical needs will addition Board. introduction. to transition and Cooper Lashine in an Additionally, and the no easy to role welcome the Kimco and Ross make make Board industry, reputation at want Nancy to member. Ross leadership him a for

evolving capital and for for Board her truly excited as Kimco and background, makes moves markets and addition. with a our I estate we her real positioned Nancy, collaborative energetic about along As well believe are compelling am forward. demeanor

to on Now quarter. the

where outposition it growth fundamental focused our stock, rate XXXX suburbs We difficult continues accident. now center power record strategic only the growth. third supply to continue X.X% The facilitate measured Part entry, results new development and natural to of at Drilling X-year with new suburbs to while benefiting leasing Kimco pricing natural into our across further, is earnings at near portfolio vision producing new repositioning on barriers sprawl advantages. is The first-ring the competition same existing forced demand to of ring areas. population national assets, time, the vacancy favorable from lack portfolio. significant shopping and today supply making has low drive fourth we're the place momentum down retail and just with dynamics taking of our to limited combined for no strong new a in

population schedule, more trends power to demand, and our XX,XXX pricing as with Moreover, strong of first-ring high-quality experience. in enjoying people central dovetail continues demographic suburbs year initiatives to entitling districts suburban goal near these specifically, ahead live, retail opportunity centers. units our be further portfolio. the we the densification to expand grow desire Kimco's advantages our and of enjoyed work, reached a providing by the apartment business play mixed-use while the More more perfectly

portfolio We the believe to for foreseeable and be spot and us of the sweet in a transformation mixed-use retail grocery-anchored to sectors future. multifamily ongoing our continue to portfolio, positions the

the continues Kimco and gravitate of consumer our merchandising goods level, the At everyday to toward mix property services.

average. see with The combined market, traffic rate quarterly unemployment has strength led our employment our average yearly to the continue to positive at We both national across the on in robust year-over-year than increased is a The increases, basis. XX basis lower and sales traffic points retailers. portfolio

blend Our service This the anchors, including off-price of that drive of restaurants grocery traffic, the perfect together is service-oriented with further quick shopping. anchors, retailers, enhanced day. cross form all our points by our

up volume. than new It's our also providers, that which Internet-resistant lease include make XX% worth noting retailers, service more now of

salons in wellness, and tenants. nail grocery-anchored surge a that fitness, our seen medical, leasing and traditional to med health spas, complement hair have We

curated have high preferences. of and we to meet a supply, and needs tastes portfolio and growth closing, the employment in areas characterized consumers' built our limited population centers In by

to growth value. shareholder Our and portfolio is designed generate

and Kimco your Our team ready the support Thank move excited needle for is and in to Realty. in XXXX. interest you ongoing

And Ross. now to things will over turn I

Ross Cooper

future being cannot our be to for kind about enthused of more about honored and words. I'm the excited you, the added Board Conor, company. the and Thank

allocation starting we undertook, celebrated I'd First, X-year closing. RPT highlight the its anniversary as achievements acquisition which the Realty we like our capital notable to most transaction was with XXXX, of the during recently

that this is exceed to has at us was implied cap It incredibly could our to per an Reflecting pricing of rate of an $XXX market. with replicated approximately enabled expectations not opportunistic back, purchase that all our today's efficiency be in in facets. and square X.X% equating today the clear speed integration foot even

initial cost our Integral approximately $XXX properties of able we million. we was RPT did for rate our to fit underwriting our million swift Beyond XX to success synergies former not by XX% investment the for which disposition to $XX the improve bought RPT. cap assumptions, same criteria strict were

XXX with did completed cash at job and small year, we which the XX% XXX pro our signing points drive shops XX this operations option rata with remarkable During occupancy spread. growth Overall, leases RPT's anchors rent basis the average points, exercises new basis X.X%. spread XX blended team X.X% a increased rising same-site and XX of helped or NOI points portfolio, an RPT with basis renewals a to

As bow to wanted on a our XXXX, we summarize fourth quarter quickly put activity. I

class seemed was were in sentiment The portfolios As discount less that previously ideal view, questioned smaller, one at that as at top what stamp to center point convert the continued and to turning have In an ROIC and and of and complex to convictions approval Orlando, given announced, our sector November institutional This asset point curiosity be Blackstone shifted. we through action. time, Since in the priced already timing for assets and the larger talked pricing properties. in compared that investment our into Throughout of from capital Kimco benefit has acquisition acquired to about Florida started a the would of aggressive October, XXXX, Waterford opportunities. dynamic we acquisition announcement is by retail excitement has the the Town for Lakes sector Center purchase. shopping XXXX. year-end this that

As capital aggressive likely has a open-air on more investments, greater retail price at today. higher bigger Lakes would comfort and investors gotten have making Waterford trade

to for future the side, to us foot have door retaining right deal potential sell. flow a see comfortable get basis platform this allows Since on elects in returns significant On the real while generating on to in XXXX, the a estate, program acquire strategy to we its and high-quality our borrower inception that to touted the safe the Kimco. It we and structured a if continue grow is of this responsibly. benefits outsized very in investment

XXXX, Originally We core our owned we those ATM position. Florida, December. converted in Jacksonville, Center program a in $XXX proceeds Markets equity mezzanine X% cap we underwrote Town sourced in at at and a an points, well in structured into be premise as XXXX, for a align from of with property that investment million The we it the raised January purchased with low ownership acquisition successfully rate candidate portfolio. the late first accretively financing To our our this would using great

long-term quality Johns Center a create upside we is meaningful rents location in a time the command. additional fraction a the what the able and benefiting Simon-owned they We While Town and we see we the of property's are Johns value. enhance significant The at bull's of all-in Town adjacent did Center there tenant common pass-throughs our have to to the trade borrower the Jacksonville believe continue advantage rents, rapidly is growing that job including from competitive to further opportunity remains area push area. own St. the as asset, which is eye St. to great

XXXX net confidently a our outlook inclusive investments. with are to of establishing looking as structured We ahead acquirer, us

Center this has Town acquisition objective. given us strong and Markets a The start towards

performing accordingly. on accretively core investments will X in profile disposition new on From and selective the the opportunities our structured perspective, focus we is to our further with we Instead, for be to initiatives enhance exceptionally activity. well, continue significant disposition and capital will any We acquisitions see don't and XXXX. recycle opportunity need growth portfolio a selecting

disposition in long-term ground at The the first cap flat aggressive the initiative rates. portfolio is of leases several

to development capital growing developer sell prudent to focus and redeploy these mitigate centers. recurring and is growth densification investments a still on core a income nonincome-producing select benefit and We assets approach from and The is believe plan monetizing that the to the the we where most risk into entitlements value-add of opportunities. stream offer rights the flat our from second

provide move progress to year. will as through the we We our continue on updates

to for and pass I on will now it financial update Glenn the outlook.

Glenn Cohen

fourth good XXXX leasing solid with and per activity, high FFO strong by Thanks, Ross, finished single-digit NOI highlighted same-site share morning. robust results, and quarter growth We growth.

abundant well the year. new addition, liquidity start and as us modest position debt we In maturities our position upcoming

or compares for a was quarter fourth portfolio, to operating some increase or diluted NOI $X acquisition, FFO $X.XX higher RPT million results growth fourth million for $XXX.X per and fourth the our benefited to to share, the same per from of prior year. increase million FFO or share. XX.X% NOI our due representing to rata which and quarter $XXX.X of the Instrumental year's pro commencements. million drivers diluted favorably an a other million last from on per XXXX include from in Key the share was million acceleration of of This X.X%. $XX.X $XX.X $X.XX Now of details balance the outlook. quarter in million the period total rents $XXX.X from the minimum over rent $XX.X acquisitions this

The of and the to acquisition expense levels bond NOI growth pro of matures rata by interest offset was $XXX February from higher XXXX. $XX.X debt in million RPT due the that greater prefunding the million

Our operating portfolio the fired on cylinders to end year. all

caused stood pipeline XX.X%, we leases fourth portfolio despite effectively in Conn's quarter. achievement Lots, as with occupancy managed associated by the basis of points basis our a year-end decline. impact Big Our point nearly basis underscores Stores XX This Liquidators, sequential a a leasing XX strength reflecting point of of at XX the year-over-year the to Bob's increase vacating and Lumber offset XX

was fourth and minimum not from mostly quarter. rents the NOI to signed driver open contributing X.X% contractual higher the rent from continues be X.X%, increases growth primary faster commencements rent The pipeline. Same-site for

from loss. to credit continues In NOI addition, benefit overall lower

and quarter assumption. the basis points, XX fourth full points meeting low loss end our XX the XXXX For was respectively, and of credit year, basis outlook

X.X%, outlook For the outperforming the minimum NOI assumption of higher growth. plus, raised primary full year XXXX, X.XX% the was contributor of growth rent previously was same-site our

totaling pace anticipate of million rent $XX of with million of occupancy a leased sequentially result signed compressed and commence approximately basis not total a to rent. faster of and pipeline As in rent XX% points, commencements, of a base annual XXX basis of leases open but between XX future received XXX occupancy economic from represents the this $XX change We the to spread XXXX. the being points in

preferred on the net JV with including sheet. stock pro balance X.Xx. ended debt and rata the levels quarter these maintaining to And best to basis, share of fourth X.Xx, for of Turning consolidated our EBITDA a look-through of metrics. outstanding debt We

offering per Ross During share the average Markets million accretively program. the we Center fourth common These of at $XX.XX invested Jacksonville, $XXX.X from shares in sale mentioned. through of quarter, Town X.X aftermarket Florida raised proceeds that the equity toward of our at price million acquisition The an were

tender outstanding for Class N the XX% depositary We a the for to perpetual stock, X.XX% reducing million. preferred the successfully tendering and conducted cumulative cash shares, also the representing shares $XX.X liquidation over preference convertible of just

Our cash our year-end of liquidity million and the credit $X billion position remained revolving of of very $XXX full comprised availability facility. strong,

X.XX% used the to debt changed a balance September included cash pay stable our issued reminder, in the million to instruments. accretively positive. bond from X. February long proceeds which affirmed BaaX cash bond $XXX Moody's unsecured As X.X% in from rating off in to XXXX, million our year-end, is the our were $XXX on recently and We Subsequent XX-year short-term interest-bearing invested outlook

S&P. from BBB+ from Fitch Our A- a unsecured outlook debt is outlook a stable positive and with rated with

some given a filings tenants, our balance few economic positioning. our and about and XXXX environment and notwithstanding confident recently of uncertainty the the operating by we political additional portfolio the to growth announced sheet prospects several outlook, bankruptcy Now remain of

Our initial per XXXX X.X%. range X% FFO per range share to of initial an $X.XX is growth $X.XX, to share representing outlook

included the considers potential based level is City XX experience X% outlook assumptions: Jo-Ann filings. XXX basis NOI of the our as outlook a same similar plus from property on the credit loss This NOI points. same-property the following of to loss to and in impact Our is assumption range points credit in bankruptcy XXXX Party and a basis growth

end same-property of few to a related Lumber boxes at others. XXXX bankruptcies outlook Big the and of XXXX the Lots, In vacated Conn's, takes addition, the account into the Liquidators assumption

share $X the Given the income further on termination mix. million $XX $X hand our in leasing the the in profile to view of to per cash balances strength credit last significantly recapture XXXX outlook lease tenant least cash we expected reported of our compared million the an include, enhance Interest of and year. XXXX $X between is less as XXXX. between spaces at Other million rents $X.XX to $X as demand, opportunity $X million common these approximately income and and from range million, to due than increase higher million assumptions

annual million, of of $XXX million ranging January. to investment structured from $XXX inclusive of million comprised year. was to ranging we million. and Annual preferred including investments, Center expect stock transition $XXX net at as Board Acquisitions, of the dividends. completed consolidated savings Markets interest expense expense dispositions Corporate in acquisition structure to from $XXX G&A $XXX undertaken The This realize Town from leadership million to million the is that costs $XXX to financing start

Lastly, forward the be preferred associated unwavering every callable their thank a and outstanding and no we additional to common given and successful our all of, obligations is each for prepayment associates look place day. special to effort Kimco together. I with to part XXXX or a redemption outlook or the range of assumes a of early equity. issuance debt charges want charges no repayment stock planned

ready your take questions. now are we And to

Operator

Goldsmith UBS. first comes [Operator Michael Instructions] Our from with question

Michael Goldsmith

context Just year may start XXX trying context have out? you you the troubled with plays to levels in much you where went historical and line of how to in loss tenants of have past. And maybe reserve visibility to year points how into to played talk to Can basis have credit start is? the then how about average. list that with XXXX exposure your pre-pandemic some up You to out try your start put maybe watch it to the kind with the for into potential what XX put

David Jamieson

appreciate I it. sure. Yes,

that beginning impact it going 'XX, We XXX impact. Big through about Party Lots, point So to a City, process, list point about basis of Starting basis bankruptcy is the already 'XX. was Jo-Ann's. XX Big in obviously absorbed terms watch Lots from

So into the portfolio. already that's

currently And process. going so the the remainder is in they're flight, and bankruptcy through

Party Big there's the actually auction that after running with for a after we the auction, And late next today. then believe points being on auction going they're we locations Wednesday, week remaining, still case, For April. to time. an that that currently depending bids I going an for have basis Lots, And X are next is remaining XX to in have. remaining bids then concurrently the but the for collected City, of period going what's collecting which concern they look to for retailers be opportunity bid schedule Jo-Ann's, lease concern

the which to purchased As it were went through for are our we would relates guidance made what or what at year to our would we about would be portfolio. either adjustments be to plan, able into get the assumed budget, we felt We assume backfill, we back appropriate the auction. or we baked

the demand absorb grocery, board. books, that footwear beauty a are help across of boxes. terms deals of at robust, looking these package are a to In retailers stores, of dollar There some of it's variety side, the number

you the as On et well, side, of cetera. off-price the Jo-Ann's have a lot guys, grocery

we're that grocery. actually are where So by don't There a able very number we're of locations with we grocery, have backfill encouraged to where opportunity.

So are upgrade, lack really his supply. we're credit the Conor the new script, at of significant. in looking the it's These mentioned opportunities

The are they the store opportunity focused second-generation which for doing. grow grow are count, share, retailers boxes to to very on market

retailers we the -- that have, say of between I'd we today be opportunities the isn't the so want collective and landlord grow to stronger because couldn't relationship together. And and relationship

filed any. watch very, They the how you When bankruptcy. that list those in came offenders, evolved, last of the out years. it's really repeat at of stores filed, if they're been They closed have terms very few in So look X quo. and it's status right? They

During able benefit. our bankruptcy, modify to the to we terms were first

retailers credit. new on So work this able the we're better secure and to into terms in opportunities obviously the coming bankruptcy better to with round,

on watch list. our much not really So changed has

I'll over there, to Glenn. pass it from And

Glenn Cohen

Sure.

numbers. a terms of little help in the Let frame it bit me just

of billion. our look expectation So at it's if around revenues, you $X.X

So XX basis to And feel at looking you're point we of pretty credit XX million $XX $XX to baked -- in a at range, million. XXX of range with loss comfortable that that sits Pandemic based bottoms-up been. ran aside, our comfortable starting we we've pretty where we through this levels budget and as where the on point. of historic just feel a

David Bujnicki

million of those have of both loss is mentioned you Jamieson loss that Dave $XX may some well year. to of retailers during a just the as bankrupt Glenn as course million And rent those may credit from write-offs go potential the inclusive that that mentioned $XX

Operator

comes question The Citi. next from Mailman Craig of

Craig Mailman

You your some more acquisitive guys little of peers. bit have as a have been

opportunity You little a equity. bit took raise of to the

of IRRs kind set you've done have around know sales, Just put And guidance, then like Ross, But of kind dialed some could far of seems some ground you curious, leases. what's and bit what I just thoughts opportunity in. are trending? kind looks today? like about year talked it about through of the what in maybe this just a sources where rates also Like you you little and talk of the magnitude cap those funds, the of talk everything so

Ross Cooper

Sure. Thanks Happy for to. the question.

have you acquisition acquisition. identified activity sort on the The and with of primarily Markets mentioned, we really closed already As net

we the the look fund the is intention some XXXX, remainder of to I as mentioned. So of really through to that initiatives match

the we're we where in have not tapping about As we like our that. as into trading, in QX to plan. don't But equity extent indicated, Glenn showcased is stock the shy additional that any

in capital past recycle different year is than what little seen is So for a we've to accretively. years the bit intent which this

something dilutive portfolio dispositions operating. higher to, that not indicated, we're undertaking. I on is upon planning based don't cap is of need that the the We were So how rates as old at

opportunities comes ground funds, in we close leases. income our stream of what So from long-term the we now the terms right look ground that at have XX% when of leases, source to of are

be going that we considered the comes location is is within back pool when to see Obviously, need on to that anticipate a side use, opportunity-driven we not of that all we that retailer, Now But there going look are and And to monetize. Do what's somewhat and that's raise. traffic the will pool. that big to what we're break bucket opportunities at blended look based upon the have the investment those remaining? you need those for go a much that how disposition. extends? you down the that of that we'll What in term be at what center, do foot we of terms is capital from

we year In than a addition, the entitlements, on anticipated. it, our achieved goal XX,XXX units of the Conor earlier mentioned

we that financially again, And years potentially densification may of monetize and are better to a for have opportunities. there what list, something a potential not capital that or utilize So prioritize that tremendous we and when versus otherwise, upon to reinvest. several sell are to that developer opportunities based we geographically, pool think many you ourselves compelling suited activate is

come very in comfortable of capital where the So we of new and feel in sources from of opportunities. terms terms uses will the

continue identify that wide at in allows geographic both of and active at We all opportunities. parts the about the us acquisition a We -- cycle. our it think talked to of be past. diversification range look to We format and

format grocery So more yields the on of in found couple we've years. couple the better focused with lifestyle where a That's component. last larger but been we've anchored, of years over last

think as more and into is into that dissipated. Now the I the that, market, coming has "discount" system capital

can better if opportunities structured those $XX where continue of get a formats of we structured a program So program, to with other million about is little size we capital. anywhere And evaluate we course, we'll think yield million. average that part to from nice or deals continue the differentiation. investment out to geographies the And are see bit are put there our for $XX the to or check

ultimately can it by tremendous But acquisition, as larger can asset acquisition. $XXX Markets The on So become million-plus our showcased be small a they're not on capital investment side that a investments.

we investment to to be opportunities what do those different side. we're in of confident look rolled going all very the on together, able when at So we're

Glenn Cohen

million TI. company CapEx remarks, sheet, our add, I should my prepared flow mentioned free of dividends, $XXX would our I the just Yes. around availability balance in to cash and addition The though, on after lines. cash as generate in of the

another that's obviously, cost. capital, of our pool lowest So

mind. So keep in of that kind

Operator

Alexander comes question next The with Piper Sandler. from Goldfarb

Alexander Goldfarb

on Ross, welcome the toast First, to Milton, and well to I on also congrats retirement Board.

on Just a small question shop.

of stagnated comments if are XX.X%, about curious frictional issues would there on, past other think, the XX.X%. around a of year, it's if this is sort cap I just going robust and you where on outlined would that supply flexible backfilling of troubled lack get number their shop demand for a as think small would retailers especially people the And the the or prototypes. be Over sort of be would of given retailers sort more that looking,

David Jamieson

Alex. Ross, Yes, I it. Appreciate kind words. great question, And know, appreciated your

So I'll in thank that regard. you say

to relates XX-plus it the though, was significant the As thing mindful we Kimco's small shop lower to too, an one occupancy RPT is than shops, be absorb small of percent. RPT is and

year-over-year, So over is RPT legacy basis the points. by XX%. XX portfolio shop actually small we grew Kimco

year-over-year. a and So down way ultimately contributed the there flat that was to

to square As looking, relates I'm box, to mid- format, absolutely small of though, you're are in larger-sized the going right, that it X,XXX thinking opportunity especially shop forward, to feet. -- like of though. flexibility people The X,XXX terms

far the shop the Some absorb of earlier locations those which mentioned to looking this deal incentivized And we're our and continue could teams for we the do to I contribute. small we the are the to as balance leasing how retailers shop portfolio. us, city of units, year, can. part push of some small help of optimize laser on grow will And as footprint on focused are the

opportunities now, want further, that and to that we ceiling that. XX.X%, to viewed that is of extend to is as do sort goal and break we a through what think Our right there's

Operator

from And question Kesten the Dori with next Wells Fargo. comes

Dori Kesten

growth, legacy Within how your describe X% NOI would growth Kimco? for you RPT the versus same-store legacy

Glenn Cohen

all -- today. I it's we're company mean one

blended all So completely it's together.

have have a Kimco of full But RPT's in year year would and view what of now have it to year. been. it numbers. company. big we -- a have year be -- a all and similar have you is range you have actually the would So legacy RPT very it's a last expect full full very, you still -- to complete of one results to the It's full a had blend remember, numbers in same the you in core we all as We

Conor Flynn

the a see between of mentioned, I harvest there. there's small upside at just and upside we the the [indiscernible]. Rob lot on X, mentioned his in We spread that you Dave look still remarks, still if plan mean to as

And to center Glenn what We've one Florida said now. continue lot in done the think second year. the some the a and growth quarter, of we though, now really we're got with there's harvest the we about grocery-anchored in continued that excited As it's first super finished fourth to year, converted a we -- in to company combined Delray, even deals BJ's.

pretty we're So momentum excited have as in we small anchor the well leasing about continued shop as portfolio. opportunity that

Operator

St. question comes The next from Haendel

Juste with Mizuho.

Haendel St. Juste

on the hoping in guide and highlighting could some onetimers maybe influencing shed reduction like for termination was Thanks the income G&A. of color some lease the I fee the interest call you But out.

upper some $X million. you Curious some on swing guide? color And of of getting be and I what's -- some Is factors the then capitalized the that. that's items that think maybe could end driving the lower that interest? the to

Glenn Cohen

question. Great Sure.

board. there's -- an that development to year nothing We of on, going amount $XXX range for $XXX this the target capitalized have transition the is of million million. actually, of of around the the $X related to to actually midpoint G&A bulk enormous balance is far coming off you as the for see, redevelopment The can Executive million. As related the it at of don't off down interest. But really, as the is Chair as Milton G&A, like and it

So went overall that focused through, on by costs. is the the very increases cap amount spend small actually component budget transition. lot is the controlling less And interest for of even the management very, then us. and time with flat, We a of really just annual G&A

a maintained as not lot budget, in are people are forecasted. a run It that for really makes items but acquire to keep far a straightforward. blocking, other is we lease. are much think it lease tackling, it's costs that the It called very things real onetime will focus the out As and lease and forward-looking on. clean that candidly, whole things there and We is sense where the year the of But that us. accretively business,

Conor Flynn

Yes.

really I earnings guidance the market bankruptcy think is may with the the on what sort the of may of not proceeding. reflective spread happen or in

you gets sort in And high So you gets starting that's what the of year. of that terms the off is end to low end. to the what

Operator

question Greg next with Scotiabank. McGinniss The comes from

Greg McGinniss

Is the stuff want going be front we appreciate focus be the kind and just out. off this the Place now redevelopment spend more where on acquisition of saw venture from touch on this can Coulter drop development, on less a the last looking you'd is expectation and all again. you then that is opportunity, to sold just touch for quarter? stabilized and I on And the also, clarity year. yield I leased what redevelopment letting to just of joint ground or kind also of mixed-used

David Jamieson

Yes.

Just did just touching it the to only drop we Coulter, on on was was. last from we we mixed tightened X it posted always -- quarter. we what now right range All didn't the project because have use,

modified projects, the to change on yield. for more just So as this. as it And guide there range was how It's of that actually may we be no activate was well. guided

on. existing We you've over that there's focus it's we'll again, best and redevelopment, redevelopment we're better is driven. extensive it's portfolio to that nature. as opportunities it's If mousetraps the opportunities focus. the program backfill use quality something And such in years There's relates of build have, the retail that program robust absolutely. the a opportunistic focus continue a to opportunities, of our through through space. repurpose, that to all went the retailers pursue that other always really It's given retail capital But leasing driven. it, to very have, it As we seen we it's we the for

we're to if option coming able opportunity. less that's So sooner, get backfill a with most and disruption less investment space cash better a great to likely flow and

We the we'll program, that. And units. that focus to it So was relates corporate multifamily saw ahead we've exceeded goal. as That continue it obviously, of on time. you to a XX,XXX a year did our as

to cycle to now our or joint and just activate coming whether options most use venture, of potentially actively as at monetizing funds sense of such. we on we're number the for and year continue those looking a We that look entitlements, table, market X, makes in proceed have right develop are what and all the be or we'll not at the projects

Conor Flynn

still to we call. your think earlier as there's significant upside residential mixed from you the benefit, lot of those a retail That units outlined we Yes, use, when in get add are a you do both the lower of what side. returns the we're and seeing the side challenge other cost retail our for apartment residential those of capital capital. us the market on than developments The for center, uses open in and for is

market. that on what those so capital benefit is prioritize entitlements structuring trying our returns potentially investment we then seeing density and do lower-yielding on open look to having in make the highest So our without sure the get we versus we're the a the what around to get creative shopping of we're centers

Operator

with Bank Reale next question from comes Andrew of And America. the

Andrew Reale

this to split gotten is? what's Just of those? just back really average think how have back And and may as already you maybe you've up many get square the boxes what would fill you bankruptcy reposition proportion do versus footage on could the you year,

David Jamieson

in over at the time, to at are though sort we square we're the majority of Bath When very the is Beyond, you now square thousand I backfill range backfill finding The a tenants. we look size majority boxes, in of It were looking feet spaces. terms mean feet. were single-use to substantial the Bed the Party single-use And XX,XXX higher. similar. operators average with to City & are to very right does aggressive slightly XX-plus

that So retailers a canvassing as larger variety much the because to footage. us a of square hit of that, gives of that opportunity of result

side, Jo-Ann's those. around you size But at of you're the box fitness and in feet. groceries, have On have interested those looking a with have that, others pretty that you a in price, are variety range larger dramatically. And also slightly you off square XX,XXX

be in we'll backfilling single-use general, So fairly I with in operators. successful think,

Conor Flynn

lowest it center the one modest. that's sector. is it's entire the potential And this And of subset the new still real to new think for at estate you extremely not for lowest, took the retailers, only our if under about it's thing think supply supply of shadow you I then that the lack as if supply the And if commercial mention growing opportunities would to and of construction, of or shopping sector. add

So we because that rents. feel back are giving at tenants users positioned uniquely space, of of range the significant these very of confident that a sizes be going to we're to mark-to-market backfill single-tenant

Operator

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

Juan Sanabria

reserves. little Party the color about and X.X% Jo-Ann's, on on credit If just of bit Just loss that's ABR. the hoping more at look I a City assumptions for

to points hoping basis loaded just the kind And the and BKs part us referenced the a you Is the of is of auctions upcoming headline front to timing there XXX B half given seen. in XX more debt? any that you So skew help the square question, guidance? that in recent with it could we've

Glenn Cohen

I working they the their that we're do GOB City hasn't potential happens bankruptcy, dollars even through yet. Party for comfortable their the mentioned, feel we with Again, sales we'll of that Jo-Ann's, when with about see Yes. pretty actually filed GOBs end. with credit is talking what as started range, although auction, they loss. their

feel range going come lot you're to, boxes, it's the again, there second rent a that first a the going into runs quarter. have. down that And variability. probably we buyer So quarter, then the going the is why with some for so for to minimum a And that's to for comfortable concern of there's have well we of

Jo-Ann's. bad So and it could and account happen takes both both what Party good for City into

Operator

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

Caitlin Burrows

Maybe ones X guidance quick on related.

already It the like seems acquisition acquisitions on guidance. net met the you've else mentioned, somebody First, already FFO. and

ground saying entitlements, volume is just of quite then meaningful you dispositions range from suggest and leases property be are tight. the that offset on acquisition FFO spread? just would would like here, which So it the $X.XX of development And a like by seems side,

what of range a about of the bottom thinking if you kind more it's like upside with otherwise and potential. how as wondering that might you're end think of of So

Glenn Cohen

Yes.

take I'll the mentioned, about deal I the the on really if As million range, piece. second But Ross think with is part acquisition let in total. guidance, about $XX first, the the and you range I'll

-- we're large for FFO pretty go takes $X a company, of again, $X.XX. you it if million So

I narrow whole million we're mentioned, to although start range, in pretty of of about feel range in good as good terms have we pennies, either it that bad. what not way, is So with. $XX There's or bunch seeing we a like us. a visibility one-timers, And front of

we and is of about We initial baked where in in. we've So what the already terms know acquisition this very feel what's done portfolio going. comfortable

requires it bit So more a little of a narrow range.

Ross Cooper

Yes. is that from of some part the first And into the mentioned is opportunities. yes. expectation The the I your question, initiatives think new of answer of short recycling capital the I

to extent yields at that capital there excess, update earlier, our we and new be certainly appropriately. activity. comes to the new is ability patient, the we the those on source side, investment Obviously, sources, then So opportunity outlined what have as way Glenn accretive more our as with those progresses have side in opportunities utilize we'll deal and the other it see to year

Operator

Ki Bin comes Kim And the from next question Truist. with

Ki Bin Kim

to I some to just of back debt wanted bad go guidance. the

And ramp what Bed you during experienced to bankruptcy curious up Bath? of Bed sort kind process frame do can actually the point before? upside the of retailers the experience to And or with you compared when for what I potential couple marketing what spaces? Jo-Ann and really to some If at Party these these was of Bath. rent and At looks you your about City other like

David Jamieson

prepare mean When both they're be City, you're Party in looking bankruptcy. of you're the well at can your watch of a any and with marketing Yes. tenants, boxes looking upgrade what Obviously, list to tenancy Jo-Ann's sort filing. you're absolutely front for these I constantly and repeat offenders.

marketing already boxes. we're happened, time first the when those out from So

already we of confident was just even they for before -- filed. the boxes recaptures City we Party reduced leases of in leases. handful term a That those recapture example, have executed felt we because on contingent For those

knew an absolute looking tenancies. end then date we upgrading So at the constantly there. And we're

that's no So different.

The between you're had that when Big look at of ones you vintage you robust. leases, over mark-to-market the significant. was we Bath and the most bigger backfilled it of all ones. XX% the of those years, were higher the time over those just Bed boxes City, long higher those again, Jo-Ann, activity look If seeing blend double-digit single interest lower at the yields, But there's these. plus with was users there tenant ago. are on blend a of Obviously, more And and signed Party because Lots,

Operator

Compass. Van from comes Dijkum question And with the next Floris

Floris Gerbrand van Dijkum

of suited terms entitlements. Ross apartments Capital in allocation question, maybe is But best your this. for

of I of being than currently think X,XXX another similar couple units. the in more and process A are you've got amounts entitled entitled. those -- X,XXX

are range? do And most is apartment in off be I JV-ed the of to that or XX%, that think are what from of sold exposure? XX% maybe it percentage Kimco of X end going likely there the decade, then the those them Conor, because there. NOI Are to think Is out you contribution? ones by of get

Ross Cooper

densify, and trends Conor start we all We're of regions analysis want at happening our where where and looking with then entitlements different to in. it's includes understand market that the When and jump geographically. studies. of are feasibility can the I'll we're a involved prioritization pretty working to detailed

their being of do have the structuring, on that and a putting amount we've and of and want of projects of to potentially and that market our course, that you've or for gathered joint into capital of what the our venturing So our retain looking then, option is all what and land it's market. own capital, put lease demand of making We're a venture not suited supply some information looking What We've we uses others intel we're at and decision, a particular given sell. project in to basis on equity preferred of that given capital. have pieces this the that? the invest substantial And different necessarily in markup at terms to our considering we component entitled that other you've that is for capital cost are put creative as where the And that based projects. Where Coulter do us ultimately the upon best to work. to at capital, ground it that allow certain to we're is suited to best creating for yields seen and terms else are size. and ROFR in which seen somebody and gotten dynamic which timing, then Kimco we

geographic and how evaluating alternatives these that we all so. on the each want we based to one the when of entitlements those upon and of to in So program is that had, our we beauty and very activate selective we're all we've where the diversification want be And of projects. can do

David Jamieson

you master mentioned Pentagon. over plans, just Those have the in X touch are Square the that Or Market one Kentlands Kentlands, is and base other large to entitled. projects on both X,XXX units

large not go in really so to sometimes build mean a residential. secure does you opportunity for entitlements, to there's that That all allocation once. when of to have And you it at

those point, extended And you time it cetera. take a of most X so different you're et an phases managing so to coming appropriate supply use is over cycle phases market units new funds. can break of And of given in into X,XXX period piece activate and and whatever time, each units you absorption, Ross' of on, then market the XXX

Conor? for So clarity, just there.

Conor Flynn

to entitlements from of towards where more continue XX-XX, multifamily it get Putting accretively to capital. cost dream I long would activating Floris, we think term, for a our target, scenario push then, the the structure can And to side. we it activate how accretively can cost it's we XX% we much on multifamily and can there. of where today where limiting build then apartments is capital the and deploy where coming from is it, Again, our

continue whether contribution stabilization a ROFR use to have we'll like it's we ROFR a So upon ground to the well. the with joint venture the with as it's before, structure lease or

apartments. CapEx-light that, a So take we return and hit approach, ways hurdles those can still are activate our again,

X,XXX creating how we've over value, As that to adding the long take about shareholders for our we can continue to see activated value and go approach know, you term. over

Operator

And Sakwa Evercore question comes the Steve next from ISI. with

Steve Sakwa

still plans. inability retail? whole in jump bigger discussions some kind on had and start development And and grow have guess to I in what looking their, tightness retailers of retailers the take hit with to opening ground-up of to industry the I guess Kimco's given store the appetite that actual process? I maybe to you guess, what's development

David Jamieson

out in or say, and as sprawl you're ground and right I like Arizona up the the third ring like urban seeing now mean in in, not reach more some to suburban seeing that's Yes. to second markets still justify up to the higher extends of of a ground our accretive really development you're premium suburb first-ring opportunities. yield a capital. Rents have for underwriting Texas, cost development in in

looking tertiary doing So the necessarily whatnot development core in we're those are or in large to projects, more market like we're a markets that format target expand.

tightness that historically. they their starting of they For how between us, retailers and individual that did they do core their of working -- the than area look opportunity markets, densifying is are expand at more on narrow starting can those are radius realizing further trade these to backfill really space, stores, second-generation within to tighter with market the share. They operate locations a

And that's So there's that do to well. there's opportunity would comes an as we them it. them there we we if for continue where But talk to opportunities consider real it. about, see

Conor Flynn

the a or credit of question, confidence And the XXX take ground-up that's of for will a about don't good advantage think I today, of reserve our either about lack XX a of. see retailers it's because think Yes, if that others you what Steve. to us options gives horizon on loss we we lot huge opportunity

auction are going that And bankrupt these so the boxes the opportunity tenants, set is process. really the on second-generation through

activity outbidding under saw bankruptcy even As control. in on from few amount the process, we that you us bring to a tremendous a acquire year, there tried back retailers and ones from of was last

backdrop demand, and point credit XX with us to supply that's our confidence lot like similar and gives reserve. loss a in we of So there's today what a XXX basis feel

Operator

comes And the Golladay next Wes question with Baird. from

Wesley Golladay

about annual clarification. time the that? made meeting? The you point on in or kind changes, would start on bidding you of from that plan doing Quick at management of Do on January lot a savings the boxes. the that then of And just

Glenn Cohen

of January. time it's straightforward. first end I'll announcement the the because one It started the at take of

Conor Flynn

prebankruptcy know in every auction lot bankruptcy talking the also We with these process, package And the locations. and opportunity multiple tent, both a set. auction. but we auction box. retailers, think then of of across will at us the auction We're look on again, every deals a looking We they're to during lot doing I be look retailers at at

about were with that auction location what we that in So the it backfill for running and to on location. really we a have that outbid retailer us, and was from we've depends others the backfill excited super can grocery was another have not the generate a aggressive process we that anchor unsuccessful grocery returns or to location. Where tenant we were just capital been the

obviously, the the bankruptcy that And a as lose-lose lease well wins rent go-forward not the all necessarily to that so tenant because, as auction again, situation back has fulfill obligations.

and we're on aggressive retail really surrounding improve valuation that So we we not a only spot where the the of be good selective we we that can the get in dramatically box, but own asset, think where can well. on as

Operator

Green And Paulina the next from question comes Street. with Rojas

Paulina Rojas Schmidt

will have bankruptcies can And rents you significant, leases? will believe new you materially been achieve the will Recent of for occurred. bankruptcies anchor the not But market more compared scenario how I that likely might bankruptcies impact how dynamics that be still had the Do these to where change right? I'm mark-to-market on rents rents understand these shift focused a very and significant.

Conor Flynn

dynamic submarket. submarkets. that comes we've experienced that the are you -- we'll have Paulina. very supply in amount the that few about pricing and little same think think question, amount that the of that that Yes, to in locations from It's demand in bit available you between if coming of that over one overlap submarket. few of it's available look the It's years. change if supply boxes have power the And past a certain good at multiple these And will I a a the

our change in location, pricing area, good it's power opinion, available a box in it because the if tight only the that So a usually area. is that trade really doesn't in trade

good at the very is occupancies retail. can all-time market all-time entire tight highs. see, quality It's are sector you Vacancy our right now As lows. for rates for a at

second a available, when option not into. for usually to fall back retailers these there's are so boxes And

retailers feel to driving and activity in advantage of because see And these we subsectors. to with auction well of auction wanting both to that these tightness deals that, confident spread on of that's in competitive the going that so unique multiple locations market, the packaged do take opportunities are as tenants, across again, set the but what's number you're a post

Operator

from And Mueller JPMorgan. the comes Mike next question with

Michael Mueller

demand national debts like for and talked credits up category? medical the versus and had local in wellness. you bad You past, about I'm from And And that size you do curious, other the how have any meaningful options? the

Glenn Cohen

if it money I really is bad equipment. They tenants. thing those it tenants. a minimis. would have and really medical in very, with stay want. sticky up the even lot They the take say you I the I de long the on very of time, doesn't for come a debt They're is mean solid really often. really, themselves, put are that I they very about build-outs can mean they nice

Conor Flynn

service center. that the of people drive shopper drive it It recently use, always push like always a We've care, as because does it's urgent It's It usually, therapy use. lot becoming have a physical to traffic. But urgent the right the convenience of had we bring from does well some been that a want off-site opportunities. facilities shopping as cross-shopping well. Internet-resistant. because dentistry. we've Yes, pediatric piece had is to from care, does And continue bigger hospitals

successful medical So and shape had centers point, very that any look haven't we've been to in we have come in And the or form. shopping quality. always at issues Glenn's uses underwriting credit into really dramatic

Operator

question Gorman next BTIG. The with comes from Michael

Michael Gorman

back a here. for Maybe the to just circling transactions minute

and the of talk investment I selling guess long-term positions but lease more scale structured Would of I think funding slower strategy? of either to structured fee a But Just entitlements, on the understandably if question investments? in it. opportunity apply you if about the or funding, the ground the match with sales match proceeds of XXXX. a strategy those future missed And when out can the so, for growing, apologies we maybe and also about into

Ross Cooper

does structured investments. it Sure. Yes, include

strategy exceptions the program, So by our structured. these blended the between of we structured are previously, of with as acquisition at as think core we as When I well few investments sort I about size. investments look the mean, a most relatively mentioned

at $XX you're $XX So sizes. million $XX looking million, check million,

and these feel We the underwriting a do So shopping which to has fee our acquisitions variable risk diversify a properties. comfortable a we line. But your is structured basis that profile. really about strategy it and between existing does at expand that acknowledge investment and the of time enter centers very there we point, differential

looking at to the So constantly consistently as where pipeline as redeemed get the our that of part building and a structured might or well. schedule of repaid recycle that investments program, rollover on backfill we we're capital any in

I the from in back the to there So one mention component entitlement is leases investments. that opportunity prior always addition and didn't the get to capital ground structured is

structure, that around well. right program being of we right value. is as opportunities X% size feel with the now as investment that on confident So new recycling occurs a program very enterprise there of We see that and the comfortable within

slow of a be can methodical pace. to more responsibly sort time that So as we but gradually that think see we continue we at going opportunity, it's to grow over

Operator

question Tsai the next Linda Jefferies. comes with And from

Linda Yu Tsai

to provide might and you Could color then cost in then timing refis 'XX? how and the interest impacts? think of when 'XX you the refi about on And upcoming

Glenn Cohen

Sure. Sure.

The million. $XX then of get to is we X, that remains debt maturing XX. June off going that's that's in it's mortgage only So matures as March so we bond, done. that bond a $XXX There's just have I $XXX on a so about 'XX million paid outstanding debt about or off paid mentioned, million. about And

to ways variety disposition whether from cash could whole of from with a be flow, come free have We it, activity. -- of some again, of it deal the the some it

us. on even quite And today where we priced candidly, do borrowings our to available range. fully is line better longer Our would than the something are line

have opportunities. a bunch of we So whole

about goes, there's but start As in until maturing it $XXX really August. far 'XX, as million doesn't 'XX

have time upcoming maturities. So plenty of we the address to

Conor Flynn

pricing positive think our we may our it I be lines to is take S&P only move credit it's some if advantage walks because improve timing you would to the up of tighter nicely nice achieve. of they from refinancing rating, thing on The add about and opportunities of when make to that with a can Moody's

Glenn Cohen

mean somewhere around today, if I on XX in pricing, of terms go XX-year. we're the just we to over market a bond like probably Yes. would

So it'd be somewhere range in X.XX% probably the today. X%,

Operator

Kamdem And the Morgan with from comes Stanley. next question Ronald

Ronald Kamdem

quick a Just of ones. couple

so we 'XX? closures backfill chance and as opportunity think sort opening could some those of Any I Back does guidance, the that what there of hit same-store the quantify NOI, 'XX the before. sort that was to to X-plus and comments, sort Just impacted. percent of that some touched you in an 'XX that themes stuff 'XX? create that end mentioned of you of into was was And sort

Glenn Cohen

they're Yes. out now number. I the mean, that again, mentioned, same-site of the vacancies I NOI

So that's overall all the baked plus X% point. into starting

same-site we will NOI. do it So as again, vary go through we the quarters, because

number. don't straight-line include paying part, the to it. what That's in it's tenants most goes cash the include The We rent. have We fees termination basis, don't rents. right? a be into For these on

starting into So it's plus baked all that X% point.

David Jamieson

And be a we going to you're 'XX. right. as into backfill, I then it's contributor Yes. mean

Ronald Kamdem

Right.

if the what's to like and could ask I deltas what NOI? question bridge way big from just the X% pieces? different the a X.X% So there is same-store Like are the

Glenn Cohen

again, to take all mean, into I -- we have bankruptcies. the Well, account the different

we plus the we get which lot in don't Jo-Ann's back more We get whether boxes If point or upside back. be Party have what that there's City, what of the see is back, it to from get don't it. we really of number, a

goes. of we'll make to very And just that the we -- we'll guidance. that floor adjustments the year that how comfortable through trying X% use year, feel see is go the to the we as we're rest So

David Bujnicki

the say, and million. with Because going out to pipeline. also million. the much between million $XX $XX little on last about get when We year, more ambiguity, we year Same pipeline, the $XX the I'll between from we the a snow $XX how and $XX out $XX starting was Ronald, snow make We're right? and even would we million. ended assuming million it started assumption start to year We're thing. somewhere year million, close out, an

that year guide. an of change move can can that's in year, go the we as that estimate sometime So course and the start through you make. the same-site And from out you your where

point, different a number floor to could So But confident be. is. a levers. question there's feel Glenn's just of ceiling where the we It's the how high

Ronald Kamdem

makes acquisition sort obviously, so I second just ton and could opening just the selling and sneak about comments is That a guidance If flat leases net in one on of forth. of my sense. the

this the $XXX of quantum Just it's that on be year? the million, dispositions is look it it to the how million? guidance, side? $XX Like opportunity that like a Just $XXX tell could sense of big what hard is because from sell Could million?

Ross Cooper

Yes.

close to There I leases. income mean, a is to from match be As intended our having ground I large pool is it mentioned, of really XX% but it's a mechanism. funding

the So anticipate we and year. sell. upon relatively want push the update market see then much start market as what side to we the as much you investment we're to into to measured on to we'll and much But what and it's there. to doing potentially be see how seeing how be opportunity, progress new we the we And going on we we'll dependent very

Operator

from Okusanya question next Bank. with Deutsche comes Omotayo The

Omotayo Okusanya

shareholder with known come value. You guys ways creative historically have to to create up well been

retailers could nature XX at months, the real next of and the talk the just box? you retail look guys it's totally could to whether ] or more loan-to-own maybe well you As the whether new program landscape that as over of that something as SIP probability something estate on you it's out about Albertsons-like, something of as XX do for well, [

Conor Flynn

Yes.

always opportunities. we think I for look

improve usually occur do a can occurs, that We're cycle next of. us seen best balance our we the that as there's position our the typically past, deals rewarded. the in dislocation think I take to strength continues sheet when when in in balance put the sheet market you've advantage that and or mispricing excited us is

becomes think usually that's I time strength, tide balance goes it a out, the when at advantage. an sheet where

amount retailers home take those being a owned we the complete of There's always dislocation the we cash employment, can that or rich really that portfolios. in When of able to in real individual for for portfolios. amount look that the achieve. some our estate at opportunities. in real sector trouble of economy about, that's of look owning not a where occurring the the retailers unique We were of Albertsons where not estate health we've flow mispriced properties. But with growth take we said, talked sit obviously, run tremendous a or is tremendous you today. that of advantage So a repurposing where look because is are obviously that occurring today, across we

We spectrum always advantage or is of have. every take relationship different, a to looking unique to look different, but little those our deal to continue is a across opportunities size, for we And team create little bit the value. that shareholder shape

Omotayo Okusanya

And then a quick ask. I modeling question, may if

acquisition, the rate assume on the debt? On Waterford interest the

Glenn Cohen

X.XX%. on the rate [indiscernible] straight. loan was interest The

Operator

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

Caitlin Burrows

a over know time, I big one. CapEx including for tax, Quick certain property topic retail. has a been

your So it for of lower midpoint than CapEx looks 'XX is guidance actual the like was. 'XX

So related any improvement And other rate it driving that? wondering or timing details? what's or run is more

David Jamieson

the obviously, snow now come to has you're I processed of as the getting Yes. online, funding the mean and tenants pipeline. compression been

we're a with [ right obviously, ]. would would these investment anticipate but seeing bankruptcies, of 'XX that more Obviously, that's to 'XX. So now, what occur, -- in be item have we'd

Operator

Ki comes And the question Bin from final with Truist. Kim

Ki Bin Kim

remind Just impact of one Spirit. the bankruptcy. Dania structure remember a the potential Can you just to deal, was I office quick that building question overall, can't about on us sold that their from if But your them. Pointe. curious I of you tenants remember just

David Jamieson

Yes. Yes.

and So Spirit bankruptcy have ground this with current built from are anticipating quarter. it on a the out they which it purchased they're project, early then headquarters. own on multifamily on. come them They of lease We own to the opened us They it. in their does and do

at is though, Frontier well. open that headlines so Spirit Dania There's Currently that the now day. back it's looking going XXX read employees or have may and you operating. occupy If there as and every

Operator

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

David Bujnicki

same We much. with together to upcoming number have a our Just today. like wonderful Thanks so a of at forward weeks in and weekend. getting joined to thank look you who several the the call time, everybody

Operator

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

You may now disconnect.

Kimco Realty (KIM) 7 Feb 252024 Q4 Earnings call transcript