| --- | --- | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------|--------------|-----------|-------------|--------| | | | | | | | Supplemental disclosure of cash flow information: Cash paid for interest, net of amount capitalized of $1,898 and $1,432 | $ | 95,060 | $ | 93,596 | | The accompanying notes are an integral part of these unaudited condensed | consolidated | financial | statem ...

Financial Data and Key Metrics Changes - Nareit FFO was $0.50 per diluted share in Q1, driven by same property NOI growth of 4.9% [87] - The company ended the quarter with a debt-to-EBITDA ratio of 6.1 times and total liquidity of $1.4 billion [10] - The occupancy level reached a record 94%, with a sequential increase in the anchor leased rate to 96.1% and small shop leased rate to 89.3% [101] Business Line Data and Key Metrics Changes - The company achieved new and renewal leasing spreads of 43% and 14% respectively, with an average rate on new and renewal leases exceeding $22 per foot [83] - The signed but not yet commenced lease pipeline adds $56 million of annualized base rent, with $36 million expected to commence during the remainder of 2023 [88] Market Data and Key Metrics Changes - The company noted a significant demand for retail space from various tenants, particularly in the off-price, health and wellness, specialty grocery, and restaurant sectors [99] - The market remains constrained in terms of supply, with retailers actively seeking space despite economic uncertainties [99][120] Company Strategy and Development Direction - The company is focused on capturing an outsized share of retail demand by proactively recapturing at-risk tenant space and advancing new leases with high-quality tenants [33] - The strategy includes maintaining a disciplined approach to acquisitions while leveraging a strong balance sheet to capitalize on potential opportunities in the market [60][66] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the leasing momentum and the ability to navigate macroeconomic volatility, highlighting a strong demand for retail space [34][129] - The company anticipates some occupancy pressure due to recent retailer bankruptcies but believes the signed but not yet commenced leases will mitigate the impact [129] Other Important Information - The company has narrowed its 2023 guidance for same property NOI growth to a range of 2% to 3.5% [66] - The recovery ratio in Q1 was reported at 89.6%, with expectations for moderation as the year progresses [47] Q&A Session Summary Question: What is the outlook for acquisitions given the current market? - Management is closely monitoring the market and is hopeful for opportunities in the second half of the year, while remaining disciplined in their approach [56][106] Question: How is the company addressing potential occupancy pressures from recent bankruptcies? - Management believes the signed but not yet commenced leases will help minimize the impact of retailer disruptions on operational metrics [129] Question: Can you provide insights on the demand for retail space? - Demand remains strong across various sectors, with retailers committed to their store opening pipelines despite cautious outlooks [119][165] Question: What is the company's strategy regarding portfolio recycling? - The company continues to focus on disciplined asset management, looking for opportunities to maximize value through strategic dispositions [60][123]

[Part I - FINANCIAL INFORMATION](index=6&type=section&id=Part%20I%20-%20FINANCIAL%20INFORMATION) [Financial Statements](index=6&type=section&id=Item%201.%20Financial%20Statements) The unaudited condensed consolidated financial statements for the quarterly period ended March 31, 2023 are presented [Brixmor Property Group Inc. Financial Statements](index=6&type=section&id=Brixmor%20Property%20Group%20Inc.%20(unaudited)) Condensed consolidated financial statements for Brixmor Property Group Inc for the three months ended March 31, 2023 Condensed Consolidated Statements of Operations (Brixmor Property Group Inc.) (in thousands) | Metric | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | | :--- | :--- | :--- | | **Total Revenues** | **$311,444** | **$298,629** | | Total Operating Expenses | $198,596 | $193,248 | | **Net Income** | **$112,246** | **$79,506** | | **Diluted EPS** | **$0.37** | **$0.26** | Condensed Consolidated Balance Sheet Highlights (Brixmor Property Group Inc.) (in thousands) | Metric | March 31, 2023 | December 31, 2022 | | :--- | :--- | :--- | | Real estate, net | $7,835,257 | $7,901,592 | | Total Assets | $8,354,798 | $8,435,930 | | Debt obligations, net | $4,958,480 | $5,035,501 | | Total Liabilities | $5,467,282 | $5,570,920 | | Total Equity | $2,887,516 | $2,865,010 | Condensed Consolidated Statements of Cash Flows (Brixmor Property Group Inc.) (in thousands) | Metric | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | | :--- | :--- | :--- | | Net cash provided by operating activities | $135,054 | $112,260 | | Net cash provided by (used in) investing activities | $48,485 | ($174,937) | | Net cash used in financing activities | ($169,369) | ($194,682) | | **Net change in cash, cash equivalents and restricted cash** | **$14,170** | **($257,359)** | [Brixmor Operating Partnership LP Financial Statements](index=11&type=section&id=Brixmor%20Operating%20Partnership%20LP%20(unaudited)) Condensed consolidated financial statements for Brixmor Operating Partnership LP for the three months ended March 31, 2023 - The financial statements of the Operating Partnership are materially the same as the Parent Company's, with the primary difference being in the capital section[16](index=16&type=chunk)[4](index=4&type=chunk)[274](index=274&type=chunk) Condensed Consolidated Statements of Operations (Brixmor Operating Partnership LP) (in thousands) | Metric | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | | :--- | :--- | :--- | | **Total Revenues** | **$311,444** | **$298,629** | | Total Operating Expenses | $198,596 | $193,248 | | **Net Income** | **$112,246** | **$79,506** | Condensed Consolidated Statements of Cash Flows (Brixmor Operating Partnership LP) (in thousands) | Metric | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | | :--- | :--- | :--- | | Net cash provided by operating activities | $135,054 | $112,260 | | Net cash provided by (used in) investing activities | $48,485 | ($174,937) | | Net cash used in financing activities | ($168,442) | ($186,052) | | **Net change in cash, cash equivalents and restricted cash** | **$15,097** | **($248,729)** | [Notes to Condensed Consolidated Financial Statements](index=16&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Detailed notes accompany the financial statements, covering key accounting policies, business activities, and other disclosures - The company is an internally-managed REIT owning and operating one of the largest publicly-traded open-air retail portfolios in the U.S, comprising **367 shopping centers** totaling approximately **65 million square feet of GLA** as of March 31, 2023[296](index=296&type=chunk) - The company did not acquire any assets during Q1 2023, compared to **three shopping centers and one land parcel acquired for $158.2 million** in Q1 2022[60](index=60&type=chunk)[146](index=146&type=chunk) - During Q1 2023, the company disposed of six shopping centers and two partial shopping centers for aggregate net proceeds of **$119.7 million**, resulting in a **gain of $48.5 million**[301](index=301&type=chunk) - As of March 31, 2023, total debt obligations, net, were approximately **$5.0 billion**, and the company was in compliance with all financial covenants with no scheduled debt maturities for the next 12 months[85](index=85&type=chunk)[77](index=77&type=chunk)[78](index=78&type=chunk) - Subsequent to the quarter end, the Operating Partnership repurchased **$199.6 million of its 3.65% Senior Notes due 2024** via a cash tender offer, funded by a **$200.0 million delayed draw term loan**[138](index=138&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=31&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's Q1 2023 financial condition, operational results, liquidity, and non-GAAP measures [Executive Summary and Highlights](index=31&type=section&id=Executive%20Summary%20and%20Highlights) The company's strategy focuses on portfolio management and reinvestment, with strong Q1 2023 leasing activity - The company's primary objective is to maximize total returns through consistent, sustainable growth in cash flow, driven by proactive portfolio management and value-enhancing reinvestments[155](index=155&type=chunk) - As of March 31, 2023, **billed and leased occupancy increased to 90.0% and 94.0%**, respectively, from 88.6% and 92.1% a year prior[144](index=144&type=chunk) Leasing Activity Highlights (Q1 2023) | Lease Type | Leases | GLA (sq ft) | New ABR PSF | Rent Spread (Comparable Leases) | | :--- | :--- | :--- | :--- | :--- | | **Total** | **374** | **2,307,147** | **$15.55** | **13.1%** | | New Leases | 149 | 779,954 | $17.63 | 35.9% | | Renewal Leases | 172 | 610,198 | $20.14 | 12.1% | [Results of Operations](index=33&type=section&id=Results%20of%20Operations) Total revenues grew by $12.8 million in Q1 2023, driven by higher rental income and offset by increased operating expenses Comparison of Revenues (in thousands) | Revenue Type | Q1 2023 | Q1 2022 | $ Change | | :--- | :--- | :--- | :--- | | Rental income | $311,130 | $298,362 | $12,768 | | **Total revenues** | **$311,444** | **$298,629** | **$12,815** | Comparison of Operating Expenses (in thousands) | Expense Type | Q1 2023 | Q1 2022 | $ Change | | :--- | :--- | :--- | :--- | | Operating costs | $35,895 | $34,796 | $1,099 | | Real estate taxes | $44,688 | $41,640 | $3,048 | | Depreciation and amortization | $87,741 | $84,222 | $3,519 | | Impairment of real estate assets | $1,100 | $4,590 | ($3,490) | | General and administrative | $29,172 | $28,000 | $1,172 | | **Total operating expenses** | **$198,596** | **$193,248** | **$5,348** | - The gain on sale of real estate assets increased to **$48.5 million** in Q1 2023 from $21.9 million in Q1 2022, reflecting a higher volume of disposition activity[153](index=153&type=chunk)[190](index=190&type=chunk) [Liquidity and Capital Resources](index=35&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains a strong liquidity position with $1.44 billion available and increased operating cash flow - As of March 31, 2023, the company had **$1.44 billion of available liquidity**, comprising $1.20 billion under the Revolving Facility, $200.0 million under the Term Loan Facility, and $35.4 million in cash[179](index=179&type=chunk) - Net cash provided by operating activities **increased by $22.8 million** in Q1 2023 versus Q1 2022, primarily due to higher same property net operating income[199](index=199&type=chunk) - The company is actively managing a portfolio of **47 in-process redevelopment and development projects** with an aggregate anticipated cost of **$360.0 million**[201](index=201&type=chunk) [Non-GAAP Performance Measures](index=39&type=section&id=Non-GAAP%20Performance%20Measures) The company utilizes Nareit FFO and Same Property NOI to evaluate operating performance, showing growth in both measures Nareit FFO Reconciliation (in thousands) | Metric | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | | :--- | :--- | :--- | | Net income | $112,246 | $79,506 | | Depreciation and amortization related to real estate | $86,748 | $83,190 | | Gain on sale of real estate assets | ($48,468) | ($21,911) | | Impairment of real estate assets | $1,100 | $4,590 | | **Nareit FFO** | **$151,626** | **$145,375** | | **Nareit FFO per diluted share** | **$0.50** | **$0.49** | Same Property NOI (in thousands) | Metric | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | % Change | | :--- | :--- | :--- | :--- | | Revenues | $286,340 | $273,928 | | | Operating Expenses | ($74,382) | ($71,819) | | | **Same property NOI** | **$211,958** | **$202,109** | **4.9%** | [Quantitative and Qualitative Disclosures about Market Risk](index=42&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) No material changes were reported from the market risk disclosures in the 2022 Annual Report on Form 10-K - There were no material changes to the company's market risk disclosures from the Form 10-K for the year ended December 31, 2022[244](index=244&type=chunk) [Controls and Procedures](index=42&type=section&id=Item%204.%20Controls%20and%20Procedures) Disclosure controls and procedures were deemed effective as of March 31, 2023, with no material changes in internal control - The principal executive officer and principal financial officer concluded that the disclosure controls and procedures for both Brixmor Property Group Inc and the Operating Partnership were **effective as of March 31, 2023**[245](index=245&type=chunk)[230](index=230&type=chunk) - There were no changes in internal control over financial reporting during the first quarter of 2023 that have materially affected, or are reasonably likely to materially affect, the company's internal control[229](index=229&type=chunk)[247](index=247&type=chunk) [Part II - OTHER INFORMATION](index=43&type=section&id=Part%20II%20-%20OTHER%20INFORMATION) [Legal Proceedings](index=43&type=section&id=Item%201.%20Legal%20Proceedings) The company is not involved in any material litigation outside the ordinary course of business - The company is not presently involved in any material litigation outside the ordinary course of business[125](index=125&type=chunk)[248](index=248&type=chunk) [Risk Factors](index=43&type=section&id=Item%201A.%20Risk%20Factors) No material changes were reported to the risk factors disclosed in the 2022 Annual Report on Form 10-K - There have been no material changes to the risk factors relating to the Company as disclosed in the Form 10-K for the year ended December 31, 2022[233](index=233&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=43&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No common stock was repurchased in Q1 2023, with $400.0 million remaining available under the repurchase program - During Q1 2023, the Company did not repurchase any of its common stock[234](index=234&type=chunk) - As of March 31, 2023, the company's share repurchase program had **$400.0 million of available capacity**[234](index=234&type=chunk)[108](index=108&type=chunk) [Defaults Upon Senior Securities](index=43&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) No defaults upon senior securities occurred during the reporting period - None[234](index=234&type=chunk) [Other Information](index=43&type=section&id=Item%205.%20Other%20Information) No other material information was reported for the period - None[235](index=235&type=chunk) [Exhibits](index=44&type=section&id=Item%206.%20Exhibits) Filed exhibits include CEO/CFO certifications and XBRL interactive data files - Exhibits filed with this report include certifications from the Chief Executive Officer and Chief Financial Officer under Sections 302 and 906 of the Sarbanes-Oxley Act, as well as XBRL data files[251](index=251&type=chunk)

Form 10-K We believe it is important to understand the few differences between the Parent Company and the Operating Partnership in the context of how the Parent Company and the Operating Partnership operate as a consolidated company. The Parent Company is a REIT, whose only material asset is its indirect interest in the Operating Partnership. As a result, the Parent Company does not conduct business itself other than issuing public equity from time to time. The Parent Company does not incur any material ind ...

Brixmor Property Group Investor Presentation Quarter Ended September 30, 2022 NYSE BRX LISTED BUSINESS Brea Gateway | Los Angeles, California Brixmor Overview Portfolio Quick Facts High quality, diversified, open-air retail portfolio ❯ One of the largest open-air retail landlords in the US o Nationally diversified portfolio of 378 shopping centers in 116 CBSAs favored by growing retailers o Over 5,000 national, regional, and local tenants ❯ Strive to create and own properties that are the "centers of the co ...

Financial Data and Key Metrics Changes - Brixmor reported Nareit FFO of $0.49 per share in Q3 2022, driven by same property NOI growth of 3.6% [18] - Year-to-date, bottom line FFO grew by 6.5% on a comparable basis [12] - The company achieved a top line same-store growth of 4.8% despite a drag of 250 basis points from revenues deemed uncollectible [12][20] - An 8.3% increase in quarterly dividend was announced, reflecting strong growth in taxable income [14][26] Business Line Data and Key Metrics Changes - During the quarter, Brixmor signed 1.7 million square feet of new and renewal leases at a record rent of $19.26 per foot, with a blended cash spread of 14.2% [7] - Small shop occupancy rose to 88.8%, with new rents achieved of $24.78 per foot, marking a record for this metric [10][21] - Average in-place ABR increased to over $16 per foot, with new leases achieving nearly $20 per foot over the trailing 12 months [10] Market Data and Key Metrics Changes - Lease occupancy reached a company record of 93.3%, a year-over-year increase of 180 basis points [9] - The anchor leased rate now stands at 95.4%, up 60 basis points sequentially [21] - The spread between lease and build occupancy grew to 370 basis points this quarter [22] Company Strategy and Development Direction - The company continues to focus on a self-funded value-add strategy, which has shown resilience in both disruptive and strong market environments [6][16] - Brixmor has paused acquisitions but sees potential opportunities as less well-capitalized landlords face challenges [16] - The reinvestment pipeline is expected to deliver significant future value creation, with $400 million leased and underway [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued growth despite potential economic disruptions, citing strong tenant demand and a robust leasing pipeline [13][29] - The company anticipates that revenues deemed uncollectible will revert to historical levels, impacting future growth [20][85] - Management highlighted the importance of maintaining a balanced tenant mix to ensure stability in cash flow [32] Other Important Information - Brixmor has $1.3 billion of liquidity and no debt maturing until 2024, allowing for opportunistic growth [17][24] - The company has renewed its $400 million share repurchase program and $400 million at-the-market equity offering program [25] Q&A Session Summary Question: Will there be any pull back on the redevelopment investment given the potential for recession in 2023? - Management noted continued demand and highly accretive returns, indicating confidence in their reinvestment strategy [29] Question: What are the positives and negatives of having local tenants at 21% of your ABR? - Management emphasized the relevance of local tenants to community engagement and noted strong demand for backfilling any vacancies [32] Question: Are you seeing any change in the health or ability of your local small shop tenants to pay rent today? - Management reported strong performance from the entire tenant base, particularly small shops, with no significant increase in rent relief requests [34] Question: What are the expectations for minimum rent growth heading into 2023? - Management expects continued strength in top line growth, driven by a robust leasing pipeline [38] Question: Can you provide perspective on cap rates, especially for grocery versus non-grocery assets? - Management indicated upward pressure on cap rates due to financing costs, but noted attractive cap rates for core grocery-anchored shopping centers [41] Question: How are you accounting for rent from Regal at this point? - Management stated that all entertainment tenants have been on a cash basis during the pandemic, with revenue recognized as cash is received [60] Question: What is the expected fallout from tenant disruptions in 2023? - Management is monitoring tenants closely and believes their rent basis positions them well to handle potential disruptions [82]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from_____ to_____ Commission File Number: 001-36160 (Brixmor Property Group) Commission File Number: 333-256637-01 (Brixmor Operating Partnership LP) Brixmor Property Gro ...

Financial Data and Key Metrics Changes - Nareit FFO was $0.49 per share in Q2 2022, driven by same property NOI growth of 6.7% [18] - Base rent growth contributed 430 basis points to same property NOI growth this quarter, with a 90-basis point acceleration from the previous quarter [19] - Overall average in-place ABR increased to $15.90 per foot, with an average net effective rent of $16.91 per foot on new leases [7][8] Business Line Data and Key Metrics Changes - Nearly 2 million square feet of new and renewal leases were executed at a cash rent of $18.79, with a blended spread of 14.6% [6] - Small shop occupancy reached a record of 87.7%, while overall occupancy grew to 92.5% [8][22] - The spread between lease and billed occupancy remains at 350 basis points, with a total signed but not commenced pool increasing to $54 million at a blended rate of $19.20 per square foot [23][24] Market Data and Key Metrics Changes - Traffic to centers has averaged in the mid to high single digits compared to 2019, indicating strong demand [9] - The company continues to attract top retailers, with strong leasing activity observed in various sectors including value apparel and specialty grocery [28][35] Company Strategy and Development Direction - The company is focused on a value-add strategy that has shown resilience and outperformance, positioning it well for both strong and weak market environments [12] - Plans to be a net seller of smaller non-core assets while maintaining liquidity for potential acquisitions in a volatile market [15][16] - Ongoing reinvestment pipeline is expected to generate follow-on value through increased occupancy and market rates [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued growth despite potential economic disruptions, supported by a strong pipeline of leases and ongoing discussions with tenants [9][42] - The company anticipates same property NOI growth expectations to increase from 3% to a range of 4.5% to 6% for 2022 [26] - Management highlighted the importance of proactive expense management to navigate inflationary pressures [45] Other Important Information - The company has over $1.2 billion of liquidity and no debt maturities until mid-2024, providing financial flexibility [25] - The ongoing execution of the reinvestment pipeline has delivered significant returns, with an incremental return of 11% on $30 million of reinvestment delivered during the quarter [10] Q&A Session Summary Question: Is leasing appetite in the third quarter unchanged despite inflationary pressure? - Management remains encouraged by leasing activity and strong demand from core retailers, with a 17% increase in the forward legal pipeline compared to the previous year [28] Question: Can you provide insights on the appetite for small shops? - There is strong demand from local tenants, particularly in the restaurant space, with local operators making up about 17% of ABR [30] Question: Can you elaborate on being a net seller in the back half of the year? - The company expects to be net sellers of smaller non-core assets while remaining opportunistic in the current market [37] Question: What is the outlook for revenues deemed uncollectible? - While collections from prior periods are expected to moderate, the company anticipates a return to long-term historical levels for reserve numbers [78] Question: What is the expected impact of redevelopment on traffic levels? - Redevelopments have led to significant traffic increases, with some centers experiencing double-digit growth post-redevelopment [86]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from_____ to_____ Commission File Number: 001-36160 (Brixmor Property Group) Commission File Number: 333-256637-01 (Brixmor Operating Partnership LP) Brixmor Property Group In ...

Financial Data and Key Metrics Changes - The company reported a year-over-year FFO growth of 11.4%, primarily driven by same-store NOI growth of 8.4% [7][16] - Nareit FFO was $0.49 per share in the first quarter, with same property NOI growth reflecting approximately $8 million of cash collected on previously reserved base rent [16][22] - The company revised its 2022 same property NOI growth expectations from 2%-4% to 3%-4.5% due to significant out-of-period collections [22] Business Line Data and Key Metrics Changes - The company signed nearly 1.4 million square feet of new and renewal leases during the quarter at a cash spread of 18.1%, with new leases at a comparable spread of 35.9% [8][19] - Small shop occupancy reached an all-time record of 87%, with a drag of 120 basis points from in-process redevelopment [8][18] - The average in-place ABR increased to a record of $15.64 per square foot, with significant growth in traffic levels over pre-pandemic peaks [9][54] Market Data and Key Metrics Changes - The company reported a total signed but not commenced pool of $52 million at a blended rate of nearly $19 per square foot, expected to commence throughout the year [18][22] - The forward leasing pipeline includes an additional $50 million of ABR from new leases at an average rent of over $18 per square foot [9][22] Company Strategy and Development Direction - The company continues to focus on its value-added strategy, which has shown resilience and growth potential even in less favorable market conditions [6][10] - The company is actively pursuing attractive investment opportunities in core markets, emphasizing the importance of clustering investments [12][34] - The company has delivered over $720 million of accretive reinvestments impacting over 30% of its portfolio, with a strong pipeline of nearly $1 billion in opportunities [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of the leasing environment, noting that consumer demand remains robust despite macroeconomic concerns [56][57] - The company anticipates continued growth in small shop occupancy and rates, driven by its value-added strategy [49][50] - Management highlighted the importance of maintaining a disciplined approach to acquisitions and investments, focusing on opportunities that meet return requirements [82] Other Important Information - The company repaid $250 million of floating rate notes upon maturity and amended its unsecured credit facilities, improving pricing and extending maturities [20][21] - The company's credit rating was upgraded to BBB flat by Fitch, reflecting improvements made to its balance sheet [21] Q&A Session Summary Question: How much further can small shop occupancy increase? - Management expects to continue setting new records in small shop occupancy, despite a current drag from redevelopment projects [26][27] Question: What is the investment activity outlook for the year? - The company remains focused on value-added opportunities and expects to see more dispositions in the pipeline [34][35] Question: How is the company addressing last-mile fulfillment needs? - Tenants are integrating fulfillment capabilities into their store designs, and the company is accommodating these needs through its leasing strategies [29][30] Question: What is the current mark-to-market for the portfolio? - The current mark-to-market is approximately $15 per square foot, with new leases being signed between $17 and $20 per square foot [65][66] Question: How does the company view tenant retention? - The company is prioritizing growth in ROI over retention, willing to take vacancies if it leads to higher returns [75][76] Question: What is the company's acquisition capacity? - The company is opportunistic in its acquisition strategy, focusing on opportunities that meet return requirements without feeling pressured to acquire [82]