Baby boomers in their 60s who are reaching retirement age have some serious economic concerns that may be tethering them to their jobs. Persistent inflation and the rising cost of living can make even the most disciplined planners second-guess retirement. And then there’s the fact that the retirement savings landscape in the U.S. looks different depending on how you measure it. Must Read According to data from Empower (1), the median retirement account balance for those in their 60s is $544,439 — not ...

Core Insights - The company expects sales for the year to be at the lower end of its forecast range of $4.84 billion to $5.07 billion [1] - The apparel company plans to provide an update on its growth strategy in December [1]

Core Insights - The transition to retirement can lead to feelings of loss of purpose for some individuals, as highlighted by a 67-year-old retiree who expressed regret about leaving his job [1][2] - A significant portion of retirees, nearly one-third, are contemplating returning to work due to financial pressures and the desire for intellectual engagement [2] - Among pre-retirees, 70% are considering delaying their retirement, driven by concerns over financial security and economic volatility [3] The Role of Purpose and Structure - The adjustment to retirement often involves missing daily routines and social connections, with some individuals returning to work not primarily for financial reasons but for a sense of connection [4] - Engaging in meaningful activities such as volunteering, hobbies, or part-time work can help ease the transition into retirement [5] Alternatives to Work - While returning to work is one option, alternatives such as volunteering, starting a small business, learning new skills, or traveling are also encouraged for those struggling with retirement [6]

Financial Data and Key Metrics Changes - The company reported FFO as adjusted of $0.35 per share, a 6% increase over the first quarter of last year, marking the highest quarterly earnings result in the company's ten-year history [5] - Same property NOI increased by 3.8% compared to the first quarter of last year, benefiting from improved recovery ratios and better-than-expected collections [5][17] - The company reiterated its 2025 full-year guidance of achieving FFO as adjusted of $1.37 to $1.42 per share, reflecting growth of 4% at the midpoint [8][19] Business Line Data and Key Metrics Changes - The company executed 42 leases totaling 434,000 square feet in the first quarter, including 18 new leases amounting to 118,000 square feet with same-space cash leasing spreads of 34% [5][13] - The tenant retention ratio remained high at 95%, and SHOP occupancy grew to a record 92.4%, a 150 basis point increase since the last quarter [6][14] Market Data and Key Metrics Changes - The investment sales market is showing early signs of slowing down, with limited CMBS issuance since April [7] - The company successfully sold eight acres of land for $25 million and is under contract to sell two more properties for $41 million, bringing total dispositions to $66 million this year at a 5% weighted average cap rate [8] Company Strategy and Development Direction - The company plans to reinvest capital from dispositions into accretive acquisitions to enhance portfolio quality and growth rate [8] - The company has a large redevelopment pipeline totaling $156 million of projects expected to generate a 14% return [10][15] - The company is focused on capital recycling, having acquired over $550 million in assets at a 7.2% cap rate while selling approximately $450 million at a 5.2% cap rate [11] Management's Comments on Operating Environment and Future Outlook - Management expressed a more conservative outlook for the back half of the year due to economic volatility, despite a stronger start to the year than expected [9][19] - The company remains confident in its ability to navigate economic cycles and drive sector-leading growth [21] Other Important Information - The company has approximately $800 million of total liquidity, including $98 million in cash, and a manageable debt maturity profile with only 8% of outstanding debt maturing through 2026 [18] - The company has built in conservative assumptions for the remainder of the year, incorporating contingencies for potential volatility in rent collections and tenant fallout [20] Q&A Session Summary Question: How does macro uncertainty affect leasing timelines? - Management noted that there has been no observed slowdown in retailer demand, with ongoing negotiations for numerous leases [25][26] Question: Can you provide more details on the dispositions and cap rates? - Management indicated that the recent dispositions were at attractive cap rates, and they are actively seeking acquisitions [27][28] Question: What specific factors led to a more cautious outlook? - Management stated that the decision to maintain conservative guidance was prudent, without specific tenant concerns driving the change [34][35] Question: How does the company view its portfolio in a recessionary environment? - Management expressed confidence in the portfolio's resilience, highlighting strong tenant balance sheets and a focus on well-capitalized anchors [50][52] Question: What are the bad debt assumptions for the year? - Management reiterated guidance for bad debt to be 75 to 100 basis points of gross rents, with a slight contingency built in for the second half of the year [59]

Core Viewpoint - Netflix has demonstrated strong performance in the first quarter of the year, surpassing analysts' expectations despite economic challenges posed by President Trump's policies [1][4]. Group 1: Subscriber Growth and Financial Performance - Netflix added 41 million subscribers globally last year, marking the largest annual gain in its 27-year history [2]. - The company has shifted its focus from reporting subscriber numbers to emphasizing profits, having surpassed 300 million global subscribers as of December [3]. - In Q1, Netflix reported earnings of $2.9 billion, or $6.61 per share, a 24% increase year-over-year, with revenue rising 13% to $10.54 billion, both exceeding forecasts [4]. Group 2: Market Context and Competitive Position - The tech industry has faced significant challenges due to tariffs and economic volatility, but Netflix's global streaming service has remained unaffected, leading to a 9% increase in its stock price this year [5][6]. - Netflix's shares rose nearly 3% in extended trading following the earnings report, indicating strong market confidence [6]. Group 3: Future Outlook and Consumer Sentiment - Netflix's co-CEO expressed confidence in the company's resilience, noting that its low-cost subscription option at $8 per month could help maintain consumer interest during economic downturns [9]. - The company reaffirmed its annual revenue prediction of approximately $44 billion, reflecting a 13% increase from 2024 [10].