Financial Data and Key Metrics Changes - The company reported a 6.4% growth in FFO for Q4 2025 and a 4.3% growth for the full year, with guidance for 2026 indicating close to 6% growth at the midpoint [6][18] - FFO per share for Q4 was $1.84, reflecting a strong operational quarter, slightly below the midpoint of guidance due to a non-cash charge related to Saks' bankruptcy [18][80] - Liquidity at year-end stood at $1.3 billion, with a new $250 million delayed draw term loan enhancing financial flexibility [19] Business Line Data and Key Metrics Changes - The overall portfolio was 96.1% leased and 94.1% occupied, with leasing driving future results [6][14] - The company signed 105 comparable deals in Q4, achieving a 12% rollover, and 20 non-comparable deals at an average rate of $48.18 [7][14] - The leasing platform achieved record-breaking volumes in 2025, with the highest annual square footage leased in company history [14] Market Data and Key Metrics Changes - Strong demand for assets was noted in both historical locations and newer markets, particularly in California, which is expected to be a major growth source [6][70] - Foot traffic in the greater Washington, D.C. area increased by 3% quarterly, with annual sales moving higher year-over-year [15][17] Company Strategy and Development Direction - The company is focused on driving rent growth, disciplined expense management, and capitalizing on quality real estate for multi-year growth opportunities [14] - A total of $280 million has been allocated for new residential development, with projects expected to add over 500 units to the portfolio [10][11] - The company plans to continue its asset recycling program, targeting both residential and retail assets for sale to fund acquisitions [35][86] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong demand across all categories and the ability to drive rents higher, with expectations for improved occupancy levels by the end of 2026 [15][42] - The company anticipates a temporary drag on comparable POI growth due to turnover in anchor spaces, but expects to recover and achieve growth in the mid-3% range historically [59] - The refinancing of bonds is expected to be managed efficiently, with no special dividends anticipated [49][80] Other Important Information - The company will report both NAREIT FFO and core FFO going forward to enhance comparability across periods [22] - Guidance for 2026 indicates core FFO of $7.42-$7.52 per share, representing about 5.8% growth compared to 2025 [23][25] Q&A Session Summary Question: Can you provide insight into the investment pipeline? - The company is targeting large, dominant shopping centers and expects more opportunities in the second half of the year [31] Question: How much more peripheral multifamily could be marketed for sale this year? - There are opportunities to monetize residential products, with an estimated $400 million-$500 million available for sale [35] Question: Is the pricing power driving rent increases broad-based? - Management indicated that the pricing power is broad-based, driven by high demand and limited supply across the portfolio [41] Question: Can you break down the same-store NOI growth? - The growth is driven by comparable POI growth, acquisitions, and redevelopment, with term fees expected to be slightly higher than last year [46] Question: What is the status of tenant credit and any watch list items? - The company has limited exposure to tenant credit issues, with Saks and Container Store being monitored closely [62][64] Question: What is driving the robust performance in California? - California is expected to be a major growth source due to leasing and development activity [70]

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