Core Viewpoint - Kimco Realty Corporation is positioned as a strong investment opportunity within the shopping center REIT sector, benefiting from a favorable market environment characterized by high demand and limited supply, leading to improved leasing velocity and rental rates [1][29]. Group 1: Market Dynamics - Industrial leasing is experiencing a slowdown, with deal gestation periods extending, while retail leasing remains robust, with Kimco seeing no slowdown in tenant demand [2][3]. - The national vacancy rate for industrial properties is nearly 9%, contrasting with the high occupancy rates in shopping centers, particularly for high-quality spaces [3][4]. - The scarcity of high-quality retail real estate is advantageous for landlords, as there has been minimal new supply since 2010 due to high construction costs relative to rental rates [5][6]. Group 2: Financial Metrics - The average rent per square foot among retail REITs is $20.33, with a net operating income (NOI) margin of approximately 70%, translating to about $14 per foot in NOI [6]. - New leases are being signed at rates between $27 and $30 per foot, indicating a significant increase from existing rents [6][8]. - The anticipated market rent that would support new construction is estimated to be at least $35 per foot, suggesting a gradual upward trend in rental rates over time [8]. Group 3: Kimco's Performance - Kimco has successfully filled vacancies left by bankrupt tenants like Party City, JOANN, and Big Lots, achieving large double-digit rent spreads on re-leased spaces [15][16]. - The company has a signed but not open pipeline worth $66 million, with 88% expected to commence by the end of next year, contributing to future cash flow growth [15][17]. - Kimco's operational advantages, including proprietary leasing tools, have led to faster deal-making and reduced gestation periods, enhancing overall efficiency [19][20]. Group 4: Valuation and Growth Potential - Kimco's stock is currently trading at a 16.6% discount to net asset value (NAV), with the shopping center REIT sector broadly undervalued at 15.4X AFFO [22][25]. - The sector is expected to trade closer to 18X AFFO due to embedded rental rate growth, indicating potential for significant appreciation [27][28]. - The fundamental landscape for shopping centers has improved, with high tenant demand and limited new supply making recent bankruptcies accretive rather than dilutive [28][29].

Core Viewpoint - Phillips Edison & Company, Inc. (PECO) is set to announce its Third Quarter 2025 earnings results on October 23, 2025, after market close, with a conference call scheduled for October 24, 2025, at 12:00 p.m. ET [1][2][6] Company Overview - PECO is one of the largest owners and operators of high-quality, grocery-anchored neighborhood shopping centers in the United States, founded in 1991 [4] - As of June 30, 2025, PECO managed 327 shopping centers, including 303 wholly-owned centers totaling 34.0 million square feet across 31 states [4] - The company focuses on creating omni-channel shopping experiences and improving communities through its shopping centers [4] Earnings Call Details - The earnings conference call will be hosted by Chairman and CEO Jeff Edison, President Bob Myers, and CFO John Caulfield [1] - A webcast replay will be available approximately one hour after the presentation [3] - Investors can access the earnings webcast through the Investor Relations section of PECO's website [5]

Financial Performance & Strategy - The company is focused on sustainable income/EPS growth, built on a high-quality portfolio[5] - FY26 EPS is expected to grow approximately 2-4% before a 0.9 pence impact from the Queen Anne's Mansions (QAM) disposal[8, 39] - The company aims for long-term LFL NRI growth exceeding inflation, driven by structural demand growth and supportive policies[9] - The company is prioritizing capital allocation based on a clear view of risks/returns, with a focus on income and income growth[16, 19] - The company is recycling capital from low-returning assets, having monetized £644 million of low-returning capital employed at a cost to NTA of 1%[19, 23] Retail Portfolio & Growth Drivers - Major retail contributes 38% of total income and has strong income growth potential, underpinning overall EPS growth[8, 34] - The company targets a CAGR of 4.5-7.0% for major retail NRI from FY25-30, driven by capturing reversion & turnover growth, commercialization, and accretive capex[35] - The company's retail portfolio has 86% of its assets in the top 1% of UK retail destinations[44] - The company's sales growth has outperformed the UK market by 13% over the last 3 years[48] - The company aims to grow £21 million in commercialization income by over 50%, adding 0.5-1% to NRI growth per annum[79]

Core Points - InvenTrust Properties Corp. announced a third quarter 2025 cash distribution of $0.2377 per share of common stock [1] - The annualized distribution rate is $0.9508 per share [1] - The distribution will be paid on or about October 15, 2025, to stockholders of record as of September 30, 2025 [1] Company Overview - InvenTrust Properties Corp. is identified as a premier Sun Belt, multi-tenant essential retail company [1]

Core Insights - The luxury market thrives on exclusivity, which enhances brand value and customer experience, making products like Hermès Birkin bags and prime retail spaces highly desirable [1][2] Group 1: Exclusivity in Luxury Brands - Luxury brands like Hermès and Rolex create desire through limited production runs and managed distribution, fostering a sense of exclusivity [2] - Hermès employs a strategy of artificial scarcity, limiting the availability of products to enhance their desirability, with customers often spending significant amounts on non-bag items to gain access to coveted products [3] - In the first half of 2025, Hermès reported consolidated revenue of €8 billion, an 8% increase at constant exchange rates compared to 2024, with recurring operating income at €3.3 billion, representing 41.4% of sales [4] Group 2: Real Estate Strategies - In commercial real estate, exclusivity and tenant mix are crucial for portfolio performance, with luxury brands viewed as investments that enhance visibility and foot traffic [5] - Landlords cluster anchor tenants and luxury brands to create demand for smaller stores, leveraging the presence of flagship brands to increase property value [6] - Simon Properties' Class A malls maintain occupancy rates around 96%, allowing for higher base rents and positioning access to prime locations as a key incentive [8] Group 3: Ownership Trends - Luxury brands are increasingly acquiring retail properties, with companies like Prada and Kering spending over $9 billion on high-profile locations, securing long-term access and control over the retail experience [9][10]

Core Insights - CTO Realty Growth, Inc. announced the grand opening of two new tenants, Barnes & Noble and Boot Barn, at Plaza at Rockwall, enhancing the retail offerings in a high-growth suburban market [1][2][3] Group 1: New Tenants - Barnes & Noble opened a 20,388-square-foot store on August 27, 2025, in a repurposed Staples location, aligning with CTO's strategy to attract destination-driven retail [2] - Boot Barn launched its 15,000-square-foot store on September 2, 2025, in a space previously occupied by JoAnn's, enhancing the Center's merchandising mix [3] Group 2: Plaza at Rockwall Overview - Plaza at Rockwall spans 446,487 square feet on 42 acres and is located in a rapidly growing suburb of Dallas, anchored by major retailers like Dick's Sporting Goods and Ulta Beauty [4] - The occupancy rate at the Center has improved to 99.1% following the openings of Boot Barn and Barnes & Noble [4] Group 3: Company Strategy - The openings of these retailers reflect CTO's ongoing strategy to curate a vibrant tenant mix that meets evolving consumer demand and creates long-term value for stakeholders [5]

Financial Data and Key Metrics Changes - FFO excluding certain expenses was approximately $87 million or $0.33 per share for Q2 2025, with a notable increase in NOI for the go forward portfolio centers by 2.4% compared to 2024 [29][30][31] - Net debt to EBITDA at the end of Q2 was 7.9x, nearly a full turn lower than at the outset of the Path Forward Plan [32] Business Line Data and Key Metrics Changes - Year-to-date leasing volume reached 4.3 million square feet, significantly higher than the same period in 2024, with a 40% increase in lease signings and 75% more square footage [20][21] - Trailing twelve-month leasing spreads remained positive at 10.5%, marking 15 consecutive quarters of positive leasing spreads [19] Market Data and Key Metrics Changes - Traffic through the portfolio increased by 1.6% year-over-year, with the go forward portfolio traffic up by 2.1% [18] - Occupancy at the end of Q2 was 92%, down 60 basis points from the previous quarter, primarily due to the closure of Forever 21 stores [18] Company Strategy and Development Direction - The Path Forward Plan focuses on simplifying the business, improving operational performance, and reducing leverage, with a target of 4 million square feet of leasing in 2025 and 2026 [7][10] - The acquisition of Crabtree Mall is seen as a strategic move to enhance the portfolio and drive shareholder value, with plans to increase occupancy from 74% to closer to 90% by 2028 [14][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the leasing momentum and the ability to achieve targets ahead of schedule, despite macroeconomic uncertainties [66][67] - The retail environment remains strong, with many national retailers actively seeking new spaces [25] Other Important Information - The company has made substantial progress on asset sales, with over $800 million in mall sales completed to date, and a clear path to achieving a $2 billion disposition target [35][36] - The Snow Pipeline has grown to $87 million, with expectations to exceed $100 million by year-end [13][27] Q&A Session Summary Question: Can you provide more background on the Crabtree acquisition? - Management highlighted the unique market position of Crabtree and its potential for NOI growth, emphasizing the need for leasing efforts and capital to enhance the merchandising mix [40][43] Question: What benchmarks need to be hit before reinstating guidance? - Management indicated that asset sales are crucial, and they prefer to focus on executing leasing and sales without being constrained by guidance numbers [51] Question: How is the bad debt trending? - Bad debt has decreased year-over-year, with the watch list at an all-time low, and management is confident in re-leasing spaces previously occupied by Claire's [52][54] Question: Can you discuss the tenant improvement (TI) expenses in the quarter? - Management noted that TI expenses have increased due to new leasing activity, with expectations for continued increases as they address vacant anchor stores [59][61] Question: How does the Crabtree acquisition impact external growth activities? - Management expressed confidence in pursuing additional acquisitions, citing strong leasing momentum and the potential for significant NOI growth from Crabtree [66][67] Question: What is the rationale for keeping South Plains Mall in the portfolio? - Management is currently negotiating with lenders for an extension, believing that with the right terms, they can create NOI lift at South Plains [103][105]

Financial Data and Key Metrics Changes - FFO excluding certain expenses was approximately $87 million or $0.33 per share for Q2 2025, with a notable increase in NOI for the go forward portfolio centers by 2.4% compared to 2024 [27][28] - Net debt to EBITDA at the end of Q2 was 7.9x, a decrease of nearly one full turn since the start of the Path Forward Plan [30] Business Line Data and Key Metrics Changes - Year-to-date leasing volume reached 4.3 million square feet, exceeding the target of 4 million square feet for 2025 and 2026 [8][18] - Trailing twelve-month leasing spreads remained positive at 10.5%, marking 15 consecutive quarters of positive leasing spreads [17] Market Data and Key Metrics Changes - Traffic for the portfolio increased by 1.6% compared to the same period in 2024, with the go forward portfolio traffic up by 2.1% [16] - Occupancy at the end of Q2 was 92%, down 60 basis points from the previous quarter, primarily due to the closure of Forever 21 stores [16] Company Strategy and Development Direction - The Path Forward Plan focuses on simplifying the business, improving operational performance, and reducing leverage, with a roadmap for achieving 2028 targets [6][7] - The acquisition of Crabtree Mall is seen as a strategic move to enhance the portfolio and drive shareholder value, with plans to increase occupancy from 74% to closer to 90% by 2028 [13][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the leasing momentum and the overall retail environment, despite macroeconomic uncertainties [22][23] - The company is optimistic about achieving its leasing and asset sales targets, which are crucial for reinstating guidance [50] Other Important Information - The company has made significant progress on its balance sheet initiatives, including a recent $160 million term loan for Crabtree Mall [29] - The Snow Pipeline has grown to $87 million, with expectations to exceed $100 million by year-end [12][25] Q&A Session Summary Question: Can you provide more background on the Crabtree acquisition? - Management highlighted the unique market position of Crabtree and its potential for NOI growth, emphasizing the need for leasing efforts and capital to enhance the merchandising mix [38][41] Question: What benchmarks need to be hit before reinstating guidance? - Management indicated that asset sales are crucial and that they are balancing asset sales and leasing without constraining guidance numbers [50] Question: How is the bad debt trending? - Bad debt has decreased year-over-year, with the watch list at an all-time low, and management is confident in re-leasing spaces previously occupied by Claire's [52][54] Question: Can you discuss the tenant improvement (TI) expenses in the quarter? - Management noted that TI expenses have increased due to the high number of anchor stores being reconfigured, with expectations for continued increases as they drive traffic [60][62] Question: How does the Crabtree acquisition impact external growth activities? - Management expressed confidence in pursuing additional acquisitions, citing the positive leasing momentum and the potential for high returns [66][72] Question: What is the rationale for keeping South Plains Mall in the portfolio? - Management is currently negotiating with lenders for an extension, believing that with the right terms, they can create NOI lift [102][104]

Financial Performance - FY25 FFO was 20.7 cents per security, slightly above the guidance of 20.6 cents per security[17] - Distributions were also 20.7 cents per security[17] - Net property income was $46.445 million in FY25 compared to $48.350 million in FY24[74] - Portfolio valuation increased by $16.6 million, representing a 2.3% increase[41] - NTA per security increased by 2.2% from $3.56 to $3.64[32] Portfolio and Operations - Portfolio occupancy remained high at 99.9%[12] - The portfolio Weighted Average Lease Expiry (WALE) is 7.9 years[12] - Like-for-like income growth was +2.9%[17] - Average rent review achieved +3.1%[17] - $38.8 million of strategic divestments were executed[15] Capital Management - Gearing was 29.4%, at the lower end of the target range of 25-40%[14] - Average debt hedged was 72%[14] - Total borrowings amounted to $215.5 million[35] Future Outlook - FY26 FFO and distributions are expected to be 20.9 cents per security, reflecting growth of 1.2%[54]

Financial Data and Key Metrics Changes - Core FFO was $0.58 per share, a 9.4% increase over the prior year, driven by robust same center NOI growth of 5.3% [6][13] - Occupancy increased sequentially to 96.6%, with blended leasing spreads of 12% over the trailing twelve months [6][13] - Tenant sales increased by 6.2% to $465 per square foot on a trailing twelve-month basis [6] Business Line Data and Key Metrics Changes - Same center NOI increased by 5.3%, driven by higher rental revenues from strong leasing activity [13] - Other revenues continued to grow, contributing positively to overall financial performance [13] Market Data and Key Metrics Changes - Traffic to the centers was up compared to last year, indicating increased consumer engagement [9][10] - The company is seeing population shifts and residential densification in core markets, leading to increased demand for restaurants and service uses [9] Company Strategy and Development Direction - The company is focused on maximizing value through peripheral land activation, merchandising optimization, and investments in existing centers [9][11] - A strategic approach to leasing and marketing is being employed to attract new brands and expand store counts with existing tenants [8][12] - The company is leveraging AI technology to enhance customer service and optimize resources [11] Management's Comments on Operating Environment and Future Outlook - Management remains confident in the company's strategic approach amidst macroeconomic uncertainties, including inflation and shifting consumer sentiment [12] - The company raised its full-year guidance for core FFO per share to $2.24 to $2.31, reflecting strong operational execution [16][17] Other Important Information - The company has approximately $614 million in total liquidity, including cash and available lines of credit [15] - 95% of the company's debt is at fixed rates, with a weighted average interest rate of 4% [15] Q&A Session Summary Question: Can you elaborate on the merchandising strategy and its impact on sales? - Management noted that there is significant demand for retail space, with many retailers actively seeking to expand into Tanger's shopping centers, leading to increased traffic and sales [21][22] Question: How did the early back-to-school strategy perform? - The early back-to-school initiative resonated well with consumers, resulting in increased traffic and sales, particularly during tax-free days [25][26] Question: What is the status of the remerchandising process? - Management indicated that remerchandising is an ongoing process, with continuous efforts to attract new brands and improve tenant mix [31][33] Question: How is the company addressing the tariff situation and its impact on leasing? - Management reported strong leasing activity despite tariff uncertainties, with over 2.8 million square feet leased in the past year [35] Question: What are the growth prospects for the company in the coming years? - Management expressed optimism about continued growth driven by internal and external initiatives, with a focus on enhancing tenant quality and customer experience [39][40] Question: Can you provide insights on tenant credit exposure? - The company maintains a manageable watch list for tenants, with minimal exposure to those filing for bankruptcy [104][105] Question: What is the outlook for outparcel opportunities? - Management highlighted a growing outparcel business, with several deals in the pipeline expected to generate significant NOI in the near term [109][111]