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% [5][12] - Occupancy increased sequentially to 96.6%, with blended leasing spreads of 12% over the trailing twelve months [5][12] - Tenant sales increased by 6.2% to $465 per square foot on a trailing twelve month basis [5] Business Line Data and Key Metrics Changes - Same center NOI increased by 5.3%, driven by higher rental revenues from strong leasing activity [12] - Other revenues continued to grow, contributing positively to overall financial performance [12] Market Data and Key Metrics Changes - Traffic to the centers was up compared to last year, indicating increased consumer engagement [6][10] - The company is seeing a shift in demographics, attracting a younger consumer base while maintaining its core value-seeking shoppers [6][51] Company Strategy and Development Direction - The company is focused on maximizing value through peripheral land activation, merchandising optimization, and investments in existing centers [7][10] - A strategic approach to leasing and marketing is being employed to attract new brands and retail categories, enhancing the overall shopping experience [6][11] - The company is leveraging AI technology to optimize customer service and enhance data analytics [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strategic approach amidst a challenging macroeconomic environment characterized by inflation and shifting consumer sentiment [11] - The company raised its full year guidance for core FFO per share to $2.24 to $2.31, reflecting strong operational execution [14][15] Other Important Information - The balance sheet remains strong with low leverage and ample liquidity, providing flexibility for future growth opportunities [13][10] - The company has successfully assimilated recent acquisitions and developments into its portfolio, contributing to NOI growth [11] 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 locations in their shopping centers, leading to increased traffic and sales [18][20] Question: How did the early back-to-school strategy perform? - The early back-to-school initiative resonated well with consumers, leading to increased traffic and sales, particularly during tax-free days [22][24] 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 [30][32] Question: How is the company addressing the tariff situation and its impact on leasing? - Management reported that there has been no significant hesitance from tenants regarding leasing decisions despite tariff uncertainties, with strong leasing activity observed [34] Question: Can you provide insights on the occupancy metrics and future expectations? - The occupancy figure of 96.6% reflects physical occupancy, and management expects continued strong demand for retail space [44][92] Question: What are the growth prospects for the company in the coming years? - Management highlighted a positive outlook for growth driven by internal and external initiatives, with a focus on enhancing tenant quality and customer experience [38][97]

Company Overview - Tanger is a leading owner and operator of outlet and open-air retail shopping destinations with over 40 retail centers and 16 million square feet of space[7,8] - The company has a market capitalization of $3.6 billion and an enterprise value of $5.3 billion[7] - Tanger's net debt to adjusted EBITDAre is 5.0x, and interest coverage ratio is 4.6x[7] - The portfolio is 95% open air and 93% of outlet square footage is in leading tourist destinations or top 50 MSAs[7] Financial Performance and Growth - The company anticipates 2025 Same Center NOI growth between 2.5% and 4.0%[17] - Tenant sales per square foot were $465 in 2Q25 TTM[17] - Rent spreads were up 12.0% in 2Q25 TTM[17] - Core FFO per share 3-year average growth is 7.5%[17] - The company expects net income per diluted share to be between $0.93 and $1.00, and Core FFO per diluted share to be between $2.24 and $2.31 for 2025[41] Balance Sheet and Capital Structure - The company's capital structure includes $3.6 billion in equity and $1.7 billion in net debt[31] - The company has $528 million in line availability and $70 million in undrawn forward equity[31] - 87% of the company's financing is unsecured[33] - 95% of the company's debt is fixed rate[33] Portfolio and Operating Metrics - The company's occupancy rate is 96.6%[56] - Blended cash rent spreads for executed comparable leases increased by 12.0%[56] - Same Center NOI increased by 3.8% in 2Q25 compared to 2Q24[56]

Financial Data and Key Metrics Changes - Real estate FFO was $3.05 per share in Q2 2025, a 4.1% increase from $2.93 in the prior year [6] - Second quarter funds from operation totaled $1,190 million or $3.15 per share, compared to $1,090 million or $2.90 per share last year, reflecting an 8.6% growth [9] - Domestic property NOI increased by 4.2% year over year for the quarter and 3.8% for the first half of the year [6] Business Line Data and Key Metrics Changes - Approximately 1,000 leases were signed for over 3.6 million square feet in the quarter, with nearly 90% of leases expiring through 2025 completed ahead of last year [7] - Malls and premium outlets ended Q2 at 96% occupancy, up 10 basis points sequentially and 40 basis points year over year [7] - The mills achieved a record occupancy of 99.3%, an increase of 90 basis points sequentially and 110 basis points from the prior year [7] Market Data and Key Metrics Changes - Average base minimum rent for malls and outlets increased by 1.3% year over year, while mills increased by 0.6% [8] - Sales for malls and premium outlets per square foot were $736 for the quarter [8] - Traffic increased by 1.5%, although some centers near borders experienced flat sales and traffic due to restrictions [67] Company Strategy and Development Direction - The company focuses on long-term value creation through disciplined investments and operational excellence, driving growth in cash flow, funds from operation, and dividends per share [5] - The acquisition of Brickell City Center was highlighted as a strategic move to enhance operations and drive NOI growth [10] - The company is optimistic about future acquisitions, emphasizing a selective approach based on product quality and pricing [36] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the economic environment, acknowledging the impact of tariffs and geopolitical uncertainties [58][60] - Despite challenges, management noted strong retail demand and traffic, indicating a positive outlook for the remainder of the year [20][64] - The company raised its full-year 2025 real estate FFO guidance range to $12.45 to $12.65 per share, compared to $12.24 last year [12] Other Important Information - The company announced a dividend of $2.15 per share for Q3, a year-over-year increase of $0.10 or 4.9% [12] - The company completed 21 secured loan transactions totaling approximately $3.8 billion, with a weighted average interest rate of 5.84% [11] Q&A Session Summary Question: Leasing velocity and demand insights - Management noted that despite geopolitical and domestic uncertainties, retail demand remains strong, with increased shopper traffic and sales holding steady [15][20] Question: Demand from smaller tenants - Management indicated that smaller tenants are performing well, with demand remaining strong despite concerns about tariffs affecting their cost of goods [25][26] Question: Acquisition opportunities and Brickell asset potential - Management expressed excitement about the Brickell acquisition, highlighting its unique market position and potential for growth [32][34] Question: Future acquisition strategy and market dynamics - Management clarified that they remain focused on both internal reinvestment and external acquisitions, emphasizing the importance of price sensitivity [44][50] Question: Impact of tariffs and economic outlook - Management acknowledged the cautious approach due to tariffs but expressed optimism about the US economic landscape and potential growth in 2026 [60][62] Question: Traffic growth quantification - Management reported a 1.5% increase in traffic, noting some centers near borders are experiencing flat performance due to restrictions [67][68] Question: Supply and occupancy trends - Management confirmed that the S and O pipeline is at 340 basis points, with a focus on optimizing tenant mix to enhance property performance [74][76] Question: Interest in acquiring anchor boxes - Management discussed the complexities of acquiring anchor boxes, emphasizing the importance of price and the relationship with Catalyst Brands [84][90]

Financial Data and Key Metrics Changes - Kite Realty Group Trust reported NAREIT FFO per share of $0.51 and core FFO per share of $0.50 for Q2 2025, reflecting strong operational performance [14] - Same property NOI grew by 3.3%, driven by a 250 basis point contribution from higher minimum rents and a 50 basis point improvement in net recoveries [15] - The company increased its NAREIT and core FFO per share guidance by $0.01 each, primarily due to lower than anticipated bad debt and higher than anticipated overage rent [15] Business Line Data and Key Metrics Changes - Blended cash leasing spreads in Q2 were 17%, the highest quarterly blended spread in the past five years [5] - Leasing spreads for non-option renewals were nearly 20% in Q2 and 16% over the last twelve months [6] - New leasing volume more than doubled sequentially, driven by 11 new anchor leases executed in Q2 [6] Market Data and Key Metrics Changes - Over 80% of the boxes recaptured due to recent bankruptcies are leased or in active negotiations, indicating strong demand in the market [11] - The small shop lease rate increased by 30 basis points sequentially and 80 basis points year over year, reflecting a disciplined approach to leasing [8] Company Strategy and Development Direction - The company is focused on capital recycling efforts to reshape its portfolio and reduce exposure to at-risk tenants, with significant steps taken in executing its long-term portfolio vision [10] - Strategic partnerships with GIC now comprise over $1 billion of gross asset value, indicating a strong focus on lifestyle and mixed-use assets [11] - The company aims to enhance its long-term growth profile by prioritizing credit quality and strong starting rents in its leasing strategy [9] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the leasing momentum and the potential for significant occupancy gains in the coming quarters [14][45] - The company is focused on delivering strong results and creating long-term value, despite short-term disruptions from anchor bankruptcies [12][18] - Management believes that the current market conditions present a great opportunity for growth and investment in the stock [49] Other Important Information - The company has comprehensive flood insurance for Eastgate Crossing, which suffered flooding due to Tropical Storm Chantal [12] - The company opportunistically returned to the public debt market by issuing a seven-year $300 million bond at a coupon of 5.2% [17] Q&A Session Summary Question: Have you seen any meaningful changes in lease gestation periods? - Management noted that leasing activity has picked up substantially, indicating strong demand across the board [20] Question: What are you hearing from prospective tenants regarding higher embedded escalators? - Management reported success in generating higher growth, with embedded growth in the overall portfolio at 3.4% for the first half of the year [23][24] Question: Can you comment on the forward leasing pipeline and July activity? - Management expressed confidence in the strong demand and the quality of opportunities available for retailers [27] Question: What is the latest on the sale of City Center? - The property is still being marketed for sale, with new leasing activity providing some positive momentum [37] Question: How are you seeing investor interest in larger community centers? - Management indicated strong demand for larger format centers, with institutional investors showing renewed interest [43] Question: What is the appetite for share buybacks today? - Management stated that they are always considering buybacks but are currently focused on capital investments with high returns [102]

Financial Data and Key Metrics Changes - Kite Realty Group Trust reported NAREIT FFO per share of $0.51 and core FFO per share of $0.50 for Q2 2025, reflecting a year-over-year growth despite temporary disruptions from anchor bankruptcies [15][16] - Same property NOI grew by 3.3%, driven by a 250 basis point contribution from higher minimum rents and a 50 basis point improvement in net recoveries [16] - The company increased its NAREIT and core FFO per share guidance by $0.01 each, primarily due to lower than anticipated bad debt and higher than anticipated overage rent [16] Business Line Data and Key Metrics Changes - Blended cash leasing spreads in Q2 were 17%, the highest quarterly blended spread in the past five years, with non-option renewals showing almost 20% leasing spreads [6][7] - New leasing volume more than doubled sequentially, driven by 11 new anchor leases executed in the quarter, including grocery leases with Whole Foods and Trader Joe's [7][8] - Small shop lease rates increased by 30 basis points sequentially and 80 basis points year-over-year, with embedded escalators on new and non-option renewal small shop leases at 3.4% for 2025 [8][9] Market Data and Key Metrics Changes - The company reported that over 80% of the boxes recaptured due to recent bankruptcies are leased or in active negotiations, indicating strong demand in the leasing pipeline [8][12] - The strategic partnership with GIC now comprises over $1 billion in gross asset value, reflecting strong investor interest in lifestyle and mixed-use assets [11][12] Company Strategy and Development Direction - The company is focused on capital recycling efforts to reshape its portfolio and reduce exposure to at-risk tenants, with a strategy to increase focus on smaller format grocery-anchored centers and select lifestyle and mixed-use assets [11][12] - The management emphasized the importance of upgrading tenancy to bolster the durability of cash flows, trading short-term earnings disruption for long-term growth potential [7][12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the leasing momentum and the potential for significant occupancy gains in the coming quarters, despite the challenges posed by recent bankruptcies [15][46] - The company is confident in its ability to accelerate rent commencement timelines through proactive engagement with tenants and efficient permitting processes [32][46] - Management believes that the current market conditions present a great opportunity for growth, positioning the company well for the next few years [46][50] Other Important Information - The company has comprehensive flood insurance for Eastgate Crossing, which suffered flooding due to Tropical Storm Chantal, ensuring coverage well in excess of estimated damages [13] - The company opportunistically returned to the public debt market by issuing a seven-year $300 million bond at a coupon of 5.2% [18] Q&A Session Summary Question: Have you seen any meaningful changes in lease gestation periods? - Management noted that leasing activity has picked up substantially, indicating strong demand across the board [21] Question: What are you hearing from prospective tenants regarding higher embedded escalators? - Management reported success in generating higher growth, with average escalators for anchor tenants improving from around 1% to 1.5% [23][24] Question: Can you comment on the forward leasing pipeline and July activity? - Management expressed confidence in the strong demand and the quality of opportunities available, indicating a significant increase in new lease volume [27][28] Question: What is the latest on the sale of City Center? - The property is still being marketed for sale, with recent leasing activity providing some positive momentum [37] Question: How are you seeing investor interest in larger community centers? - Management indicated strong demand for larger format centers, with institutional investors showing renewed interest in the retail space [44][66] Question: What is the appetite for share buybacks today? - Management stated that they are always considering buybacks but are currently focused on capital investments that yield high returns [100] Question: Can you provide guidance on the equity and JV line for the rest of the year? - Management explained that the JV activities will be reflected in the income statement under unconsolidated subsidiaries, with detailed information available in the supplemental materials [93][94]

Financial Data and Key Metrics Changes - Core FFO per share increased by 5.4% year over year, reaching $0.26 for the quarter and $0.51 for the six months [9][25] - Same store NOI growth was 2.5% for the quarter and 3.9% for the six months, with a target range of 3% to 4.5% for the year [9][10][25] - Occupancy rose by 100 basis points sequentially from Q1 to 93.9% [4][5] Business Line Data and Key Metrics Changes - The company signed $33.2 million in total lease value, slightly up from Q1, with leasing spreads of 41.4% for new leases and 15.2% for renewals, resulting in a combined leasing spread of 17.9% for the quarter [13][25] - The addition of new tenants, such as Ace Hardware and the Pickler, is expected to enhance same store NOI growth in the future [5][14] Market Data and Key Metrics Changes - The company is focusing on high-growth Sunbelt markets, which are experiencing strong leasing environments [4][5] - Significant urban developments are occurring around the company's properties, such as the $1 billion Park 8 Place redevelopment in Houston and TSMC's $165 billion investment in Phoenix [9][20][19] Company Strategy and Development Direction - The company aims to leverage its leadership position in the high-value shop space to achieve core FFO growth of 5% to 7% and same store NOI growth of 3% to 5% [4][9] - Strategic acquisitions, such as San Clemente in Austin and South Hewlett in Fort Worth, align with the company's criteria for growth and neighborhood dynamics [6][8][21] - The company is committed to capital recycling, with an estimated $40 million in acquisitions and dispositions planned for the remainder of the year [11][25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving future same store NOI growth due to strong leasing activity and tenant mix improvements [32][33] - The company is actively managing expenses, reducing G&A and interest expenses by about 6% from the previous year [11][28] - Management reiterated guidance for core FFO per share and year-end occupancy, indicating strong momentum heading into the second half of the year [25][26] Other Important Information - The company has a strong liquidity position with $5.3 million in cash and $69 million available under the credit facility [28] - The company is focused on maintaining a dividend payout of approximately 50% of FFO, with plans to grow the dividend in line with earnings growth [28] Q&A Session Summary Question: Concerns about same store comps in upcoming quarters - Management expressed confidence in meeting forecasts due to improved occupancy and leasing activity contributing to future same store NOI growth [30][32] Question: Impact of new tenants on same store NOI - Management indicated that new tenants like the Pickler will commence in the second half of the year, contributing minimally to same store NOI this year but expected to enhance future growth [34] Question: Details on acquisitions and dispositions - Management confirmed ongoing activities related to $40 million in acquisitions and dispositions, emphasizing the importance of capital recycling [35][36] Question: Interest expense forecast changes - Management clarified that the increase in interest expense is due to timing related to acquisitions and is expected to be offset by increased non-same store NOI [39] Question: Insights on recent acquisitions - Management highlighted the quality of neighborhoods and potential for rent increases in the recent acquisitions, indicating strong upside opportunities [42][43] Question: Cap rates and market pricing trends - Management noted stability in cap rates for recent acquisitions, with a focus on asset-specific evaluations rather than broad market trends [52][53] Question: Same store growth guidance and leasing activity - Management confirmed that the guidance is based on normal leasing activity, with a mix of routine leasing and larger spaces that will contribute to future growth [60][62]

Company Overview - Kimco Realty's total capitalization is $23.1 billion [7] - The company has 567 properties with 101 million square feet of gross leasable area (GLA) [7] - Kimco's strategy focuses on necessity-based goods and services, strong balance sheet, and expansion in high barrier-to-entry markets [8] Financial Performance - The company experienced 7.3% growth in FFO/diluted share compared to Q2 2024 [13] - Kimco has $2.2 billion in immediate liquidity [13] - The company's net debt to EBITDA is 5.6x on a look-through basis [13] Portfolio & Leasing - The company achieved a record high 86% ABR from grocery-anchored centers [13, 37] - Small shop occupancy reached a record high of 92.2% [13] - The blended pro-rata rent spread on comparable leases was 15.2% [13] - The signed not opened (SNO) pipeline is valued at $66 million [10, 13, 59] Capital Allocation - The company anticipates $100 million to $125 million in net acquisitions in 2025 [10, 79] - Kimco plans to sell $100 million to $150 million of low-growth assets [10, 79] - Redevelopment projects are expected to yield 17% and anchor space repositioning projects are expected to yield 11% [10]

Financial Data and Key Metrics Changes - Gross rental income increased by 11% and net rental income rose by 10% [2][3] - Portfolio valuation grew by 11%, marking the first valuation gain since H1 2017 [3][21] - Earnings per share remained flat at 9.9p, with EPRA earnings reported at £48 million [3][21] - The interim dividend was increased by 5%, reflecting the Board's confidence in future earnings growth [4][29] Business Line Data and Key Metrics Changes - Like-for-like gross rental income increased by 54%, with like-for-like net rental income up 54% as well [4] - Like-for-like leasing volume rose by 13%, with leasing value up by 3% [5][37] - Strong leasing performance in Ireland was noted, with expectations for further growth in the second half [37] Market Data and Key Metrics Changes - The company welcomed 79 million visitors in the first half, an increase of 1 million from the previous year [6] - Group like-for-like sales were up 1%, with Q2 showing a 2% increase [7][11] - Footfall in Birmingham increased by 5% in H1, strengthening to 8% in Q2 [11] Company Strategy and Development Direction - The company is focused on active asset management and repositioning, with a strategy termed "lease up to rent up" [5][36] - Recent acquisitions, including Bullring and Grand Central, are expected to enhance income streams and support growth [8][17] - The company has a clear capital allocation strategy aimed at maximizing opportunities to unlock value [8][40] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued strong earnings growth, supported by high demand for retail space [4][19] - The outlook for 2026 and 2027 remains positive, with expected GRI growth of around 15% in 2026 [17][30] - The company is leveraging AI analytics to enhance customer and occupier understanding, which is expected to drive future growth [35] Other Important Information - The company reported a net debt to EBITDA ratio of 7.8 times, with a loan-to-value ratio of 35% [22][28] - The acquisition of Bullring and Grand Central is expected to be immediately 4% earnings accretive [14] - The company has significant potential for future developments, with a GDV potential of around £5.2 billion from various projects [43] Q&A Session Summary Question: What is the impact of the recent acquisitions on earnings? - The acquisition of Bullring and Grand Central is expected to be immediately 4% earnings accretive, with a minimal dilution effect [14] Question: How does the company plan to manage its capital allocation? - The company has a disciplined approach to capital allocation, focusing on high-yielding assets and strategic land monetization [8][40] Question: What are the expectations for future growth in GRI and NRI? - The company has raised its guidance for GRI growth to around 17% for the year, up from a previous estimate of 10% [30]

Financial Performance - Gross rental income (GRI) increased by 11% to £105 million, compared to £94 million in the previous year[38] - Net rental income (NRI) increased by 10% to £80 million, compared to £73 million in the previous year[38] - The company's property valuation increased by 11% to £2,956 million, compared to £2,659 million at the end of the previous year[38] - Like-for-like (LfL) GRI increased by 5% and LfL NRI increased by 4%[13] - EPRA earnings per share were flat at 9.9p, but the dividend per share increased by 5% to 7.94p[38] Acquisition and Redeployment - The company acquired Bullring and Grand Central for a net cash consideration of £319 million, expecting an additional annualised NRI of £22 million[15] - The acquisition is expected to result in a 4% EPS accretion[15] - £321 million was deployed at an average destination yield of 8.5%[13] Portfolio and Leasing - The company has a development portfolio of £293 million, with a gross development value (GDV) of approximately £5.5 billion[13] - Leasing activity shows positive spreads, with deals signed 45% higher than previous passing rent and 13% higher than estimated rental value (ERV)[13] - Occupancy increased from 94% to 95% year-over-year[13] Outlook and Strategy - The company upgraded its full-year 2025 guidance, expecting total GRI growth of approximately 17% and EPRA earnings of approximately £102 million[27] - The company is focused on a clear capital allocation strategy, including redevelopment, repositioning, and capital recycling[13] - The company aims for GRI growth of 4-6% CAGR, EPRA EPS growth of 6-8% CAGR, and DPS growth of 6-8% CAGR[87]

Financial Data and Key Metrics Changes - Gross rental income increased by 11% and net rental income rose by 10% [3][4] - Portfolio valuation grew by 11%, marking the first valuation gain since H1 2017 [3][20] - Earnings per share remained flat, but the acquisition of Bullring and Grand Central is expected to replace the loss from the disposal of Value Retail [3][4] - EPRA earnings were GBP 48 million, with earnings per share at 9.9p, consistent with the previous year [20][21] - The total property return was 4%, with an income return of 3% and a capital return of 1% [20] Business Line Data and Key Metrics Changes - Like-for-like gross rental income and net rental income increased by 54% respectively [4] - UK gross rental income rose by 9% and net rental income by 8% [4] - Like-for-like leasing volume was up 13% and leasing value increased by 3% [5][36] - Like-for-like net rental income in Cabot Circus grew by 24% in the first half [36] Market Data and Key Metrics Changes - Footfall increased to 79 million visitors in the first half, up by 1 million from last year [6] - Group like-for-like sales were up 1%, with Q2 showing a 2% increase [7] - UK like-for-like values increased by 1%, while Ireland saw a 2% increase [25] Company Strategy and Development Direction - The company is focused on active asset management and leasing, shifting from merely filling space to driving rents up [5][33] - A clear capital allocation strategy is in place to maximize opportunities and unlock value [8][40] - The company is investing in AI analytics to enhance customer and occupier understanding, which strengthens its negotiating position [33] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued strong earnings growth, with demand for space at an all-time high [4][15] - The guidance for 2025 has been raised, expecting total gross rental income growth of around 17% [15][28] - The outlook for 2026 and 2027 remains positive, with expected GRI and NRI growth in line with the medium-term financial framework [16][28] Other Important Information - The acquisition of Bullring and Grand Central is expected to be immediately 4% earnings accretive [12][13] - The company has a strong balance sheet with net debt to EBITDA at 7.8 times and LTV at 35% [21][26] - The company has realized €26 million from Leeds Eastgate land at a 23% premium to book value [9] Q&A Session Summary Question: What is the impact of the acquisition of Bullring and Grand Central on earnings? - The acquisition is expected to be immediately 4% earnings accretive with minimal dilution [12][13] Question: How does the company plan to drive future growth? - The company plans to drive growth through active asset management, targeting leasing, repositioning, and asset enhancement [44]