Financial Data and Key Metrics Changes - Normalized FFO for Q1 2025 was $10.8 million or $0.07 per share, down from $0.13 per share in the prior year quarter [24] - Adjusted EBITDAre increased slightly year over year to $115.8 million [24] - Comparable hotel RevPAR grew by 2.6% year over year, with GOP and adjusted hotel EBITDA declining year over year primarily due to renovations and increased costs [6][10] Business Line Data and Key Metrics Changes - Comparable hotel RevPAR growth was supported by occupancy and ADR gains, with full-service hotels reporting a 1.9% increase in RevPAR [10] - Select service portfolio saw exceptional growth with RevPAR up 10.6% year over year, driven by occupancy growth [11] - Extended stay portfolio's RevPAR was flat due to a decline in occupancy, impacted by renovation activities [11] Market Data and Key Metrics Changes - The lodging portfolio experienced a softening in RevPAR as the quarter progressed, influenced by reduced government and international travel [8] - Group revenue pace increased by 6.5% year over year, indicating strong demand despite overall market challenges [35] Company Strategy and Development Direction - The company plans to sell 123 hotels in 2025 with estimated proceeds of $1.1 billion to strengthen the balance sheet and reinvest in growth opportunities [9][14] - A strategic shift towards increasing net lease exposure is anticipated, with a target of 54% net lease properties and 46% lodging assets [16] - The company aims to optimize its portfolio through asset sales and reinvestment in high-potential hotels [12] Management's Comments on Operating Environment and Future Outlook - Management noted ongoing macroeconomic uncertainties but expressed confidence in the portfolio optimization initiatives and durable cash flows from net lease assets [16] - The company expects challenges in the travel and lodging industries to affect key segments like government and leisure travel [27] - Future performance is anticipated to improve as renovations complete and group revenue continues to grow [35] Other Important Information - The company is under contract to sell four hotels from a previously launched portfolio, with expected proceeds of $26.5 million [13] - The net lease portfolio remains nearly 98% leased, with a weighted average lease term of eight years, providing steady cash flow [18] Q&A Session Summary Question: Can you walk us through the RevPAR trends in the quarter? - Management indicated that RevPAR started strong in January but decelerated towards March, with preliminary April numbers showing a decrease of 1% year over year [32][33] Question: What is the impact of international and government business on demand? - Approximately 30% of the portfolio is in top markets affected by international travel, with a modest decrease in government business noted [34][35] Question: How confident is the company in completing hotel sales at the expected price? - Management expressed confidence due to a robust selection process and strong buyer interest, with transactions expected to occur in phases [36][38] Question: Will the company continue to have hotel exposure in the future? - Management confirmed that while the focus is shifting towards net lease properties, hotel exposure will remain part of the strategy [41][43] Question: What caused the shift in timing for hotel dispositions? - The shift was attributed to the diligence process associated with larger portfolios, rather than broader market concerns [61][62] Question: How is the CapEx program being managed in light of potential tariff impacts? - The company is monitoring costs and sourcing strategies to mitigate potential impacts from tariffs on capital expenditures [64][66] Question: What types of properties were acquired in the net lease segment? - The company acquired a car wash and a casual dining concept, with plans for further acquisitions in casual dining and QSR [76][78]

Portfolio Overview - InvenTrust owns 68 retail properties[6] - The portfolio is heavily concentrated in the Sun Belt region, with 97% of properties located there[6] - Grocery-anchored properties account for 86% of the portfolio[6] - The total gross leasable area (GLA) of the portfolio is 11 million square feet[6] - The average center size is 161,000 square feet[6] Financial Performance (Q1 2025) - Core FFO per diluted share was $0.46[17] - Same Property NOI (SPNOI) growth was 6.1%[17, 87] - The tenant retention rate was 90%[17] - Leased occupancy reached 97.3%[17] - ABR per square foot was $20.21[17] - Net Debt-to-Adjusted EBITDA was 4.1x[17, 58] - Net Leverage Ratio was 23.4%[17] - Total liquidity was $577 million[17, 58] 2025 Guidance - Core FFO per diluted share is projected to be between $1.79 and $1.83, representing a growth of 3.5% to 5.8%[7] - SPNOI growth is expected to be between 3.5% and 4.5%[7, 68] - Net acquisition activity is anticipated to be approximately $100 million[68, 104]

Safe Harbor and Non-GAAP Disclosures Forward-Looking Statement and Risk Factors Investor Presentation First Quarter 25 The Markets at Town Center Jacksonville, Florida This communication contains , contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). The Company intends such forward-looking statements to be covered by the safe har ...

Group 1 - Brixmor Property Group (NYSE: BRX) has shown strong performance due to high demand for grocery-anchored locations [1] - The retail real estate sector is facing pressures, but limited new supply has supported outdoor retail spaces [1]

Financial Data and Key Metrics Changes - The company reported first quarter earnings of $0.34 per share, which includes $0.06 from Whole Foods related to rents and recoveries, as well as termination payments [44][46] - Same store NOI growth was reported at 4.1%, with the Street retail portion growing 6.8% for the quarter, outperforming suburban assets by over 400 basis points [52][53] - The company achieved a core operating signed not yet open pipeline increase of over 15%, with new leases signed at cash spreads exceeding 50% [41][48] Business Line Data and Key Metrics Changes - The Street retail segment continued to show strong performance, with double-digit sales growth observed in key markets such as SoHo and M Street [21][24] - The company signed new core leases totaling over $5 million in ABR, with 95% of that income coming from street locations [20] - The leasing velocity and signed not yet open pipeline are both accelerating, with a robust pipeline of over $6 million in additional leases in advanced stages of negotiation [21][48] Market Data and Key Metrics Changes - Consumer spending has remained resilient, particularly among affluent consumers, with sales growth reported at 15% year-over-year in the Georgetown portfolio [12][24] - The company noted that the affluent consumer demographic is less affected by broader economic indicators, maintaining spending habits despite economic uncertainties [12][22] - The company is seeing increased traction in markets that have been slower to recover, such as San Francisco, with significant leasing activity reported [28][30] Company Strategy and Development Direction - The company aims to be a dominant owner-operator of street retail in key corridors, focusing on acquisitions that are accretive to earnings and enhance the portfolio [14][39] - The strategy includes opportunistically adding assets through its investment management platform, leveraging institutional capital relationships [14][39] - The company is well-positioned to navigate market volatility and capitalize on potential buying opportunities in street retail investments [16][39] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the continued internal growth driven by strong tenant demand and limited new supply in high-quality locations [5][13] - The company is monitoring inflationary pressures and economic slowdowns but believes that strong demand will mitigate long-term declines [10][12] - Management remains optimistic about achieving 5% to 6% full-year same store NOI growth, supported by a solid balance sheet and liquidity [53][54] Other Important Information - The company completed over $370 million in acquisitions year-to-date, including targeted street retail acquisitions and value-add opportunities [32][34] - The balance sheet remains strong, with a debt to EBITDA ratio of 5.7 times, allowing for continued investment in growth opportunities [54] - The company has a robust pipeline of pending deals and active negotiations, indicating strong future growth potential [49][50] Q&A Session Summary Question: Will the signed not yet open (SNO) continue to accelerate and exceed 6% of ABR by year-end 2025? - Management indicated that they expect continued growth in the SNO pipeline, with $3 million expected to roll into the second half of the year [58] Question: Can you discuss opportunistic investing during downturns and the types of sellers? - Management noted that sellers could include institutional investors seeking liquidity or different operating partners, but it is too early to predict specific outcomes [60][62] Question: How has the Street portfolio changed post-COVID in terms of tenant types? - Management highlighted a shift towards healthier retailers, including digitally native brands, replacing legacy retailers, contributing to sustained demand and growth [66] Question: How confident is the company in achieving 10% underlying growth in the Street portfolio? - Management expressed confidence, noting that the majority of the signed not yet open pipeline is from the Street segment, which is expected to drive growth [70] Question: What is the current state of the street retail transaction market? - Management observed a potential reduction in competition as some buyers may pull back, but they remain prepared to capitalize on opportunities [78] Question: How are leasing spreads trending through the balance of the year? - Management indicated that while spreads may vary, they believe their leases are well-positioned relative to the market [81]

Financial Data and Key Metrics Changes - The company reported first quarter earnings of $0.34 per share, which includes $0.06 from Whole Foods related to rents and recoveries, as well as termination payments [41] - Same store NOI growth was reported at 4.1%, with the Street retail portion growing 6.8% for the quarter, outperforming suburban assets by over 400 basis points [49][38] - The company achieved a debt to EBITDA ratio of 5.7 times for the quarter, remaining within the targeted range of 5.5 to 6 times [50] Business Line Data and Key Metrics Changes - The Street retail segment continued to show strong performance, with a signed not yet open pipeline increasing by over 15% to approximately $9 million of ABR [44] - New core leases signed totaled over $5 million in ABR, with 95% of that income coming from street locations [19] - The company closed over $370 million in acquisitions year to date, including targeted street retail acquisitions [30] Market Data and Key Metrics Changes - Consumer spending remained resilient, particularly among affluent consumers, with double-digit sales growth observed in key street markets [20][12] - Apparel sales in the Georgetown portfolio were up 15% year over year, while sales in the Armitage Avenue portfolio increased by 12% [23][24] - The company noted that the affluent consumer demographic has proven resilient to price increases driven by inflation or tariffs [21] Company Strategy and Development Direction - The company aims to be a dominant owner-operator of street retail in key corridors, focusing on acquisitions that are accretive to earnings and enhance the portfolio [14] - The strategy includes opportunistically adding assets through the investment management platform, leveraging institutional capital relationships [15] - The company is positioned to take advantage of market disruptions, with a focus on motivated sellers and off-market transactions [34][36] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued internal growth driven by strong tenant demand and limited new supply in key markets [6][13] - The company is monitoring inflationary pressures and economic slowdowns but believes that strong demand will mitigate long-term declines [10][12] - Management remains optimistic about achieving 5% to 6% full-year same store NOI growth, supported by a robust pipeline of leasing deals [49][47] Other Important Information - The company has raised approximately $800 million last year and to date, providing liquidity to weather market volatility [16] - The company is actively engaged in several investment management opportunities, with expectations of increased activity in the current market environment [35] Q&A Session Summary Question: Will the signed not yet open (SNO) continue to accelerate and exceed 6% of ABR by year-end 2025? - Management indicated that they expect continued growth in SNO, with $3 million expected to roll into the second half of the year, maintaining optimism for replenishing that growth [54] Question: Can you discuss opportunistic investing during downturns and the typical sellers? - Management noted that sellers could include institutional investors seeking liquidity or different operating partners, but it is too early to predict specific outcomes [55][56] Question: What types of tenants went away post-COVID, and how does consumer demand look? - Management highlighted that there was not significant turnover, with many new leases signed with relevant brands, indicating strong consumer demand [62] Question: How confident is the company in achieving 10% underlying growth in the Street portfolio? - Management expressed confidence in achieving growth, particularly from the signed not yet open pipeline, which is primarily from the Street segment [67] Question: Has there been any change in the frequency of touchpoints with tenants post-April 2? - Management reported no noticeable change in leasing velocity or tenant responsiveness, with continued strong sales and demand [84]

Urban Edge Properties (UE) Q1 2025 Earnings Call April 30, 2025 08:30 AM ET Speaker0 Greetings, and welcome to the Urban Edge Properties First Quarter twenty twenty five Earnings Call. At this time, all participants are in a listen only mode. A question and answer session will follow the formal presentation. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Jeff Olson. Please go ahead. Speaker1 Good morning, and welcome to Urban Edge Properties First Quarter twe ...

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]

Financial Data and Key Metrics Changes - NAREIT FFO was reported at $0.56 per share for Q1 2025, driven by same property NOI growth of 2.8% despite a 160 basis point drag from tenant disruption [12][13] - The company reduced leverage to 5.5 times debt to EBITDA and had $1.4 billion in available liquidity with no debt maturities until June 2026 [8][14] Business Line Data and Key Metrics Changes - The company executed 1.3 million square feet of new and renewal leases at a blended cash spread of 21%, with new leases at 48% and renewals at 14% [10] - The reinvestment pipeline reached $391 million with a weighted average return of 10%, and the leasing pipeline was up 30% in GLA year-over-year [11] Market Data and Key Metrics Changes - The company continues to capture a significant share of new store openings in core categories such as grocery and value apparel, with strong tenant performance driving year-over-year traffic growth [6][11] - The signed but not yet commenced pool totaled $60 million, with expectations to commence $48 million or 79% of this ABR ratably through the remainder of 2025 [13][14] Company Strategy and Development Direction - The company is focused on capitalizing on tenant disruption to bring in better tenants at higher rents, enhancing the overall portfolio quality [5][10] - The management expressed confidence in the ability to outperform in 2025 and 2026, supported by a robust leasing pipeline and low rent basis [6][9] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the potential for economic slowdown and tariff uncertainty but emphasized strong tenant demand and the ability to navigate disruptions [5][6] - The company expects base rent to accelerate in the second half of the year as new leases commence, with a focus on maintaining a strong credit profile [15][16] Other Important Information - The company has maintained a conservative approach to guidance, factoring in potential tenant disruptions and bad debt [15][46] - The management highlighted the importance of tenant credit profiles and the resilience of their retail categories in the face of economic challenges [76][78] Q&A Session Summary Question: Exposure to Big Lots or Party City at quarter end - Management confirmed a 140 basis point impact from bankruptcies, primarily from Big Lots and Party City, and expects to recapture Joann boxes in May [17][18] Question: Growth visibility for the remainder of the year - Management expressed confidence in growth visibility due to a strong signed but not commenced pipeline and ongoing leasing activity [24][26] Question: Impact of tariffs on leasing discussions - Management noted that while tariffs are a concern, tenants in grocery and value segments are well-positioned and continue to show growth plans [28][30] Question: Expected capital spend for re-tenanting spaces - Management indicated that costs for re-tenanting are in line with previous backfills, averaging around $50 per square foot [62][64] Question: Impact of tariffs on tenant inventory - Management stated that retailers are preparing for potential tariff impacts and are adjusting sourcing strategies accordingly [90][92] Question: Guidance on lease term income - Management expects lease term income to normalize throughout the year, with visibility on tenant demand and credit [80][81]

Brixmor Property Group (BRX) Q1 2025 Earnings Call April 29, 2025 10:00 AM ET Company Participants Stacy Slater - Senior Vice President of Investor Relations & Capital MarketsJames Taylor - CEO, President & DirectorBrian Finnegan - President & COOSteven Gallagher - Executive VP, CFO & TreasurerSamir Khanal - DirectorAlexander Goldfarb - Managing DirectorGreg Mcginniss - DirectorMark Horgan - Executive VP & Chief Investment OfficerMichael Griffin - DirectorFloris van Dijkum - Managing DirectorCaitlin Burrows ...