Financial Data and Key Metrics Changes - Curbline Properties reported a nearly 9% sequential increase in NOI, driven by organic growth and acquisitions [27] - CapEx as a percentage of NOI was under 5%, leading to approximately $25 million of retained cash flow before distributions, despite NOI being $28 million [13][29] - The company raised its OFFO guidance to a range between $0.99 and $1.02 per share for 2025, reflecting better-than-expected operations and acquisition pacing [30] Business Line Data and Key Metrics Changes - The leasing rate increased by 50 basis points sequentially to 96%, with blended straight-line leasing spreads at 27% [15] - Same-property NOI growth is expected to average greater than 3% for the three-year period ending in 2026 [15] - The company signed almost 120,000 square feet of new leases and renewals in Q1, including notable tenants like AT&T and Verizon [14] Market Data and Key Metrics Changes - Curbline owns over 3.3 million square feet of convenience assets, representing less than 1% of the total U.S. inventory of 950 million square feet [16] - The average household income for the first quarter investments was nearly $110,000, with a weighted average lease rate of over 95% [22] Company Strategy and Development Direction - Curbline focuses exclusively on convenience properties, which are expected to outperform in various macro environments due to high tenant retention and low CapEx [7][12] - The company plans to continue acquiring convenience properties, with a current pipeline exceeding $500 million [19][20] - The strategy emphasizes capital efficiency and the ability to generate cash flow growth with minimal capital investment [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's ability to generate compelling stakeholder value, supported by a strong balance sheet with nearly $600 million in cash [25] - The demand for available space remains strong, driven by existing retailers and service tenants expanding into suburban markets [23] - Management acknowledged potential impacts from macroeconomic changes but remains confident in the value proposition of small format retail [24] Other Important Information - The company has a net cash position and $1 billion in liquidity, positioning it well for future investments [25][35] - Curbline's business model allows for quick tenant turnover and lower costs associated with backfilling vacancies, enhancing resilience during economic downturns [106][108] Q&A Session Summary Question: Thoughts on funding sources and cost of capital - Management indicated they are exploring various funding sources, including bank, bond, and insurance markets, and will choose the best option as the year progresses [41][42] Question: Details on the acquisition pipeline - The acquisition pipeline consists mostly of single asset purchases, with a blended cap rate around 6.25% [48][49] Question: Impact of tariffs on underwriting and sector exposure - Management noted that most tenants do not carry inventory, minimizing the impact of tariffs, but acknowledged that higher capital costs may influence investment decisions [52][55] Question: Changes in seller willingness to transact - Seller willingness remains firm, primarily driven by life events rather than market timing, maintaining consistent inventory levels [64] Question: Same-store growth and occupancy changes - Same-store NOI was up 2.5% for the quarter, with occupancy metrics impacted by tenant renewals and terminations [29][66] Question: Confidence in affluent portfolio amidst consumer pullback - Management emphasized the importance of zoning and scarcity value in affluent areas, which supports the business model despite broader consumer trends [88][89] Question: Acquisition guidance for future years - The company plans to maintain a $500 million acquisition target for 2025, with potential for exceeding this based on current deal flow [96][98]

C O N V E N I E N C E A U T O M O T I V E R E T A I L CORPORATE PROFILE and SUPPLEMENTAL INFORMATION APRIL 2025 SAFE HARBOR STATEMENTS Forward Looking Statements Certain statements in this presentation constitute "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements are statements that relate to management's expectations or beliefs, future plans and strategies, future financial performance and similar expressions concerning matters that are not historical ...

Company Overview - Simon Property Group has evolved over 31 years as a public company, originally focusing on Midwest shopping centers and now becoming a global leader in retail real estate [4] - The company operates five distinct retail distribution channels: malls, mills, outlets, international, and digital [4] Conference Highlights - The conference marks the 30th anniversary of the Citi Global Property CEO Conference, showcasing its ongoing significance in the industry [4] - Brian McDade, the CFO, introduced the company and emphasized its growth and evolution over the years [3][4]

Federal Realty Investment Trust (FRT) Q4 2024 Earnings Call February 13, 2025 05:00 PM ET Company Participants Leah Brady - Vice President-Investor RelationsDonald Wood - President and CEODan Guglielmone - Executive Vice President, Chief Financial Officer & TreasurerJuan Sanabria - Managing DirectorDori Kesten - DirectorJan Sweetnam - Executive VP & Chief Investment OfficerJeffrey Spector - Managing DirectorAlexander Goldfarb - Managing DirectorGreg Mcginniss - DirectorKi Bin Kim - Managing DirectorFloris v ...

Financial Data and Key Metrics Changes - For the year 2024, the company reported an annualized base rent (ABR) of approximately $197.8 million, reflecting a 14.5% increase from $172.8 million in 2023 [20][21] - The adjusted funds from operations (AFFO) per share for Q4 2024 was $0.60, a 5.3% increase from $0.57 in Q4 2023, while the full year AFFO per share was $2.34, up 4% from $2.25 in 2023 [20][21] - The company achieved a fixed charge coverage ratio of 3.8 times as of December 31, 2024, indicating strong financial health [22] Business Line Data and Key Metrics Changes - In 2024, the company invested $289 million in high-quality convenience and automotive retail assets, acquiring 71 properties and providing development funding for new industry assets [7][8] - The investment activities were diversified, with 57% focused on non-convenience and gas property types, including express tunnel car washes and auto service centers [14][16] - The company reported a trailing twelve-month tenant rent coverage ratio of 2.6 times, indicating strong rent coverage across its portfolio [13][14] Market Data and Key Metrics Changes - The company expanded its presence in top metropolitan statistical areas (MSAs), with 60% of annualized base rent coming from the top 50 MSAs and 76% from the top 100 MSAs [13] - The investment activity in 2024 was characterized by a balanced approach, with convenience stores representing 41% of transaction volume, express tunnel car washes 33%, auto service centers 21%, and drive-thru quick service restaurants 5% [16] Company Strategy and Development Direction - The company is focused on a diversification strategy that has increased total ABR by approximately 70% since the end of 2019, with rental income from non-convenience and gas properties now accounting for 28% of total ABR [11] - The management emphasized the importance of a relationship-based sale leaseback strategy to generate continued acquisition opportunities in the convenience and automotive retail sectors [10][12] - The company remains committed to executing its growth and diversification plans while creating value for shareholders [12] Management's Comments on Operating Environment and Future Outlook - Management characterized 2024 as a challenging year for transaction markets but expressed confidence in the company's ability to source attractive investment opportunities [6][17] - The company anticipates modest cap rate compression from the 8.3% yields achieved in 2024, driven by larger portfolio transactions [17] - Management revised the AFFO guidance for 2025 to a range of $2.38 to $2.41 per share, factoring in potential rent adjustments and uncollectible rents [27][28] Other Important Information - The company disposed of 31 properties for gross proceeds of approximately $13 million in 2024, including seven properties for $7.5 million in Q4 [19] - The company has a strong capital position with $17 million in cash and over $280 million of capacity on its unsecured revolving credit facility, providing ample resources for future investments [24] Q&A Session Summary Question: Can you elaborate on the Zipps situation? - Management indicated that the seven sites in question were primarily new to industry locations and expressed confidence in re-leasing them without significant capital requirements [30][31] Question: Are there concerns regarding the financial health of other operators? - Management reassured that they maintain regular communication with tenants and are comfortable with their current car wash roster, emphasizing the focus on large, experienced operators [33][34] Question: How will the capital plan be structured moving forward? - The CFO explained that the company plans to use debt proceeds to pay down the revolver first, followed by utilizing equity for acquisitions throughout the year [38] Question: What are the assumptions regarding the potential downtime for the Zipps properties? - Management acknowledged a range of outcomes regarding downtime and rent recovery, emphasizing that they are capturing this variability in their AFFO guidance [42][44] Question: Can you provide more details on the recent portfolio transaction? - Management confirmed that the recent transaction is a direct sale leaseback and expressed intentions to pursue more such transactions in the future [46][47]

Financial Data and Key Metrics Changes - The company raised approximately $1,100,000,000 of forward equity during the year, with $423,000,000 in the fourth quarter alone [6][16] - Core FFO per share was $1.02 for the fourth quarter and $4.08 for the full year 2024, representing year-over-year increases of 3.5% to 3.7% respectively [19] - AFFO per share was $1.04 for the fourth quarter, reflecting a 4.7% year-over-year increase, and $4.14 for the full year, marking a 4.6% year-over-year growth [19][22] Business Line Data and Key Metrics Changes - In Q4 2024, the company invested approximately $371,000,000 in 127 high-quality retail net lease properties, including the acquisition of 98 assets for over $341,000,000 [10][11] - For the full year 2024, the company invested $951,000,000 in 282 retail net lease properties, with a weighted average cap rate of 7.5% and a weighted average lease term of 10.4 years [11][12] - The development and DFP platforms had a record year with 41 projects representing approximately $180,000,000 of committed capital [12] Market Data and Key Metrics Changes - The company reported a strong occupancy rate of 99.6% at year-end, with investment grade exposure at 68.2% [15][19] - The weighted average cap rate for dispositions in 2024 was 6.7% [14] Company Strategy and Development Direction - The company remains committed to investing in strong retailers with superior risk-adjusted returns and aims to deepen relationships with core retailers [5][9] - The company plans to deploy over $1,500,000,000 in 2025 while maintaining a target leverage range of four to five times net debt to EBITDA [7][20] - The company emphasizes a disciplined approach to capital allocation and raising, with no material debt maturities until 2028 [6][18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating a volatile higher interest rate environment and achieving AFFO per share guidance of $4.26 to $4.30 for 2025, representing approximately 3.5% year-over-year growth [8][20] - The management noted that the current economic environment presents both challenges and opportunities, particularly in the retail sector [40][76] Other Important Information - The company declared monthly cash dividends of $0.253 per common share for Q4 2024, representing a 2.4% year-over-year increase [22] - The company received a credit rating upgrade to BBB+ from BBB with a stable outlook, reflecting its prudent growth strategy [19] Q&A Session Summary Question: Insights on ground lease renewals and market upside - Management indicated significant mark-to-market upside in ground lease renewals, with a case study highlighting a tenant's need to sign a new lease at a higher rate [26][28] Question: Balancing forward equity and cash drag - Management explained that the cost of forward equity is minimal due to current interest rates, allowing for ample liquidity for investment activities [29][31] Question: Acquisition cap rates and seller expectations - Management noted that seller expectations have not significantly changed despite fluctuations in the ten-year treasury rates, emphasizing a disciplined approach to capital deployment [35][37] Question: Investment grade tenant exposure and future expectations - Management stated that the current investment grade exposure is near an all-time high, but they remain open to unrated retailers if the pricing is favorable [45][47] Question: Transaction volume expectations for 2025 - Management expressed optimism about a strong start to 2025, with ongoing sourcing for the second quarter, but refrained from making predictions about the overall year [49][50] Question: Update on Big Lots and lease auctions - Management provided updates on the Big Lots bankruptcy process, indicating ongoing negotiations and interest in the properties [66][68] Question: Sale leaseback market activity - Management noted ongoing discussions regarding sale leasebacks and anticipated increased activity in the market [70] Question: Development demand and labor shortages - Management reported strong demand from major retailers for new store builds, despite challenges related to construction costs and liquidity [75][78] Question: Growth plans for tenants amid recent bankruptcies - Management highlighted the lack of available retail space as a challenge for retailers looking to expand, emphasizing the need for creative growth strategies [83][85] Question: Bad debt assumptions in guidance - Management indicated that the 2025 guidance includes an assumption for 50 basis points of credit loss, compared to 35 basis points in 2024 [90][91]