Core Insights - The individual has a decade of experience in a Big 4 audit firm, focusing on banking, mining, and energy sectors, which provides a strong foundation in finance and strategy [1] - Currently serves as the Head of Finance for a leading retail real estate owner and operator, overseeing complex financial operations and strategy [1] - Active investor in the U.S. stock market for 13 years, with a portfolio that reflects a balanced approach, emphasizing value stocks while maintaining exposure to growth opportunities [1] - Investment philosophy is based on thorough research and a long-term perspective, aiding in navigating various market cycles successfully [1] - Aims to uncover promising under-the-radar stocks that may not be widely recognized in the market [1] - Background in auditing and finance, combined with hands-on investing experience, allows for unique insights and actionable ideas for investors [1]

Summary of Key Points from Conference Call Records Industry or Company Involved - **Shenzhen Inovance Technology Co. Ltd** (China) [7] - **MediaTek Inc.** (Taiwan) [5][6] - **EDP/EDPR** (Portugal) [4] - **Minth** (China) [8] - **Antofagasta** (United Kingdom) [12] - **Scentre Group** (Australia) [13][14] Core Insights and Arguments Shenzhen Inovance Technology Co. Ltd - Management reaffirmed full-year guidance despite underwhelming 3Q25 results, citing NEV drag and margin pressure [7] - Expecting approximately 20% year-over-year sales growth in both 4Q25 and 2026, driven by product expansion and overseas market penetration [7] - Introduction of Digital Energy Solutions as a strategic growth engine, enhancing focus on energy storage and digitalization [7] MediaTek Inc. - Anticipated 3Q25 revenues to be in line with expectations, with 4Q25 guidance expected to be flat to slightly down due to seasonal corrections [6] - The stock has underperformed recently, down 9% compared to TWSE's 18% increase, attributed to weaker ASIC expectations [6] - Key positive catalysts include resetting ASIC revenue expectations and potential breakthroughs with new projects [6] EDP/EDPR - Downgraded EDP from Overweight to Neutral due to limited upside after a 49.7% YTD total return [4] - Concerns over overestimated earnings growth expectations for EDPR and conservative guidance from management [4] - Estimated 2028E net income for EDP at €1.43 billion, with potential conservative guidance leading to profit-taking [4] Minth - Share price surged 143% YTD, with a recent correction of 14% due to share sales and geopolitical tensions [8] - Earnings forecast raised by 14-23% for 2026/27, reflecting stronger expectations in battery housing and auto components [8] - Anticipated valuation re-rating driven by new TAM from AI liquid cooling and humanoid robotics [8] Antofagasta - Q3'25 copper production increased by 2%, but sales decreased by 11% due to weather conditions [12] - 2025 copper production guidance lowered to the lower end of the range (660-700kt) [12] - Revised 2025E/26E EBITDA forecasts down by 3% and 7%, respectively, while maintaining an Overweight rating [12] Scentre Group - Placed on Positive Catalyst Watch ahead of FY26 earnings growth guidance, expected to exceed market expectations [13] - Anticipated strong like-for-like NOI growth of 4.0%, driving approximately 7% FFO growth [13] - Favorable conditions for top-tier malls, with minimal vacancy and strong population growth [14] Other Important but Possibly Overlooked Content - The global corporate capex survey indicates a bullish outlook for data centers and associated infrastructure, with a projected 10% year-over-year increase in global capex for 2025 [3] - The broader industrial sector is expected to see a 12% year-over-year increase, while sectors like Autos and Chemicals are experiencing declines [3] - Polish banks are expected to show sequential improvement in ROTE, with a projected average of 23.5% for 3Q25 [11] This summary encapsulates the key insights and developments from the conference call records, highlighting the performance and outlook of various companies and industries.

Financial Data and Key Metrics Changes - For Q3 2025, the company reported funds from operations (FFO) of $0.44 per diluted share, a 2.3% increase from the previous year, driven by a $21 million increase in pro rata net operating income (NOI) [6][21][23] - The company raised its full-year FFO guidance to a range of $1.75-$1.76 per diluted share, reflecting over 6% growth compared to 2024 [23] - Same-site NOI increased by 1.9% for the quarter and 3% year-to-date, aligning with expectations despite some impacts from early recaptures of large anchor spaces [7][23] Business Line Data and Key Metrics Changes - The company completed 427 leases totaling 2.3 million square feet, with a blended leasing spread of 11% year-to-date, indicating strong leasing momentum [9][10] - Pro rata occupancy increased by 30 basis points sequentially to 95.7%, with small shop occupancy reaching a record high of 92.5%, up 70 basis points year-over-year [8][9] Market Data and Key Metrics Changes - The company noted that credit loss did not materially affect same-site NOI growth, tracking at 75 basis points for Q3 [21][22] - The leasing activity was exceptionally strong, with a significant increase in demand across various retail categories, particularly grocery-anchored spaces [10][11] Company Strategy and Development Direction - The company is focusing on further portfolio lease-up and expanding high-return redevelopment projects, with a total development and redevelopment pipeline of approximately $600 million [10][11] - The creation of the Office of Innovation and Transformation aims to drive strategic initiatives and enhance operational efficiencies through technology and data [13][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of the open-air model and sustained demand from retailers, indicating a positive outlook for future growth [6][14] - The company anticipates that the benefits from re-tenanting spaces recaptured earlier in the year will be realized over the next several quarters, contributing to sustained earnings growth [25] Other Important Information - The company has a strong liquidity position with over $2.1 billion available, including $160 million in cash [22] - The board approved a quarterly common stock cash dividend increase of 4% to $0.26 per share [23] Q&A Session Summary Question: What is the current transaction environment and cap rate trends? - Management noted that the transaction environment remains extremely competitive, with a healthy amount of deal flow across the country, but aggressive cap rates are being observed due to high competition [27][29] Question: Can you provide insights on the SNO pipeline and its impact on future growth? - Management indicated that approximately 60% of the current signed but not open (SNO) pipeline is expected to commence in 2026, contributing significantly to NOI growth [34][35] Question: What is the outlook for retailer investments and opportunities? - Management highlighted ongoing discussions with retailers, emphasizing a long-term growth strategy despite short-term market disruptions, with a focus on expanding market share [58][60] Question: How does the company plan to fund its redevelopment pipeline? - The company plans to utilize free cash flow and partner with external entities for funding, ensuring a capital-light approach to its multifamily projects [75][76] Question: What is the company's strategy regarding capital recycling? - Management confirmed a focus on recycling capital from low-growth assets into higher-yielding acquisitions, with a target of $100 million to $150 million in annual dispositions [50][52]

Financial Data and Key Metrics Changes - Funds from operations (FFO) for Q3 2025 reached $300.3 million or $0.44 per diluted share, a 2.3% increase compared to the previous year [29] - Same site net operating income (NOI) increased by 1.9% for the quarter and 3% year to date, aligning with expectations despite some impacts from early recaptures of large anchor spaces [16][31] - The company raised its full year FFO guidance range to $1.75 to $1.76 per diluted share, reflecting over 6% growth compared to 2024 [31] Business Line Data and Key Metrics Changes - Leasing activity was strong, with 427 leases completed totaling 2.3 million square feet, including 144 new deals at a 21% spread and 283 renewals at an 8% spread, resulting in a blended leasing spread of 11% year to date [18] - Pro rata occupancy increased by 30 basis points sequentially to 95.7%, with anchor occupancy at 97% and small shop occupancy reaching a record high of 92.5% [17] Market Data and Key Metrics Changes - The company noted a robust demand for retail space, particularly in grocery-anchored projects, with a total development, redevelopment, and mixed-use pipeline of approximately $600 million [20] - The competitive environment for quality open-air retail has strengthened, with significant capital chasing these assets, leading to aggressive cap rates [24][36] Company Strategy and Development Direction - The company is focused on further portfolio lease-up and expanding high-return redevelopment projects, while maintaining a strong balance sheet [21] - The establishment of the Office of Innovation and Transformation aims to drive strategic initiatives and harness emerging technologies, including AI, to enhance operational efficiency [22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of the grocery-anchored strategy and the ability to capitalize on strong retailer demand, translating leasing success into sustained earnings growth [22][23] - The company anticipates continued growth in the signed but not open (SNO) pipeline, with approximately 20% of these leases expected to commence in Q4 2025 [32] Other Important Information - The company has a strong liquidity position with over $2.1 billion available, including over $160 million in cash [30] - Credit loss remains low, tracking at 75 basis points for Q3, with a revised assumption range of 75 to 85 basis points for the remainder of the year [31] Q&A Session Summary Question: What is the current transaction environment and cap rate trends? - Management noted that the transaction environment remains extremely competitive, with a healthy amount of deal flow across the country, but aggressive cap rates due to substantial capital chasing these deals [36] Question: Can you elaborate on the signed but not open pipeline and its impact on future NOI growth? - Management indicated that about 60% of the current SNO pipeline is projected to commence in 2026, contributing significantly to future NOI growth [46] Question: What is the outlook for retailer investments and the overall retailer environment? - Management highlighted ongoing conversations with retailers, indicating confidence in growth strategies despite macroeconomic uncertainties, with a focus on expanding market share [95] Question: How does the company plan to fund its redevelopment pipeline? - The company plans to utilize free cash flow and partner with developers for multifamily projects, ensuring a capital-light approach while maintaining a focus on grocery-anchored developments [129] Question: What are the expectations for small shop leasing and potential upside? - Management noted that small shop leasing continues to see upward momentum, with significant demand and limited new supply, indicating potential for further occupancy growth [136]

Company Overview - Kimco Realty has a total capitalization of $23.7 billion and owns 564 properties with 100 million square feet of Gross Leasable Area (GLA) [6] - The company's pro-rata occupancy is 95.7%, up 30 basis points Quarter-over-Quarter (QoQ) [12] - 86% of the company's Annual Base Rent (ABR) comes from grocery-anchored centers [12] Financial Performance and Growth - The company has $71 million in Signed Not Opened (SNO) pipeline [9, 12] - The company anticipates approximately $31 million cash flow impact from SNO in 2025 [9, 56] - Net Effective Rents increased by 9% Trailing Twelve Months (TTM) [9] - The company expects blended yield of 17% on redevelopments with $22 million gross costs and 11% on anchor space repositioning with $57 million gross costs in 2025 [9] - The company anticipates $100 million to $125 million in total net acquisitions in 2025 [9] Portfolio and Leasing - The company's pro-rata rent spread on comparable new leases is 21.1% [12] - Small shop occupancy reached a record high of 92.5% [12] - The company's blended pro-rata rent spread on comparable leases is 11.1% [12] - 47% of Kimco's ABR is derived from small shop tenants (<10K SF) [40]

Financial Data and Key Metrics Changes - The company reported same-store NOI growth of 8.2%, with street retail portfolio delivering 13% growth during the quarter [29][31] - The quarterly FFO increased by a penny to $0.29 compared to the previous quarter's $0.28, despite short-term dilution from the partial conversion of the City Point loan [36][37] - The company expects total same-store growth of 6%-7% in Q4, aiming to achieve the upper end of the 5%-6% projection for the year [31][32] Business Line Data and Key Metrics Changes - The leasing team executed $3.7 million in AVR during Q3, bringing total signed leases year-to-date to $11.4 million, ahead of last year's record pace [17][18] - The company added, expanded, or renewed leases with several high-demand brands, achieving an average GAAP spread of 36% in high-growth markets [19][20] - The company converted approximately $7 million of AVR from S&O to open and paying tenants during the quarter [18][19] Market Data and Key Metrics Changes - Sales for reporting tenants on the streets showed significant growth, with SoHo sales up 15%, Bleecker Street over 30%, and Gold Coast of Chicago over 40% [23][24] - Despite concerns in Washington, DC, sales on M Street increased by 16% year-over-year, indicating strong tenant demand [24] - The company noted a resurgence in foot traffic and energy in key markets, including San Francisco, driven by economic recovery and demographic trends [10][11] Company Strategy and Development Direction - The company aims to build Acadia Realty Trust into the premier owner-operator of street retail in the U.S., focusing on both internal and external growth opportunities [15][28] - The strategy includes maintaining a 5% plus annual growth rate through internal growth opportunities and accretive external acquisitions [7][12] - The company is confident in its ability to fund acquisitions and redevelopment projects, with a strong balance sheet and liquidity [30][39] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing economic recovery, particularly among affluent consumers, which is driving demand for street retail [49][50] - The company anticipates continued strong performance in its street retail portfolio, with several years of tailwinds expected [15][40] - Management acknowledged the importance of adapting to market conditions and maintaining flexibility in funding strategies [68][69] Other Important Information - The company plans to refine its FFO definition for 2026 to provide a clearer link between real estate growth and bottom-line earnings [30][38] - The company raised approximately $212 million of equity during the quarter to fund its acquisition pipeline and redevelopment projects [39][40] Q&A Session Summary Question: Can you lift the veil a little bit on the pipeline of acquisitions you're looking at? - The company indicated that the $500 million pipeline is a gross number, with specific conversations ongoing regarding potential deals [42][44] Question: Are you seeing no signs of slowing down in terms of tenant demand? - Management confirmed that the affluent consumer is driving recovery, leading to strong sales and profitability for retailers in key locations [48][49] Question: Could you go into some of the considerations of what would make you hit the 5% versus the 9% growth in 2026? - The company highlighted that achieving the higher end of growth depends on the speed of leasing and opening spaces, with confidence in reaching at least 5% [54][55] Question: What proportion of the mark-to-market opportunity has already been addressed? - Management noted significant sales growth in key markets and indicated that the company has already addressed a portion of the mark-to-market opportunities [76] Question: Any sense what the split might look like on that $500 million pipeline between core and investment management deals? - The company refrained from providing specific numbers but emphasized a robust pipeline and the ability to fund all opportunities [81]

Financial Data and Key Metrics Changes - The company reported a same-store NOI growth of 8.2%, with the street retail portfolio delivering 13% growth during the quarter [27][28] - The quarterly FFO increased to $0.29 compared to $0.28 in the previous quarter, despite short-term dilution from the City Point loan conversion [34][35] - The company maintained its FFO guidance for 2026, moving to a simplified reporting metric that excludes investment management gains [36][37] Business Line Data and Key Metrics Changes - The company executed $3.7 million in new leases during the third quarter, bringing total signed leases year-to-date to $11.4 million [16][21] - The average GAAP spread for new and renewal leases was 32%, with a notable 36% spread in high-growth markets [16][18] - The leasing pipeline increased to $8 million, indicating strong tenant demand and leasing velocity [16][21] Market Data and Key Metrics Changes - Sales in SoHo increased by 15%, Bleecker Street by over 30%, and the Gold Coast of Chicago by over 40% year-to-date [21][22] - Despite concerns in Washington, DC, sales on M Street rose by 16% year-over-year, showcasing resilience in urban markets [22] - The company noted a resurgence in foot traffic and consumer spending, particularly among affluent consumers, driving demand for street retail [6][9] Company Strategy and Development Direction - The company aims to become the premier owner-operator of street retail in the U.S., focusing on internal growth and external acquisitions [12][13] - The strategy includes enhancing the leasing portfolio in key urban markets and capitalizing on the demand for direct-to-consumer retail locations [6][12] - The company is confident in its ability to invest accretively despite rising costs of capital, leveraging its reputation as a buyer of choice in the street retail space [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the ongoing recovery in consumer spending, particularly among affluent consumers, which is expected to continue driving demand for retail space [46][47] - The company anticipates achieving 10% REIT portfolio NOI growth in 2026, supported by strong internal growth and a robust acquisition pipeline [33][38] - Management acknowledged the importance of adapting to market conditions and maintaining flexibility in funding strategies to support growth initiatives [64][66] Other Important Information - The company has raised approximately $212 million in equity to fund its acquisition pipeline and redevelopment projects [38] - The investment management platform is seeing increased interest from institutional investors, indicating a strong demand for retail assets [70] - The company is focused on simplifying its financial reporting to provide clearer insights into its core operating results [27][36] Q&A Session Summary Question: Can you provide details on the acquisition pipeline? - Management indicated that the $500 million pipeline is gross and includes specific negotiations, with a focus on street retail opportunities [56][57] Question: Are you seeing signs of slowing tenant demand? - Management confirmed strong tenant demand, driven by affluent consumers and the shift towards direct-to-consumer retail strategies [46][47] Question: What factors will influence the 5% to 9% same-store growth range in 2026? - Management highlighted that achieving the higher end of the range depends on the speed of leasing and market conditions, with confidence in surpassing 5% growth [51] Question: How is the company managing its balance sheet for future investments? - Management emphasized maintaining a pro-rata debt to EBITDA ratio and leveraging both equity and debt markets to fund acquisitions [64][66] Question: What is the level of demand from institutional partners for the investment management platform? - Management reported broad demand from institutional investors seeking retail opportunities, indicating a strong interest in partnering [70]

Financial Data and Key Metrics Changes - The company reported strong same-property NOI growth of nearly 5%, primarily driven by a 4.7% increase in base rent [7][14] - Full-year earnings growth outlook has been raised, with anticipated same-property NOI growth of 5.25% to 5.5% and mid-7% growth for NAREIT FFO [13][14] - The dividend has been increased by more than 7%, reflecting strong performance and commitment to shareholder returns [5][14] Business Line Data and Key Metrics Changes - The same-property percent lease rate is at 96.4%, with expectations to exceed prior peak levels due to strong demand and limited new supply [7][8] - Cash-free leasing spreads were strong at 13%, while gap rent spreads reached near record high levels at 23% [9][44] - The company has signed three new grocer leases in Q3, enhancing foot traffic and merchandising at key assets [8][9] Market Data and Key Metrics Changes - The company is experiencing significant demand across nearly all retailer categories, with a healthy tenant base and historically low bad debt [4][7] - The leasing pipeline remains robust, with 1 million square feet of leases in negotiation, indicating continued strong leasing activity [9][60] Company Strategy and Development Direction - The company emphasizes its unique position as the only national developer of grocery-anchored shopping centers at scale, focusing on high-quality developments [5][11] - The development pipeline is expected to reach approximately $300 million in starts for 2025, with a total of $800 million over the past three years [11][15] - The company aims to leverage its strong balance sheet and competitive advantages to drive sustainable cash flow growth [6][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the operating environment, citing strong retailer demand and favorable leasing fundamentals [10][15] - The company anticipates continued above-trend same-property NOI growth in 2026, with expectations for total NOI growth in the mid-6% area [14][15] - Management highlighted the health of the tenant base and the positive impact of capital allocation strategies on earnings growth [4][13] Other Important Information - The company has successfully integrated newly acquired properties and is actively working to source attractive investment opportunities [12][13] - The balance sheet remains strong, with leverage within the target range and significant free cash flow available for funding growth [14][15] Q&A Session Summary Question: Can you provide some color on the 11 asset distribution transaction with your JV partner? - Management indicated that the transaction allowed for better capital recycling and alignment of interests with their long-term partner [18][19] Question: What are your expectations for same-property NOI growth in 2026? - Management expects a mid-3% growth, driven by base rent and a healthy tenant roster, with credit loss provisions similar to 2025 [21][24] Question: How should we think about the potential on development and redevelopment starts into next year? - Management expressed confidence in finding investment opportunities, with a shift towards ground-up development expected to continue [26][29] Question: Can you provide more color on the mix of new leases between anchors and shops? - Management noted that the increase in anchor transactions was coincidental for the quarter and not development-driven [32][33] Question: What are you seeing in the market regarding cap rates and IRRs? - Management reported that cap rates are trending lower due to increased capital flow into the sector, with a focus on maintaining quality in acquisitions [36][39] Question: Can you elaborate on your leasing pipeline and expectations for rent spreads? - Management highlighted strong rent spreads and the importance of embedded rent steps in their leasing strategy [43][44] Question: What is prompting early discussion about 2026 expectations? - Management clarified that providing early guidance has been a practice to ensure transparency, especially following the COVID period [80][81] Question: How does retailer sentiment today compare to previous high occupancy periods? - Management indicated that current retailer sentiment is strong, with a healthy tenant base contributing to high occupancy levels [88]

Financial Data and Key Metrics Changes - Same property NOI for the quarter was $44.3 million, representing a 6.4% increase year-over-year, driven by embedded rent escalations, occupancy gains, and positive rent spreads [10] - NAREIT FFO was $38.4 million, or $0.49 per diluted share, reflecting an 8.9% increase compared to the same quarter last year [10] - Year-to-date NAREIT FFO totaled $111.1 million, or $1.42 per diluted share, a 6% year-over-year increase [11] - Total liquidity stood at $571 million, including $71 million in cash and a full $500 million available under a revolving credit facility [12] Business Line Data and Key Metrics Changes - The company reported a same property NOI growth of over 6%, with healthy rent spreads and positive leasing activity across both anchors and small shops [4] - New leases for the third quarter achieved a 25.6% spread, while renewals averaged at 10.4%, resulting in a blended leasing spread of 11.5% [17] - Retention rate year-to-date was 82%, with a higher rate of 89% when excluding a single anchor space undergoing redevelopment [18] Market Data and Key Metrics Changes - Census data indicated retail sales are up year-over-year, with sustained strength in suburban centers across the Sunbelt [6] - The company noted that nine of the top 10 U.S. retail metros are in the Sunbelt, where it is heavily concentrated [6] - The limited level of new open-air retail development is seen as a competitive advantage, with rising costs and restrictive zoning keeping new supply muted [7] Company Strategy and Development Direction - The company maintains a hub-and-spoke operating model to manage a broad network of top-tier assets across Sunbelt markets efficiently [5] - The capital allocation strategy remains measured and disciplined, targeting opportunities that align with strict return thresholds [8] - Approximately 70% of the portfolio consists of neighborhood and community centers, with a focus on high-quality tenant bases and financial flexibility [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to deliver solid total returns for shareholders, supported by favorable strip center fundamentals [9] - While household debt levels are rising and consumer confidence has weakened, day-to-day consumer behavior in the company's centers remains resilient [6] - The company raised its full-year same property NOI growth guidance to a range of 4.75% to 5.25% [14] Other Important Information - The company completed four acquisitions totaling $250 million during the quarter, funded primarily with cash on hand [13] - An annualized dividend of $0.95 per share was declared [13] Q&A Session Summary Question: Thoughts on tenants in discretionary categories, including restaurants - Management noted strong demand from quick service and sit-down dining, with most restaurants performing well in the portfolio [22][23] Question: Percentage of core grocery versus power and lifestyle in acquisition pipeline - The pipeline remains robust, with over $1 billion in assets being considered, primarily grocery-anchored [25][26] Question: Trajectory of occupancy over the next couple of quarters - Management expects a slight decline in small shop occupancy but anticipates a reacceleration in 2026 [32][33] Question: Confidence level to grow creatively from acquisitions moving into 2026 - Management emphasized the importance of responsible and creative growth strategies, focusing on high-quality assets [41][42] Question: Remaining budgeted bad debt expense for the year - The forecast includes visibility into the lower end of the bad debt range, with some assumptions for unforeseen fallout [46] Question: Lease-to-economic occupancy spread and its future - Management indicated that the spread is influenced by timing and expects it to stabilize between 150 to 200 basis points [53][54] Question: Balance between grocery sector strength and dining out trends - Management observed that both sectors have been complements rather than substitutes, with strong performance in both areas [56][57] Question: Comfort with increasing share of tertiary markets in the portfolio - Management is open to secondary and tertiary markets as long as the quality of assets remains high [62][63]

Financial Performance & Guidance - The company forecasts mid-7% year-over-year growth in Nareit FFO per share at the midpoint of guidance[34] - Same property NOI growth is guided at +5.25% to +5.5%, increased from a prior range of +4.5% to +5.0%[30, 34] - Non-cash revenues are guided at +/- $49 million[30] - The company expects a weighted average diluted share count of approximately 184.5 million for the calculation of Nareit FFO in 2025[35] Portfolio & Operations - Over 85% of the portfolio is grocery-anchored neighborhood and community centers[24] - The company has more than $668 million of development and redevelopment projects in process[24] - The signed-not-occupied (SNO) pipeline represents ~$36 million of base rent, reflecting a 200bps leased-to-occupied spread[36, 41, 43] - Of the $36 million ABR in the SNO pipeline, 32% is expected to rent commence by year-end 2025, and 99% by year-end 2026[45] Capital Structure & Investments - Net Debt & Preferred Stock to Trailing 12-Month EBITDAre is 5.3x[24] - The company has ~$1.5 billion revolver availability as of 9/30/2025[24] - Total capitalization is $19.3 billion, with equity representing 70%[62] - The company commenced a new ground-up development project in Jacksonville, FL, with total project costs of ~$112 million and a stabilized yield of ~8%[52, 56]