Core Insights - Wereldhave N.V. has agreed to acquire the Ville2 shopping center in Charleroi, Belgium, for €120 million, with a net initial yield of 8.0%, as part of its LifeCentral strategy growth phase [1][5] - The acquisition is expected to positively impact Wereldhave's direct result per share (DRPS) by approximately €0.05, or nearly 3%, starting in 2026 [2] - The transaction will also reduce the net loan-to-value (LTV) ratio by approximately 110 basis points compared to September 30, 2025 [2] Acquisition Details - The Ville2 shopping center has a gross leasable area of approximately 27,100 m² and currently has an 8.5% vacancy rate, with significant potential for transformation into a Full Service Center [3][6] - The center attracts around 4 million visitors annually and ranks third in footfall density among Belgian shopping centers, with several retail categories generating sales above €5,000 per m² [3][6] - Key tenants include C&A, Fnac, H&M, New Yorker, ONLY, Rituals, and Sports Direct, with most tenants performing above the average of Wereldhave Belgium's current portfolio [3][6] Strategic Importance - The acquisition aligns with Wereldhave's disciplined acquisition approach and is expected to deliver immediate earnings accretion [5] - The company aims to enhance the asset's performance and long-term success through its experienced local team [5] - The transaction is part of a broader strategy that includes the disposal of other properties, such as De Roselaar and the anticipated disposal of Sterrenburg, to strengthen the balance sheet [2]

Core Viewpoint - Phillips Edison & Company, Inc. (PECO) announced monthly dividend distributions of $0.1083 per share for its common stock, payable from December 2025 to March 2026, indicating a commitment to returning value to shareholders [1]. Company Overview - PECO is one of the largest owners and operators of grocery-anchored neighborhood shopping centers in the United States, founded in 1991 [3]. - As of September 30, 2025, PECO managed 328 shopping centers, including 303 wholly-owned centers totaling 34.0 million square feet across 31 states [3]. - The company focuses on necessity-based goods and services, featuring top grocery anchors such as Kroger, Publix, Albertsons, and Ahold Delhaize [3]. Dividend Information - The monthly dividend of $0.1083 per share will be payable on December 2, 2025; January 6, 2026; February 3, 2026; and March 3, 2026 [1]. - Stockholders of record will be those as of November 17, 2025; December 15, 2025; January 15, 2026; and February 17, 2026 [1]. - Operating partnership unit holders will receive distributions at the same rate as common stockholders, subject to tax withholding [2].

Financial Data and Key Metrics Changes - FFO as adjusted increased by 4% year-over-year for Q3 2025, with year-to-date growth reaching 7% compared to the first nine months of the previous year [3] - Same property net operating income (NOI) rose by 4.7% for the quarter and 5.4% year-to-date [3] - The company raised its 2025 FFO as adjusted guidance to a new range of $1.42 to $1.44 per share, reflecting a 6% growth over 2024 at the midpoint [6][14] Business Line Data and Key Metrics Changes - Leasing activity totaled 31 deals aggregating 347,000 square feet, including 20 renewals at a 9% spread and 11 new leases at a 61% spread [7] - The overall same property lease rate is at 96.6%, a decline of 20 basis points from the previous quarter [8] - Shop occupancy rate remained flat at 92.5%, while the company continues to explore creating new shop space [9] Market Data and Key Metrics Changes - The Boston portfolio now includes seven properties valued at approximately $5,500 million, representing about 10% of the company's total value [5] - The acquisition market remains competitive, driven by institutional capital and tighter spreads from traditional banks [5] Company Strategy and Development Direction - The company is focused on capital recycling, having acquired nearly $600 million in high-quality shopping centers at an average 7% cap rate while disposing of approximately $500 million in non-core assets at a 5% cap rate [5] - The active redevelopment pipeline totals $149 million with a projected yield of 15% [10] - The company aims to generate sustainable same property NOI growth of 3% or more [92] Management's Comments on Operating Environment and Future Outlook - Management expects shopping center fundamentals to remain strong, driven by favorable supply-demand dynamics and record low vacancy rates [6] - The company is optimistic about the leasing market, with national retailers in expansion mode and willing to pay necessary rents [11] - Management highlighted the importance of balancing the addition of restaurant spaces with grocery stores to avoid oversaturation [77] Other Important Information - The company secured a new $123.6 million four-year non-recourse mortgage at a fixed rate of 5.1% [12] - The liquidity position remains strong at over $900 million, including $145 million in cash [14] Q&A Session Summary Question: Can you provide a breakdown of one-time items recognized in 2025? - Management noted about $2 million in one-time collections related to old receivables and approximately $1.5 million from CAM recovery billings [29][30] Question: What is the opportunity set within Shoppers World? - Management expressed confidence in redeveloping the Kohl's parcel and exploring mixed-use opportunities [41][42] Question: How do you balance demand from restaurants and grocers? - Management indicated that both sectors are expanding, with no significant push-pull tension between them [77] Question: Is there a shift in demand in the D.C. metro area? - Management reported strong performance in D.C. centers, with continued demand for retail space [79] Question: What is the outlook for same property NOI growth? - Management aims for sustainable same property NOI growth of 3% or more, supported by the signed-not-open pipeline [92]

Core Insights - The company remains committed to its unlevered return targets and is confident in achieving its full-year acquisition guidance, having acquired $96 million of assets since June 30 [1][2] - Year-to-date gross acquisitions at the company's share have reached $376 million, with strong leasing activity and occupancy rates [2][4] - The company has the highest ownership percentage of grocery-anchored neighborhood shopping centers among peers, with 70% of annual base rent (ABR) coming from necessity-based goods, providing predictable cash flows [3][4] Financial Performance - The third quarter NAREIT FFO increased to $89.3 million or $0.64 per diluted share, reflecting a year-over-year growth of 6.7% [10] - Core FFO for the third quarter rose to $90.6 million or $0.65 per diluted share, showing a year-over-year growth of 4.8% [10] - The company has approximately $977 million of liquidity to support acquisition plans, with no significant maturities until 2027 [10][11] Acquisition Strategy - The company has been selective in acquisitions during the second half of the year, focusing on tougher underwriting and maintaining a disciplined approach [41][43] - The acquisition pipeline includes 18 assets acquired this year for $376 million, with expectations to close additional deals before year-end [20][21] - The company plans to sell $50 million to $100 million of assets in 2025, with an active pipeline for further dispositions [13][56] Leasing and Occupancy - The company achieved a high tenant retention rate of 94% in the third quarter, with record-high comparable renewal rent spreads of 23.2% [7][8] - Portfolio occupancy remained high at 97.6%, with anchor occupancy at 99.2% [8][9] - Leasing deals executed during the third quarter achieved average annual rent bumps of 2.6%, contributing to long-term growth [8] Development and Redevelopment - The company has 22 projects under active construction, with an estimated total investment of $75.9 million and expected yields between 9-12% [9][30] - The development pipeline is expected to contribute $50 million to $60 million annually over the next three years [30] - The company is actively expanding its development and redevelopment pipeline, including acquiring land for grocery-anchored retail developments [6][30] Market Outlook - The operating environment for grocery-anchored shopping centers remains competitive, with strong demand from retailers [2][4] - The company anticipates continued strong leasing activity and expects inline occupancy to remain high throughout the year [8][34] - Feedback from grocers indicates a resilient customer base, with positive long-term growth expectations despite economic uncertainties [49][50]

Financial Data and Key Metrics Changes - Third quarter NAIRI FFO increased to $89.3 million, or $0.64 per diluted share, reflecting year-over-year per share growth of 6.7% [12] - Third quarter Core FFO increased to $90.6 million, or $0.65 per diluted share, reflecting year-over-year per share growth of 4.8% [12] - The company has approximately $977 million of liquidity to support acquisition plans, with a net debt to trailing 12-month annualized adjusted EBITDA of 5.3 times as of September 30, 2025 [12][13] Business Line Data and Key Metrics Changes - Neighbor retention remained high at 94% in the third quarter, with record-high comparable renewal rent spreads of 23.2% [9] - Comparable new leasing rent spreads for the quarter were strong at 24.5%, with average annual rent bumps of 2.6% [9] - Portfolio occupancy remained high at 97.6% leased, with anchor occupancy at 99.2% and same-store inline occupancy at 95% [10] Market Data and Key Metrics Changes - The market for grocery-anchored shopping centers remains competitive, with the company being selective in acquisitions due to economic stability concerns [5][45] - The company has acquired 18 assets this year for $376 million, with plans to sell $50 million to $100 million of assets in 2025 [15][61] Company Strategy and Development Direction - The company is focused on recycling lower IRR properties into higher IRR properties to drive strong earnings growth [16] - The development and redevelopment pipeline includes 22 projects with an estimated total investment of $75.9 million, targeting average estimated yields between 9% and 12% [11] - The company plans to share more details on its long-term growth strategy during a business update on December 17 [6][17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the grocery-anchored portfolio, noting that 70% of annual base rent comes from necessity-based goods and services, providing predictable cash flows [3][4] - The company expects same-center NOI growth between 3% and 4% annually on a long-term basis, with a forecast for the fourth quarter of 2025 reflecting same-center NOI growth between 1% and 2% [13][14] - Management remains optimistic about the resilience of grocers and their ability to pass on cost increases to consumers [53] Other Important Information - The company has a healthy pipeline for development and redevelopment, including a grocery-anchored retail development in Ocala, Florida [8] - The company is actively expanding its joint ventures, with a recent acquisition of a grocery-anchored shopping center in Columbia, South Carolina [7] Q&A Session Summary Question: Can you share more on acquiring development land at this point in the cycle? - Management highlighted a partnership with a national grocer interested in the growth aspects of Southern Ocala, with 10,000 new homes expected in the next five years [19][20] Question: Can you provide more detail on the current acquisition pipeline? - Management indicated they are comfortable being at the bottom end of their acquisition guidance range, with $376 million in acquisitions year-to-date and plans for more before year-end [21][22] Question: What is the upper level on leverage and how do you think about it as a funding source? - Management aims to maintain net debt to EBITDA at 5.5 times or below, with a willingness to adjust if clear opportunities arise [26][27] Question: What is your view on grocery-anchored cap rates? - Management noted that the supply-demand dynamic for grocery-anchored properties is stabilized, with no major compression in cap rates expected [78] Question: How do you think about funding your acquisition pipeline for next year? - Management emphasized maintaining a strong balance sheet and using a mix of free cash flow and dispositions to fund acquisitions [85]

Company Overview - PECO's portfolio consists of 300+ properties, primarily anchored centers, totaling 34 million square feet with 98% occupancy[5] - The company's total enterprise value is over $72 billion[7] - 84% of PECO's annualized base rent (ABR) comes from 1 or 2 grocery anchors by sales[7] - The portfolio retention rate is 94%[7] Strategy and Performance - 95% of PECO's ABR is derived from grocery-anchored neighborhood centers[13] - 70% of ABR comes from necessity-based goods and services retailers[22] - PECO's Q3 2025 saw record-high renewal rent spreads of 232%[28] - The company anticipates 2025 Nareit FFO per share growth of 68% at the guidance midpoint[31] - PECO's 2024 grocer sales per square foot (PSF) growth was +50% over 2023[43] Portfolio and Financials - PECO targets $350 million to $450 million in gross acquisitions per year[69] - The company estimates total investment in active development projects at $76 million, with an average estimated yield between 9% and 12%[68] - PECO has a significant liquidity position of $977 million[79]

Core Insights - The company has upgraded its 2025 Adjusted Recurring Earnings per Share (AREPS) guidance to at least €9.50, reflecting strong operating performance and successful disposals [5][3] - The acquisition of a 25% stake in St James Quarter in Edinburgh aligns with the company's strategy to expand its flagship assets in key urban markets [4][6] - Tenant sales increased by 3.4% and footfall rose by 1.8% in the first nine months of 2025, indicating robust demand across the portfolio [5][2] Financial Performance - The company reported a 6.7% uplift in Minimum Guaranteed Rent (MGR) on top of indexed passing rents, showcasing effective leasing strategies [5] - Like-for-like Shopping Centres Gross Rental Income (GRI) increased by 2.4%, consistent with the first half of 2025 [5] - The company has completed or secured €1.6 billion in disposals year-to-date, with €1.4 billion already completed and an additional €0.7 billion in active discussions [3][5] Strategic Initiatives - The acquisition of St James Quarter is part of the 'A Platform for Growth' 2025-28 business plan, aimed at enhancing the Westfield brand's presence [4] - The company is actively managing its capital structure, evidenced by a successful €685 million hybrid issuance and a buyback exercise on its hybrid instruments [5] - The company operates 66 shopping centres across 11 countries, attracting over 900 million visits annually, which provides a strong platform for retailers [7]

Core Points - Regency Centers Corporation will announce its third quarter 2025 earnings results on October 28, 2025, after market close [1] - An earnings conference call is scheduled for October 29, 2025, at 11:00 a.m. ET [2] Company Overview - Regency Centers is a leading national owner, operator, and developer of shopping centers in suburban areas with strong demographics [4] - The company's portfolio includes properties with productive grocers, restaurants, service providers, and top retailers that engage with their communities [4] - Regency Centers operates as a fully integrated real estate company and is a qualified real estate investment trust (REIT), self-administered, self-managed, and a member of the S&P 500 Index [4]

Core Insights - Dania Pointe, a 102-acre lifestyle center in South Florida, is hosting two signature events: the Dania Pointe 5K Fun Run Under the Sun on October 12 and the Dania Pointe Food & Wine Festival on November 16, marking their fourth consecutive year [1][2] Event Details - The Dania Pointe 5K Fun Run will cater to participants of all ages and skill levels, with a portion of ticket sales benefiting the Alzheimer's Association, alongside a $3,500 donation from Dania Pointe [2][3] - Participants in the 5K will receive a T-shirt, chipped race time, and a finisher medal, with awards for top male and female finishers [3] - The Food & Wine Festival will feature food samples from various restaurants, fine wines, live chef demonstrations, and entertainment, requiring attendees to be at least 21 years old [4][5] Company Overview - Dania Pointe is owned by Kimco Realty, a real estate investment trust (REIT) that specializes in high-quality, open-air, grocery-anchored shopping centers and mixed-use properties [6][7] - Kimco Realty's portfolio includes 566 shopping centers and mixed-use assets, totaling 101 million square feet of gross leasable space as of June 30, 2025 [8]

Summary of Phillips Edison & Company Update - September 24, 2025 Company Overview - **Company**: Phillips Edison & Company (NasdaqGS:PECO) - **Industry**: Grocery-anchored neighborhood shopping centers Key Points and Arguments Macroeconomic Environment - Current inflation rate is 2.9%, near the 30-year average, indicating economic resilience despite inflation concerns [3][4] - Unemployment rate in August was 4.3%, which is low compared to long-term averages [3][4] - Phillips Edison & Company has limited exposure to heavily imported retail categories, mitigating tariff impacts [3][4] Business Performance and Growth - Increased full-year 2025 guidance due to strong retailer demand and higher rents [4][5] - Dividend distribution rate raised by 5.7%, marking the fifth consecutive annual increase [5][6] - Stock price is approximately 6% lower year-to-date, attributed to macroeconomic concerns and elevated interest rates [6][7] - Total return of approximately 47.3% since IPO through June 30, 2025 [7] Portfolio and Investment Strategy - Focus on necessity-based retail, with 70% of total rent from necessity-based goods and services [13][41] - Same-center NOI growth projected between 3% and 4% annually [9][14] - Strong acquisition pipeline with $302 million in acquisitions closed to date, targeting $350 million to $450 million for the year [8][9] - Low leverage at approximately 32% loan-to-value, providing financial capacity for growth [9][10] Resilience and Risk Management - Historical occupancy loss during economic downturns was minimal, with only 60 basis points during the pandemic [27][28] - Limited exposure to at-risk retailers, focusing on essential services [41][42] - Confidence in the ability to deliver strong earnings growth even in potential recession scenarios [26][27] Technological Advancements - Engaging in 20 active artificial intelligence projects aimed at improving operational efficiency [29][33] - Recognized with a Digital Innovation Award for best use of AI, highlighting commitment to technological advancements [33] Future Outlook - Management believes current stock price offers a favorable entry point for investors [19][49] - Commitment to increasing dividends as cash flow grows, maintaining a low payout ratio [46][47] - Potential for mergers or acquisitions if favorable opportunities arise [44][45] Community and Customer Focus - Emphasis on building community through tenant relationships, referring to tenants as "neighbors" [15][16] - Centers are strategically located in suburban markets with strong demographics, enhancing foot traffic [13][15] Additional Important Insights - The company is well-aligned with its investors, with management owning 8% of the company [17] - The focus on omnichannel retailing positions Phillips Edison & Company favorably in the evolving retail landscape [12][16] - The company’s strategy is designed to provide a balance of stability and growth, appealing to both retail and institutional investors [5][19]