Financial Data and Key Metrics Changes - FFO, excluding certain expenses, was approximately $93.35 per share during Q3 2025, with a Go-Forward Portfolio Centers NOI increase of 1.7% compared to Q3 2024 [20][21] - Net debt to EBITDA at the end of Q3 was 7.76 times, a full turn lower than at the outset of the Path Forward Plan [22] - Portfolio sales at the end of Q3 were $867 per sq ft, up almost 4% compared to the same period in 2024 [12] Business Line Data and Key Metrics Changes - Signed 1.5 million sq ft of new and renewal leases in Q3 2025, an 87% increase from Q3 2024, bringing year-to-date signed leases to 5.4 million sq ft, an 86% increase compared to the same period in 2024 [6][11] - The SNO pipeline grew from $87 million in August to $99 million, with expectations to meet or exceed the $100 million target by year-end [7][8] - Trailing 12-month leasing spreads remained positive at 5.9%, marking 16 consecutive quarters of positive leasing spreads [13] Market Data and Key Metrics Changes - Traffic through the portfolio was flat compared to Q3 2024, but comp sales for the go-forward portfolio increased by 3.5% [12][57] - The retailer environment remains strong, with legacy retailers reinventing themselves and emerging brands rapidly opening stores [17][18] Company Strategy and Development Direction - The company is focused on operational improvement, leasing momentum, and achieving deleveraging targets as part of its Path Forward Plan [5][11] - The acquisition of Crabtree Mall is seen as a compelling investment, with plans to invigorate leasing momentum and drive permanent occupancy [11][49] - The company aims to refine its portfolio and strengthen its balance sheet through a $2 billion disposition target, with almost $1.2 billion completed to date [21][26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in hitting 2028 targets due to strong leasing momentum and a healthy retailer environment [5][17] - The company remains patient and disciplined regarding additional external growth opportunities while focusing on leasing and operational improvements [11][22] - Management noted that despite macroeconomic uncertainties, retailer demand across all categories is strong, indicating a robust Class A mall sector [18][75] Other Important Information - The company has approximately $1 billion of liquidity, including $650 million of capacity on its revolving line of credit [22] - The addition of high-profile retailers like Hermès and Level 99 is expected to enhance the portfolio's attractiveness and drive customer traffic [14][15] Q&A Session Summary Question: Follow-up on equity issuance - The main objective was to make Crabtree leverage neutral, with future ATM use evaluated in the context of accretive growth opportunities [29] Question: Clarification on SNO pipeline - The $6 million related to Crabtree includes both in-place NOI and incremental leasing since acquisition [30][31] Question: 2026 lease expirations - 55% of 2026 expiring square footage is committed, with another 30% in the letter of intent stage, significantly ahead of last year [34][35] Question: Anchor leases timing and capital costs - Most anchor leases are expected to commence in the back half of 2027 or early 2028, with capital costs varying by tenant [37][39] Question: Financing appetite for non-Fortress assets - The financing market has improved, with recent loans closed at favorable rates, indicating a positive outlook for refinancing [44][49] Question: Impact of Canadian tourists on sales - There has been a reduction in Canadian tourists, but sales performance at key centers like Scottsdale Fashion Square remains strong [72][73] Question: Conflicting signals in retail performance - Despite some retailers facing challenges, the demand for leasing space in high-quality malls remains robust, driven by a lack of new supply [75]