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]