Financial Data and Key Metrics Changes - The company reported strong same-property NOI growth of nearly 5%, driven primarily by base rent growth of 4.7% [10] - Full-year earnings growth outlook has been raised, with anticipated same-property NOI growth of 5.25%-5.5% and mid-7% growth for NAREIT FFO [17][20] - The company has increased its dividend by more than 7% this quarter, reflecting strong performance [8][17] Business Line Data and Key Metrics Changes - The same-property percent lease rate stands at 96.4%, with expectations to exceed prior peak levels due to strong demand and limited new supply [10] - Cash-free leasing spreads were strong at 13% in Q3, while gap rent spreads reached near record high levels at 23% [12] - The company signed three new grocer leases in Q3, enhancing foot traffic and merchandising at key assets [11] Market Data and Key Metrics Changes - The company has a robust leasing pipeline, with 1 million sq ft of leases in negotiation, indicating continued strong leasing activity [12][68] - The tenant base remains healthy, with historically low bad debt levels and strong sales performance [7][10] Company Strategy and Development Direction - The company emphasizes ground-up development as a key differentiator, being the only national developer of grocery-anchored shopping centers at scale [8] - 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 [14][15] - The company is focused on maintaining a strong balance sheet and generating significant free cash flow to fund external growth [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the competitive advantages that position the company well for sustainable cash flow growth [9] - The outlook for 2026 anticipates same-property NOI growth in the mid-3% area, with continued contributions from development projects [19][30] - Management highlighted the importance of tenant health and strong demand in the retail environment, which supports future growth [10][20] Other Important Information - The company has successfully integrated acquisitions, including a five-property portfolio valued at $350 million [15][16] - The balance sheet remains strong, with leverage within the target range of 5x-5.5x and nearly full availability on a $1.5 billion credit facility [18] 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 [22] Question: What's changing from the environment that you're seeing for 2026? - Management expects credit loss provisions to remain similar to 2025, with a healthy tenant roster contributing to stable growth [26][28] 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 [34][36] Question: Can you provide more color on the mix of new leasing being done on the anchor side versus shops? - Management noted that the increase in anchor transactions was coincidental and not development-driven [40] Question: What are you seeing in the market regarding cap rates or IRRs? - Management indicated that cap rates are trending lower due to increased capital flow into the sector, with a focus on maintaining quality investments [44][46] Question: Can you give a sense of where you're underwriting rents for anchor and small shop versus current market rents? - Management emphasized the importance of relationships with grocers and the expertise in underwriting to ensure successful developments [76][78]

Financial Data and Key Metrics Changes - The company reported a 12% increase in total sales for the second quarter, driven primarily by growth in the Climate Solutions segment [19] - Adjusted earnings per share (EPS) was $1.06, reflecting a 9% increase compared to the prior year [20] - The gross margin declined by 290 basis points to 22.3%, primarily due to increased costs associated with data center capacity expansion [19][22] Business Line Data and Key Metrics Changes - Climate Solutions segment revenue increased by 24%, with data center sales growing by 42% [14][24] - Performance Technologies segment revenue declined by 4%, but adjusted EBITDA improved by 3%, with adjusted EBITDA margins increasing by 90 basis points to 14.7% [10][18] - HVAC technologies within Climate Solutions saw a 25% increase in sales, driven by acquisitions, but faced lower margins due to a negative mix impact [14][15] Market Data and Key Metrics Changes - The company anticipates data center sales to grow in excess of 60% for the fiscal year, with expectations of over 90% year-over-year growth in the second half [24] - The Performance Technologies segment is expected to see revenue flat to down 7%, improving from a prior range of down 2% to 12% [24] Company Strategy and Development Direction - The company is focused on expanding its U.S. manufacturing capacity for data center products and has secured additional facilities in Texas and the UK [3][5][8] - The strategy includes integrating recent acquisitions to enhance product offerings and improve margins through the application of 80/20 principles [3][11] - The company aims to transition from low-volume, high-mix manufacturing to high-volume production to meet the demands of large data centers, particularly those specializing in AI applications [8][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to meet customer demands and execute on strategic plans despite current challenges in hiring and training a workforce [7][9] - The company expects significant revenue growth in Q4 as new production lines come online, with a path to achieve over $2 billion in revenues by fiscal 2028 [8][24] - Management acknowledged temporary margin erosion due to increased costs from capacity expansion but anticipates a return to normalized margins by Q4 [15][21] Other Important Information - Free cash flow was negative $31 million in the second quarter, primarily due to higher inventory builds and capital expenditures [22] - The company raised its revenue outlook for fiscal 2026, expecting total sales growth in the range of 15% to 20% [24][25] Q&A Session Summary Question: Can you parse out year-over-year margin contraction on the climate side of the business? - The margin contraction was primarily driven by data center expansion costs, accounting for about 225 to 250 basis points, with additional impacts from HVAC technologies and mix issues [31][32] Question: What gives confidence that margins should normalize going into Q4? - Confidence stems from learning and efficiency improvements from previous product launches, which will enhance margins as production ramps up [50][51] Question: How does the company view the total addressable market for data centers? - The company estimates that reaching $2 billion in sales could represent 15% to 20% of the available HVAC market, indicating significant growth potential [60] Question: What is the expected contribution of liquid cooling to the business? - Liquid cooling is seen as a complementary product to air cooling, with ongoing developments expected to enhance its market presence [95]

Financial Data and Key Metrics Changes - In Q3 2025, home closing revenue was $1.4 billion, a 12% decrease year-over-year due to a 7% lower home closing volume and a 5% decrease in average selling price (ASP) to $380,000 per home [18][24] - The gross margin for home closings was 19.1%, down 570 basis points from 24.8% in Q3 2024, reflecting increased use of incentives and inventory-related impairments [19][24] - Adjusted diluted EPS for Q3 2025 was $1.55, compared to $2.67 in Q3 2024, marking a 48% year-over-year decrease [24][25] Business Line Data and Key Metrics Changes - Orders increased by 4% year-over-year to 3,636 units, driven by a 14% increase in average community count, despite a 7% decrease in average absorption pace [4][13] - The cancellation rate was 11%, lower than the historical average, attributed to the 60-day closing-ready commitment [13] - The company achieved a backlog conversion rate of 211%, with more than 60% of orders closing in the same quarter [6][16] Market Data and Key Metrics Changes - Local demand varied across regions, with strong absorption in Dallas, Houston, Southern California, and Carolinas, while challenges persisted in Austin, San Antonio, and parts of Florida and Northern California [15] - The average selling price on orders was $389,000, down 4% from the prior year due to increased use of incentives [14] - The company moderated starts to approximately 3,000 homes, a 19% decrease year-over-year, to align with softer demand [16] Company Strategy and Development Direction - The company focuses on affordable move-in-ready homes and a 60-day closing-ready guarantee to provide certainty to home buyers [5][9] - A 100% spec strategy allows flexibility to adjust starts based on real-time local demand, with a goal of maintaining a four to six months' supply of specs [10][12] - The company reduced land acquisitions by 70% year-over-year, indicating a strategic shift to optimize asset management [11] Management's Comments on Operating Environment and Future Outlook - Management noted that consumer confidence remains low, impacting demand despite recent Fed rate cuts and lower mortgage rates [8][9] - The long-term outlook for the housing market is optimistic due to favorable demographic trends and an undersupply of affordable homes [9] - Management anticipates that the incentive burden will taper off as market conditions stabilize, allowing for improved margins in the future [9][22] Other Important Information - The company returned $85 million to shareholders in Q3 2025, an increase from $57 million in Q3 2024, and repurchased over 772,000 shares for $55 million [27][28] - The balance sheet remains healthy with cash of $729 million and a net debt-to-capital ratio of 17.2% [26] Q&A Session Summary Question: Impact of strategy pivot on overall return profile - Management acknowledged that while ROE compression is influenced by market conditions, there are opportunities to optimize inventory turnover and cash generation moving forward [34][36] Question: Community count growth outlook in 2026 - Management indicated that new communities would not significantly impact margins but would help leverage fixed costs better [38][41] Question: Expectations for orders in Q4 - Management does not expect Q4 absorptions to exceed Q3 levels but anticipates an increase in starts aligned with community count growth [47][46] Question: Buyer psychology and market share - Management believes the ability to close within 60 days enhances their competitive position, potentially gaining market share from peers [78]

Financial Data and Key Metrics Changes - Q3 2025 revenue was $271.6 million, flat compared to the prior year, with record aftermarket parts revenue of $188.4 million, up 6% year-over-year [6][12] - Adjusted EBITDA was $58 million, with an adjusted EBITDA margin of 21.4% [6][19] - GAAP EPS decreased 12% to $2.35, while adjusted EPS decreased 9% to $2.59, exceeding guidance by $0.36 due to higher-than-expected aftermarket parts revenue [18][19] - Gross margin improved to 45.2%, up 50 basis points from 44.7% in Q3 2024 [12][16] Business Line Data and Key Metrics Changes - Flow control segment revenue declined 3% to $94 million, with aftermarket parts revenue up 5% [7][8] - Industrial processing segment revenue decreased 4% to $106 million, with aftermarket parts revenue at a record $81 million, representing 76% of total revenue [8][9] - Material handling segment revenue increased 11% to a record $70 million, driven by an 18% increase in capital shipments [9][10] Market Data and Key Metrics Changes - Market demand for capital equipment remains sluggish, but there is increasing activity expected in Q4 2025 [5][10] - Capital bookings were flat compared to the previous year, primarily due to sustained weakness in capital project orders [7][24] - Operating rates in the U.S. are higher than in other regions, with paper side rates around low 80% and China at 60% [45][46] Company Strategy and Development Direction - The company is focusing on operational improvements and strategic acquisitions, including Clyde Industries and Babbini [22][25] - The acquisition strategy is supported by a renewed revolving credit facility, increasing borrowing capacity to $750 million [22] - The company anticipates a healthy aftermarket demand and improved business activity moving forward [10][25] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about capital orders moving forward, despite delays in bookings due to administrative processes [31][32] - The impact of tariffs is still present, creating uncertainty, but conditions are improving compared to earlier in the year [34][35] - The second half of 2025 is expected to show solid improvement across various metrics, with strong aftermarket parts activity anticipated [89] Other Important Information - Cash flow from operations was $47 million, and free cash flow was $44 million in Q3 2025 [6][19] - The company is monitoring tariff impacts and exploring alternative suppliers to mitigate costs [24] - The backlog at the end of Q3 was $273 million, with capital orders making up about 60% of that [73] Q&A Session Summary Question: Percentage of aftermarket parts revenue for each segment - Flow control: 74% current quarter vs. 70% prior year; Industrial processing: 76% current vs. 67% prior; Material handling: 52% current vs. 55% prior [29] Question: Clarification on capital bookings being pushed to 2026 - Management noted several projects are in late stages, but administrative requirements may delay bookings [31][32] Question: Impact of tariffs on capital equipment needs - Management indicated that while conditions are better, uncertainty remains, affecting customer caution [34][35] Question: Insights on factory utilization rates globally - U.S. operating rates are higher than global averages, with paper side at low 80% and China at 60% [45][46] Question: Backlog contribution from Clyde Industries - Expected backlog contribution from Clyde Industries is around $30 million [75]

Financial Data and Key Metrics Changes - The company reported adjusted earnings per share (EPS) of $1.53, raising the bottom of its guidance by $0.10 due to strong financial results and sales growth [4][21] - Weather-adjusted sales increased approximately 4.5%, with industrial sales growing more than 7% primarily from new and expansion customers [21][22] Business Line Data and Key Metrics Changes - The company achieved a first quartile net promoter score for utility residential service, maintaining this position [4] - The digital LIHEAP platform received a Silver Best Practices Award for excellence in serving vulnerable customers [7] Market Data and Key Metrics Changes - Entergy Mississippi announced a $300 million investment to improve grid reliability, expected to reduce outages by half within five years [8] - The data center pipeline has grown to 7-12 GW based on active customer conversations, indicating strong demand for energy infrastructure [9][10] Company Strategy and Development Direction - The company is focused on maintaining low rates for customers while managing fuel volatility through hedging programs [5][6] - Entergy is actively pursuing new industrial customers, including hyperscale data centers, while ensuring they contribute fairly to energy infrastructure costs [7][9] - The capital plan for 2026-2029 is set at $41 billion, with $4.4 billion in equity planned, indicating a proactive approach to funding growth [23][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving long-term growth outlooks, supported by strong customer demand and regulatory mechanisms [4][19] - The company anticipates continued significant transmission investment driven by customer needs and growth in service territories [49][50] Other Important Information - The company has secured approximately 75% of critical equipment for owned projects, with a clear line of sight for the remaining 25% [11] - Entergy Texas was awarded $200 million in grant funding for resilience projects, enhancing storm readiness without additional costs to customers [15] Q&A Session Summary Question: Updated CapEx plan and 4.5 GW of power island equipment - The $41 billion CapEx includes capital needed to support forecasted load, with the 4.5 GW supporting additional customers in the pipeline [31] Question: Long-term EPS growth outlook beyond 2030 - Management indicated good visibility through 2029, with potential for long-term growth opportunities as additional customers are secured [32] Question: Customer demand for renewable components - The company is exploring all types of resources, including gas and renewables, to meet customer needs [34] Question: Arkansas project ramp-up and local stakeholder views - The project is in early stages, with strong local support and expected to proceed as planned [46] Question: Impact of large customers on existing customers - Large new customers are expected to help existing customers by covering incremental costs during construction [106] Question: Potential for onsite power generation by data centers - While data centers could self-generate, they prefer to avoid capital investment in generation, allowing Entergy to build nearby generation facilities [103] Question: Arkansas rate case filing - The team is still working on the case, but benefits from large new customers are expected to be outlined in the filing [106] Question: Clarification on 8 GW for additional growth - The 8 GW represents growth opportunities above the forecast, with a total of 19.5 GW now identified [87] Question: Renewable commitments for hyperscalers - Additional renewables are expected to be associated with large hyperscale deployments, complementing gas commitments [88]

The Timken Company (NYSE:TKR) Q3 2025 Earnings Call October 29, 2025 11:00 AM ET Company ParticipantsMike Discenza - CFONeil Frohnapple - VP of Investor RelationsDavid Raso - Senior Managing Director and PartnerStephen Volkmann - Managing DirectorBrian Blair - Managing Director and Equity ResearchLucian Boldea - President and CEOAngel Castillo - Executive Director and Head of U.S. Machinery and Construction Equity ResearchConference Call ParticipantsTim Thein - Senior Industrial Machinery AnalystKyle Menges ...

Regency Centers (NasdaqGS:REG) Q3 2025 Earnings Call October 29, 2025 11:00 AM ET Company ParticipantsViktor Fediv - Senior Equity Research AssociateJuan Sanabria - Managing DirectorSamir Khanal - Director of US REITsCooper Clark - VP of Equity ResearchChristy McElroy - SVP of Capital MarketsRonald Kamdem - Managing Director and Head of US REITs and CRE ResearchMike Mas - EVP and CFOLisa Palmer - President and CEONick Wibbenmeyer - West Region President and Chief Investment OfficerMichael Griffin - Director ...

Financial Data and Key Metrics Changes - Third quarter 2025 net income totaled $940 million or $1.49 per share, a 10% increase compared with the second quarter [9] - Third quarter adjusted EBITDA totaled $2.12 billion, which included $7 million of one-time transaction costs, representing a 7% increase compared to the second quarter and a 20% increase compared to the first quarter of 2025 [4][9] - The company reaffirmed its 2025 net income guidance range of $3.17 billion to $3.65 billion and adjusted EBITDA guidance range of $8 billion to $8.45 billion [10] Business Line Data and Key Metrics Changes - The acquired EnLink and Medallion assets delivered nearly $470 million in adjusted EBITDA during the third quarter, contributing to year-over-year earnings growth [9] - NGL raw feed throughput volumes increased, with Rocky Mountain region volumes averaging more than 490,000 bbl per day, a 5% increase compared to the second quarter [12] - Refined products volumes increased sequentially due to seasonal demand, with physical blending volumes up approximately 15% year-to-date compared to the same period in 2024 [16] Market Data and Key Metrics Changes - The Permian Basin natural gas processing capacity increased by more than 550 million cu ft per day, driven by strong demand and operational efficiencies [6][18] - Natural gas gathering and processing volumes increased across all regions compared to the second quarter, with the Permian Basin volumes averaging 1.55 billion cu ft per day, a 5% increase [17] Company Strategy and Development Direction - The company is focused on capturing additional synergies and operational efficiencies, expecting approximately $250 million in synergy contributions for 2025 [11] - ONEOK's strategy includes combining strategic acquisitions to create a more resilient business, leveraging integrated assets to expand reach in key basins and demand markets [22] - The company is actively assessing opportunities for growth in the Permian Basin and enhancing integrated operations [18][66] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate near-term challenges and continue delivering results for investors and customers [8] - The current commodity price environment may lead to moderation in drilling and completion activities, but strong gas-to-oil ratios and production efficiencies are expected to drive modest growth [19] - Management remains optimistic about maintaining volume growth in the Permian and other regions despite market volatility [42][45] Other Important Information - The company repurchased more than 600,000 shares of common stock and retired over $500 million in senior notes during the quarter [9] - The company expects to pay more than $1.5 billion less in cash taxes over the next five years, enhancing free cash flow and capital allocation flexibility [11] Q&A Session Summary Question: Tailwinds versus headwinds for earnings growth into next year - Management identified synergies and growth projects as tailwinds, with a focus on capturing market share in the Permian and other areas [25] Question: Capital allocation priorities between buybacks and debt paydown - Management indicated that as they approach their debt to EBITDA target, they will have more flexibility for stock buybacks alongside debt management [26] Question: 2026 guidance and impact of Waha spreads widening - Management emphasized the importance of ongoing discussions with producers and the positive impact of Waha spreads on their systems [30][32] Question: Capital allocation for future projects - Management stated that they evaluate each project on a standalone basis and expect capital expenditures to trend down in the coming years [35][36] Question: Update on LPG export commercialization efforts - Management reported strong interest in their docks and a positive contracting strategy for LPG exports [46] Question: Gas egress limitations in the Mid-Continent - Management expressed confidence in the growth potential in the Mid-Continent and the ability to manage gas egress effectively [49] Question: Dynamics of Bakken and Permian volumes - Management noted that Bakken volumes are trending positively due to ethane recovery, while Permian volumes are expected to stabilize as new pads come online [51][52] Question: Opportunities from AI-driven data center projects - Management highlighted interest from over 30 data center projects seeking natural gas supply, positioning the company favorably for future growth [56] Question: Importance of the Eiger Express pipeline project - Management emphasized the Eiger Express project as crucial for meeting LNG demand and enhancing integration with existing assets [58][60]

Financial Data and Key Metrics Changes - The third quarter results reflect resilience in the business despite a mixed macroeconomic environment, with strong demand and excellent resident retention, particularly in San Francisco and New York [4][6] - Year-over-year income growth for new residents was reported at 6.2%, indicating a healthy growth rate [5] - The company adjusted the midpoint of its annual same-store revenue guidance down by 15 basis points to 2.75% due to observed market conditions [7][11] Business Line Data and Key Metrics Changes - The renewal rate for the quarter was strong at 4.5%, with nearly 59% of leases renewing, contributing to the lowest reported turnover in the company's history [17] - New lease rates decreased by 1%, resulting in a blended rate increase of 2.2% for the quarter, which was at the low end of expectations [18][19] Market Data and Key Metrics Changes - San Francisco is expected to be the best-performing market in 2025, with a favorable supply setup and significant demand driven by the tech sector [8][20] - Washington, DC experienced a decline in demand and pricing power due to federal job cuts and a government shutdown, leading to increased concessions and a slight increase in turnover [22][71] Company Strategy and Development Direction - The company is focused on capital allocation, having repurchased approximately $100 million of its stock during the third quarter, while also closing on a 375-unit acquisition in Arlington, Texas [11][12] - The company plans to be selective in acquisitions due to the current valuation of its stock compared to private market asset prices [12][28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term prospects for the business, citing a significant decline in competitive new supply expected in 2026 [14][15] - The company anticipates that if job growth reignites, it could lead to strong results in 2026, with portfolio-wide occupancy above 96% [15][32] Other Important Information - The company has implemented AI-driven tools to enhance operational efficiency, including a 50% reduction in application processing time [25][26] - The company has adjusted its full-year same-store revenue outlook to a range of 2.5%-3%, with a midpoint of 2.75% [30][32] Q&A Session Summary Question: How does the company approach forecasting next year's growth amid falling rent growth? - Management indicated that they are modeling for continued deceleration but feel positive about the setup for next year due to reduced competitive supply [35] Question: What factors influence the decision to continue stock buybacks? - The decision is influenced by the attractiveness of other investment opportunities and the availability of capital needed for acquisitions [37][39] Question: What is the current state of demand in Washington, DC? - Demand has cooled, with a decrease in urgency to sign leases and an increase in concessions, but management remains optimistic about long-term prospects due to declining competitive supply [70][72] Question: What is the outlook for rent growth in San Francisco? - Management expects strong rent growth due to a supply-demand imbalance, with rents approaching 2019 levels and incomes up 22% since then [64][74] Question: How does the company view the impact of AI on job growth in key markets? - Management believes that while AI may displace some jobs, it is also creating opportunities in related industries, contributing to overall job growth [56][61]

Financial Data and Key Metrics Changes - The company raised its full-year AFFO guidance, expecting mid-5% year-over-year growth, which is among the highest in the net lease sector [4] - AFFO per share for Q3 was $1.25, a 5.9% increase compared to the same quarter last year [12] - The expected full-year 2025 AFFO is between $4.93 and $4.99 per share, implying 5.5% year-over-year growth at the midpoint [12][14] - The company has over $2 billion in liquidity, providing flexibility for future investments [5][20] Business Line Data and Key Metrics Changes - Year-to-date investment volume reached $1.65 billion with a weighted average initial cap rate of 7.6% [7] - Same-store rent growth remains strong at 2.4% year-over-year for the quarter, with expectations of around 2.5% for the full year [15] - The company completed sales of 37 operating self-storage properties and one student housing property this year [17] Market Data and Key Metrics Changes - The investment activity in Europe has increased, with a split closer to 50/50 between North America and Europe in Q3 [44] - The company continues to see strong opportunities in the industrial sector, which represents the majority of its investment volume [7][92] Company Strategy and Development Direction - The company plans to allocate more capital to capital projects, which historically averaged 10% to 15% of annual investment volume [10] - The strategy includes funding investments through accretive sales of non-core assets, with expected disposition volume increased to between $1.3 and $1.5 billion [14] - The company aims to maintain a competitive edge in Europe through established relationships and local expertise [8][97] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining momentum into 2026, with an active deal pipeline extending into the first quarter of 2026 [22] - The company noted that while competition in the net lease market has increased, it remains manageable due to its cost of capital and execution track record [30][31] - Management remains cautious regarding the economic environment but expects strong earnings growth despite potential challenges [39] Other Important Information - The company increased its quarterly dividend by 4% year-over-year to $0.91 per share, reflecting strong earnings growth [20] - The balance sheet remains strong, with manageable debt maturities and a weighted average interest rate of 3.2% [19][20] Q&A Session Summary Question: Update on operating self-storage asset sales and future funding sources - Management indicated that equity will play a larger role in funding next year, with a return to more typical disposition levels [27][28] Question: Competition from private net lease platforms - Management acknowledged increased competition but believes their experience and reputation provide a competitive advantage [30][31] Question: Status of Helveg leases and exposure reduction - Management reported progress in reducing exposure to Helveg, with several leases signed and properties under contract for sale [36] Question: Pipeline details and geographic split - Management confirmed a strong pipeline with several hundred million dollars in transactions, noting increased activity in Europe [44] Question: Sustainability of same-store rent growth amid inflation changes - Management expects contractual same-store growth to remain strong, supported by fixed increases and CPI-linked escalations [50][52] Question: Cap rate expectations and differences between U.S. and Europe - Management noted that cap rates have remained stable, with slight tightening expected as competition increases [78][79] Question: Visibility on lease expirations for 2026 and 2027 - Management confirmed that virtually all expiring ABR for 2026 and 2027 is actively being worked on, with manageable levels expected [108]