Andrew Reel

Andrew Reel asked about the expected magnitude and timing of a growth inflection in the second half of 2026 and into 2027, given the strong leasing pipeline. He also inquired about the overall health of the consumer and any bifurcation in performance across the portfolio's quality spectrum.

Answer

Dan Swanstrom, Senior EVP and CFO, explained that the SNOW pipeline's estimated $30 million contribution in 2026 is back-end weighted, with the real power of the pipeline showing in 2027 ($40-$45 million) and 2028 ($45-$50 million), aligning with the growth inflection. Jackson Hsieh, President and CEO, described a K-shaped consumer, noting that luxury sales were up 5.5% in 2025, while overall inline sales were up 1.5%. He highlighted retailers' cautious but constructive outlook, strong demand for physical stores, and the lack of new supply in Class A retail.