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SVP David Corak noted Toronto's 2% constant-currency revenue growth was solid against a much tougher year-over-year comp of 4.3%. CEO H. Michael Schwartz added that Canadian demand remains strong due to unique structural drivers. For the managed REITs, CFO James Barry identified managed REIT EBITDA and AUM growth as the key guided metrics, explaining that forecasting equity raises is complex due to the nature of DST programs.

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CEO George Chappelle explained the flat outlook (excluding guaranteed agricultural harvests) is a conservative but prudent approach, as the company saw no seasonal lift during the summer and is therefore not forecasting one for the holidays. CFO Jay Wells advised that to model development NOI, one should look at the non-same-store pool, which currently generates minimal NOI, and apply the target return upon stabilization, accounting for initial start-up costs.

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CEO George Chappelle attributed the performance to a general lowering of inventory across the system due to macroeconomic factors, stating customer churn remained low. President of Americas Rob Chambers added that any churn is typically among smaller, price-sensitive customers. George Chappelle also noted that performance differences were more geographic (stronger in Asia-Pacific) than by customer segment in the U.S.

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CFO Jay Wells explained that the modest NOI contribution is due to timing, as the ramp-up of stabilizing facilities (Lancaster, Plainville) is offset by initial start-up losses from newly delivered projects (Kansas City, Allentown). CEO George Chappelle and Wells clarified that land costs are included in the development base if land is purchased for the project, and its impact on the overall return metric is not significant.

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An unnamed executive stated that for next year, pricing increases are expected to return to a more historical low-to-mid-single-digit range. President of the Americas, Rob Chambers, confirmed this range is what their typical GRIs deliver. CEO George Chappelle added that the company's pricing model is designed to achieve slight margin improvement year-over-year, not just break even on costs.

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President, CEO & Director Donald Wood confirmed the cap rate was 'about right.' He explained that the seller's situation created an opportunity, as a backlog of value-add deals exists now that retailers have a landlord willing to invest in the property to drive growth.

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CEO Donald Wood agreed that it is a different business, acknowledging malls are more fashion-focused, physically distinct, and involve a different tenant base. However, he refrained from making a qualitative judgment on which business model is 'better or worse,' leaving that assessment to the market.

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CEO Donald Wood explained that they move toward a guaranteed maximum price (GMP) as soon as a project is fully designed, but they do not warehouse materials to lock in costs earlier. He noted that for the newly announced projects, costs are already locked in, mitigating near-term risk. The broader impact of potential future tariffs on construction costs remains an unknown.

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President & CEO Greg Lehmkuhl stated that clients consistently cite high food prices and subsequent value-seeking behavior from consumers as the primary drivers. He added that Lineage believes the industry is 'bouncing along the bottom,' as inventories are likely too low to be reduced further without causing service disruptions. He also dismissed GLP-1 drugs as a significant factor for their business.

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CEO W. Lehmkuhl stated the value proposition for Tyson was 'all of the above,' including lower costs, superior technology and automation (including LinOS), optimal inventory placement, and enhanced flexibility. He gave a positive update on LinOS pilots showing double-digit productivity gains. Regarding potential export initiatives, he said it would be 'unwise' to predict the impact given the high level of customer uncertainty.

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CFO Robert Crisci detailed the expected seasonality for 2025, noting that 2024's flat quarterly NOI was unusual due to elevated inventory in the first half. He stated that 2025 guidance assumes a return to normal seasonality, with challenging comps in H1 2025. Consequently, he anticipates 47-48% of NOI in the first half and 52-53% in the second half, reflecting a typical industry pattern.

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CEO Jay Sugarman explained the Park portfolio is a mix of high and low performers, and the two non-renewals were the weakest assets, a move unsurprising post-COVID as the tenant refines its strategy. He acknowledged a transition period could impact income but expects no significant long-term change. Chief Investment Officer Tim Doherty clarified that leasehold loans are only made on properties where a Safehold ground lease is already in place.

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Chairman and CEO Jay Sugarman declined to give specific examples for Caret's liquidity solution, stating it was premature but that they are exploring models successfully used by other large financial firms for illiquid assets. Chief Financial Officer Brett Asnas affirmed that the goal is to cover the dividend by paying out operating cash flow, and that initiatives to lower the company's cost of capital are expected to help close the current gap.

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Chief Financial Officer Brett Asnas reported that the fixed charge coverage ratio is nearly 1.3x, with ample room on all covenants. Chairman and CEO Jay Sugarman clarified that the partner's right of first refusal period had ended separately from this transaction. The buyout was a negotiated, win-win deal allowing the partner to redeploy capital at an attractive price. He also stated the JV itself has a dollar limit, not a time limit.

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Former CFO Robert Klein attributed the higher same-store NOI guidance to both revenue outperformance from re-leasing successes and lower-than-expected operating expenses. CEO Andrew Spodek addressed the AFFO run-rate, explaining that operating expenses are variable and the business should be viewed on an annual basis, noting that NOI margins are expected to remain within the historical 77% to 82% range for the rest of the year.

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CEO Andrew Spodek stated that Postal Realty Trust does not disclose specific leasing spreads for competitive reasons. Instead, he pointed to the strong same-store cash NOI growth figures as the key performance indicator: over 4% for 2023, 3.25% for 2024, and a projection of at least 3% for 2025, which is driven by a combination of rent growth and operating efficiencies.

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CEO Christopher Marr opined that quality signals like reviews will remain critical even in AI search. He affirmed his belief that rents can grow from the current re-established baseline, independent of a housing recovery. On credit ratings, Marr suggested company size is a key factor for agencies but believes investors already give CubeSmart credit for its strong metrics in how its bonds are priced.

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President & CEO Christopher Marr expressed confidence that rents can grow from the new, re-established baseline even without a housing catalyst. Regarding the credit rating, he acknowledged the point, suggesting company size is a factor but believes investors recognize their strong credit metrics, which is reflected in their bond pricing.

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CEO Christopher Marr confirmed that performance in NYC (specifically the Bronx and Brooklyn) and the D.C. suburbs was a 'little bit better' than the national trend and expects this to continue. He noted that while they are monitoring the situation, they have not yet seen obvious evidence linking D.C.'s strength to government employee turnover.

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President and CEO Christopher Marr explained that historically, rates rise about 20% from trough to peak season, but this has been closer to 15-16% recently; the guidance does not assume a return to 20%. CFO Tim Martin confirmed a repurchase program exists but stated the company does not view it as a market timing tool and would only use it for a 'prolonged' valuation disconnect, which they do not see currently.

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CFO Timothy Martin detailed that the percentage of stores impacted by new supply has steadily declined from a peak of 50% in 2019 to 27% in 2024. President and CEO Christopher Marr added that he expects this downward trend to continue into 2025. Marr also noted that high capital costs and the competitive rate environment are making it difficult for new construction projects to be financially viable.

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President and CEO Joey Agree expressed high excitement for the pipeline, noting it's the strongest since COVID. He highlighted that the development and DFP platforms are ramping significantly, with over $100 million in new projects expected to start before year-end. He explained that the yield premium for development over like-kind acquisitions ranges from 50 to 150 basis points, depending on the project's duration and complexity.

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CEO Joey Agree and CFO Peter Coughenour explained that the primary offset to the increased investment volume is an anticipated $0.02 per share dilution from the treasury stock method, due to the company's rising stock price. Coughenour clarified that the investment increase adds approximately $0.01 to earnings, which is reflected in the guidance update. Agree added that the company's pre-equitized balance sheet and hedging strategy position it for future growth despite market volatility.

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CEO Joey Agree explained that the primary offset was the conservative inclusion of anticipated treasury stock method dilution, which is expected to be around $0.02 per share. Peter Coughenour, CFO, added that the incremental investment should add about $0.01 to earnings, but the higher end of the dilution estimate kept the top end of the guidance range unchanged. Joey Agree noted that the company's strategy of pre-equitizing the balance sheet and using hedges positions it for growth acceleration in the near term, subject to market conditions.

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CEO Joey Agree confirmed there is significant mark-to-market upside on ground lease renewals, citing a specific case study as an example. Regarding the forward equity, he explained that in the current rate environment, the carrying cost is de minimis and the position provides a 'war chest' to execute on 2025 investment guidance without needing to access capital markets.

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CEO Joey Agree confirmed that there is significant mark-to-market upside on ground lease renewals, especially when tenants have no remaining options. He also explained that the current cost of carrying forward equity is minimal due to higher interest rates offsetting the dividend, and the amount is determined by the company's capital needs to fund its investment pipeline.

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SVP & CFO Thomas Boyle reaffirmed the 100 basis point impact estimate, projecting LA's same-store revenue to be down around 3% for the year. He also stated that the business did not lose steam during the quarter; performance was consistent and in line with their expectations.

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H. Boyle agreed there is an argument that self-storage could perform better than in past downturns. He explained that the retained cash flow is primarily reinvested into the business, with a focus on the development program, which offers the highest risk-adjusted returns, as well as acquisitions, to drive future FFO growth.

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Executive H. Boyle stated that ECRI practices in Los Angeles last year were typical of any other market and pointed back to the forecasted 100 basis point impact on 2025 same-store revenue as the key metric. Executive Joseph Russell responded that it is far too soon to tell if there are any changes in the D.C. market and that nothing has been observed on the front lines yet.

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Executive H. Boyle asserted that the October move-in rent figure (-5% YoY) is an 'apples-to-apples' comparison and that trends are on track with their outlook. Regarding the hurricane, he clarified there will be a net financial cost of approximately $7 million, and while there has been some increased move-in activity in affected areas, it is too early to quantify any positive NOI impact.

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EVP & CFO John Gottfried projected street and urban occupancy to trend towards 92% by year-end 2025. He confirmed the 10%+ NOI growth for 2026 is a target, noting that of the $8.5M in NOI from the current SNO pipeline expected in 2026, $5.3M will be in the same-store pool, exclusive of contractual bumps and new leasing.

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EVP Reginald Livingston stated the company avoids specific cap rates but noted the recent portfolio was acquired at a 'low 6s GAAP yield.' CEO Kenneth Bernstein added that it's too early to adjust hurdle rates based on recent volatility. Regarding D.C., Bernstein confirmed no negative impact, with M Street sales up in the teens year-over-year, as the market is driven more by tourism and universities than by government employment cycles.

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CIO Reginald Livingston reported that the Q4 acquisitions had a going-in GAAP yield in the mid-6% range, expected to stabilize in the 7% range on a cash basis. Regarding the D.C. market, President and CEO Kenneth Bernstein explained that M Street's recent rebound occurred despite many federal workers being remote, and its customer base is diverse, including students, tourists, and affluent residents. Executive A.J. Levine added that tenants are not overly concerned about administration changes due to this broad shopper base.

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Executive Alexander Levine stated that the prior peak OCR was around 20% and that current levels can be increased through FMV resets, which are present in most of their street retail leases. These resets allow Acadia to mark rents to market, replacing tenants who cannot afford the new rates. CEO Kenneth Bernstein commented on the watchlist, acknowledging potential tenant struggles but expressing confidence in the strong backfill demand for high-quality space, mitigating risk.

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The reported renewal spreads do include options, and spreads on purely negotiated renewals are higher. The company is successfully pushing occupancy costs due to limited supply, and tenants are proving resilient and able to absorb these increases, which is reflected in strong rent growth and contractual steps.

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COO Alan Roth confirmed that the reported spread does include options and that purely negotiated renewals have higher spreads. President & CEO Lisa Palmer stated that due to limited supply, Regency is successfully pushing rents. She explained that tenants are adapting by finding other business efficiencies, which allows them to afford higher occupancy costs, a trend reflected in both strong rent spreads and embedded contractual rent steps.

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COO Alan Roth confirmed that the reported spread includes options and that purely negotiated renewals have a higher spread. CEO Lisa Palmer addressed occupancy costs, stating that the favorable supply-demand environment allows them to push rents. She noted that successful tenants can afford higher costs by finding other efficiencies, which is reflected in both strong mark-to-market spreads and embedded contractual rent steps.

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Alan Roth, East Region President and COO, confirmed that QSR and medical were top leasing categories in Q1. CFO Mike Mas added that there has been no shift in the character of leasing activity in April and that exposure to more tariff-impacted tenants is small, making it an immaterial factor in their overall leasing data.

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CFO Michael Mas credited the performance to diligent work by the operations team. While acknowledging some benefits from scale in contract negotiations, he stressed that the primary driver was effective management of property-level service and costs, which benefits both the company and its tenants.

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President & COO Brian Finnegan reported that approximately 80% of the spaces from Big Lots, Jo-Ann, and Party City have been resolved (leased or in late-stage negotiation) with tenants like Trader Joe's and Ulta. CEO James M. Taylor added that the forward-looking risk profile feels 'much better,' as the company has successfully worked through its most significant weaker credits in a strong leasing environment.

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President and COO Brian Finnegan confirmed that his comment on strong April activity was indeed referring to new lease volume. Regarding termination fees, he described them as an opportunistic part of the business, pursued when a clear reinvestment or backfill opportunity exists, and noted the recent fees had a negligible impact on occupancy.

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CEO James Taylor described the acquisition as a significant upside opportunity. He explained that the existing rents for those tenants were well below market, and the company underwrote the deal with the expectation of replacing them. He sees spread opportunities of 40-50% by bringing in new, in-demand tenants to the highly trafficked location.

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CEO James Taylor framed the presence of those tenants as a 'great upside opportunity.' He explained that their rents are significantly below market, and the acquisition was underwritten with a high conviction of achieving 40-50% rent spreads by re-leasing those spaces to in-demand tenants at the highly trafficked location.

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CEO Jim Taylor stated that Brixmor has good visibility on a sustainable reinvestment pipeline of $150 million to $200 million annually for the next several years. COO Brian Finnegan added that projects are typically 80% pre-leased before being officially added to the in-process pipeline.

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CEO James Taylor projected a sustainable reinvestment level of $150 million to $200 million annually for the next several years. President & COO Brian Finnegan added that projects are typically 80% pre-leased before being formally added to the in-process pipeline, ensuring strong tenant commitment before capital is deployed.

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President and CEO Marshall Loeb explained that while they are comfortable raising leverage from the current 3.0x level, maintaining flexibility is key. On acquisitions, he noted the market has become more efficient, with tighter bid-ask spreads and fewer distressed opportunities than before. The relative strength of the disposition market influenced the decision to increase sales guidance as an alternative source of capital.

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EVP & CFO Brent Wood and President & CEO Marshall Loeb explained that while they are comfortable raising leverage, their philosophy is to secure attractive capital when available to maintain flexibility. On acquisitions, Loeb stated that the market feels efficient and competitive again, with cap rates holding steady or even tightening slightly since April. This attractive disposition market contributed to the decision to raise disposition guidance.

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CIO AJ Peil noted a marked increase in foot traffic since June, particularly in entertainment. CEO Pete Mavoides clarified that underperformance is viewed at the property level, not the tenant level, and is often transitory, influenced by factors like new management or a site ramping up, rather than a persistent tenant-wide issue.

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CEO Peter Mavoides estimated that ABS bonds trade 25-50 basis points wider than comparable corporate debt and become more competitive on larger deals as markets tighten. CFO Mark Patten explained the G&A guidance increase is due to continued platform investment, including new hires and inflation, but noted the company still expects to achieve operating leverage with G&A declining as a percentage of revenue.

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CEO Hamid Moghadam explained that leasing has three components: very strong renewals, slower new spec leasing, and the strongest build-to-suit activity in his career. Chris Caton, MD of Global Strategy & Analytics, added that the pipeline's 19% growth is balanced across new vs. renew and different deal stages, with a notable concentration in larger requirements.

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Hamid Moghadam, CEO, speculated that the economy could likely absorb a 10% tariff, although it would accelerate shifts in supply chains. He predicted that such a scenario would make Mexico and Brazil significant beneficiaries, while imports from China would decrease and surrounding Asian countries would see an increase.

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CFO Timothy Arndt explained that lease spreads are anticipated to be in the 50% range for the year. He noted the bad debt forecast is between 20 and 30 basis points, slightly elevated due to monitoring a few specific tenants. Arndt also clarified that the occupancy dynamics in the same-store pool are not materially different from the overall company forecast.

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Doug Healey, SVP of Leasing, responded that retailer sentiment remains strong and the company did not see a significant pullback during tariff discussions, so no major change in upside is expected. Brad Miller, SVP of Portfolio Management, clarified that the $80 million SNO pipeline represents incremental revenue over 2024 levels, with $25 million of it expected to be realized in 2025.

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CEO John Moragne explained that BNL's primary value is providing capital and surety of execution as a one-stop shop for developers. He confirmed the Prologis relationship is viewed as a source of repeat business, not a one-off. He also stated that future hiring will focus on ongoing project management to support the growing pipeline of active construction projects.

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CEO John Moragne explained that BNL's primary value is providing capital certainty as a one-stop-shop partner, which is attractive to developers. He emphasized the Prologis relationship is viewed as a source of repeatable business, not a one-off. He also identified ongoing project management of active construction as the key area where the company is looking to add personnel.

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CEO John Moragne confirmed the pipeline is mostly industrial and that disclosures will be updated more regularly. He explained that deals are sourced directly or through a few key developer relationships. He clarified the 6.8% yield on final UNFI fundings was for closeout items, with the difference from the main project yield due to how capitalized interest was contractually earned on that portion.

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CEO John Moragne confirmed the remaining pipeline is predominantly industrial and that deal sourcing is direct with tenants or developers, not just one partner. He clarified the 6.8% cap rate refers to the final closeout items for the UNFI project, with the yield difference resulting from the contractual treatment of capitalized interest.

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CEO Joseph Margolis characterized demand for bridge loans as steady rather than increasing, with a shift towards borrowers seeking temporary solutions instead of selling. Regarding the LSI assets, he stated that their rate growth is improving faster than the EXR portfolio but the company is no longer reporting on the two pools separately.

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CEO Joseph Margolis detailed the sequential improvement in new customer rates, moving from -9% YoY in Q3 2024 to flat at the time of the call. He clarified that guidance assumes moderate continued improvement without a major housing market recovery. He also explained the L.A. headwind is based on 73 same-store properties in the county, assuming the state of emergency persists for the full year.

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Executive P. Stubbs noted LSI's quarter-over-quarter rates were down 1%, showing less seasonal decline than EXR. CEO Joseph Margolis expressed confidence that the 6% rate gap on like-for-like stores can be closed through internal strategy, independent of market demand. He stated it is too early to predict the percentage of loan extensions for next year.

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CEO Mark Manheimer noted that while general uncertainty has muted some decisions, growing tenants are expected to continue their expansion. He explained that higher-cap-rate acquisitions include assets like C-store sale-leasebacks with strong operators and high rent coverage, which offer attractive risk-adjusted returns.

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CEO Mark Manheimer stated the goal is to reduce Walgreens concentration below 3% ABR over the next 6-7 quarters and continue selling down the minimal Family Dollar exposure. He expressed confidence that the remaining stores are profitable and likely to stay open, noting that the company has strong relationships and data to support this view. He believes disposition pricing can remain attractive, citing recent Walgreens sales at favorable cap rates.

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Chief Investment Officer Jojo Yap clarified that exposure to Chinese 3PLs is de minimis at approximately 450,000 square feet, as the company has historically avoided them due to credit concerns. He also stated that their auto tenants are primarily involved in design and assembly, not heavy manufacturing, and have not expressed significant concerns about tariff impacts.

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Chief Investment Officer Jojo Yap stated that the company's exposure to Chinese 3PLs is de minimis, at approximately 450,000 square feet, and noted that the company has historically been selective with these tenants due to credit concerns. He added that the company's auto tenants are primarily involved in design and assembly, not heavy manufacturing, and have not expressed significant concerns regarding tariffs.

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Chief Investment Officer Jojo Yap noted increased touring activity and favorable construction trends in Southern California. Chief Financial Officer Scott Musil specified a 1.6 million square foot development lease-up assumption for 2025. President and CEO Peter Baccile explained that the lower disposition target reflects the portfolio being near its ideal composition after years of strategic sales, rather than being a reaction to market pricing.

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CFO Conor Fennerty clarified that $300,000 of G&A is allocated to OpEx per quarter ($1.2 million annually). He described the gross-up as a 'tortured calculation' comparing the value of services exchanged with SITE Centers, which will fluctuate but always have a zero net impact on net income each quarter. This accounting noise will cease once the shared services agreement terminates.

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COO David Jamieson explained that marketing for at-risk boxes begins well before any filing, noting double-digit rent spreads are expected on the current vacancies, though lower than the vintage Bed Bath & Beyond leases. Regarding Dania Pointe, he clarified that Spirit Airlines owns its headquarters building and Kimco only holds a ground lease for the multifamily component, on which Spirit is current.

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David Simon, Chairman, CEO, and President, described the platform as being in its 'early days' for delivery services, as it is primarily a marketplace. He mentioned 'remarkable growth' in GMV but was hesitant to disclose specific figures due to a partnership agreement. He expressed confidence that leveraging the Simon brand, its 25 million customer email list, and a future loyalty program will drive significant future growth.

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CFO Conor Fennerty confirmed the 6.5% GAAP cap rate includes some upside, but the gap between cash and GAAP yields is minimal. CEO David Lukes emphasized that credit profile is more important than a specific tenant mix. Fennerty stated the blended cap rate on the $1.8 billion of dispositions to date was 7.1%, with the quarterly figure being similar.

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CFO Conor Fennerty estimated that just over 30% of Curbline's portfolio was carved out, a number that will decrease with new acquisitions. He stressed that carved-out parcels were carefully selected to have no leasing restrictions or reliance on adjacent retail. Regarding G&A, he stated that while specifics will come later, the company believes it can operate Curbline as efficiently, if not more so, than SITE Centers.

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Management explained that the relative size of the two companies will shift dramatically over the next year as SITE sells assets and Curbline acquires them, with Curbline's enterprise value expected to grow significantly. Curbline's dividend policy will focus on retaining cash flow (~70% payout), while SITE's will likely include significant special dividends from asset sales. The company is intensely focused on minimizing G&A for both entities, leveraging lessons learned to run them efficiently.

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