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EVP and COO Brett Taft detailed plans for a rapid turnaround of Conowingo Court, noting major infrastructure work was completed by the seller. EVP and CFO Anna Chew explained the Israeli bond offered more favorable pricing and rating terms than would have been available in the U.S. President and CEO Samuel Landy and Brett Taft confirmed that while they are actively evaluating deals, nothing is currently under contract.

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EVP Timothy Argo ranked the likely recovery timeline as Nashville, then Phoenix, then Austin, noting Austin's fundamentals remain strong despite current supply pressure. President and CEO A. Bradley Hill stated they expect a 'healthy start level' with 4-5 starts in the next 6-12 months, mentioning sites in Raleigh, DC, and Orlando.

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CEO Brad Hill noted that while transaction volume dropped significantly in April, pricing has remained firm, with deals trading at sub-5% cap rates. EVP & COO Tim Argo explained that year-over-year comps will get progressively easier, with Q4 being the easiest. However, he added that even Q2 and Q3 of 2024 offer decent comps because the typical seasonal rent acceleration was muted last year.

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CEO Greg Silvers and CIO Greg Zimmerman confirmed that over half of the robust pipeline consists of acquisitions, with an improved cost of capital now allowing for larger deals. Regarding dispositions, management noted a strategic goal to reduce theater exposure opportunistically but indicated they are nearing their 2025 guidance. CFO Mark Peterson explained that while they have flexibility with their credit line, a bond transaction is planned for late 2025 to manage the balance, with another likely in 2026 to address maturities.

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CFO Brendan Maiorana indicated that TI spending will likely remain elevated through 2025 and 2026 to support occupancy growth. He identified expense timing and proactive lease management as key guidance variables. He also confirmed that any 2025 transactions are outside of guidance and would have minimal FFO impact due to timing. Regarding the term loan, he described it as an 'efficient' and flexible capital source, though not necessarily the cheapest.

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CFO Philip Mays clarified that the State of New Mexico lease was signed in Q2 but excluded from the retail leasing statistics, while the Fidelity amendment is nearly final. President & CEO John Albright stated that negotiations are active on most remaining vacancies, with signings expected within 60 days. He added that an early payoff of structured investments is not anticipated, as the company is currently focused on core property acquisitions.

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Philip Mays, SVP, CFO & Treasurer, confirmed disposition guidance is for properties only. John Albright, President & CEO, explained they are prioritizing compelling, accretive investments over shrinking the company via buybacks. Mays identified the recent loan repayment as the only specific earnings drag for the back half of the year.

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Executive John Albright characterized the remaining portfolio as 'muscle,' with future sales being opportunistic recycling rather than strategic dispositions. He explained the Lowe's sale was driven by a 1031 buyer's specific need, which allowed PINE to achieve a premium price. He also stated that DICK'S exposure is not expected to grow beyond its current 11%. Executive Philip Mays clarified that after accounting for GAAP adjustments, there is about a $10 million spread between the loan portfolio's outstanding balance and total commitments.

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CEO Lance Parker attributed same-store growth to strong market fundamentals rather than specific mark-to-market opportunities. He and CFO Clayton Chun clarified that major SNO projects won't contribute to NOI until 2026 and 2027. Chun explained the ~$20 million Sam's Club TI, payable in Q3, is considered non-recurring and will be excluded from AFFO calculations, though it will be a cash outflow.

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SVP of Asset Management Kit Millan stated that they expect to regain possession of the Liberated Brands space around mid-year and already have prospects. She explained the retail occupancy jump was driven by the quick, capital-efficient backfill of the Waianae Mall anchor space with a short-term community use tenant. CFO Clayton Chun identified the main variables for guidance as the timing of tenant occupancy, any unplanned vacancies, and bad debt levels.

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President and CEO Peter Baccile stated that more consistent development lease signings are needed before increasing new starts. CIO Johannson Yap noted construction costs are down 5-10% from H2 2024 but flat year-to-date. CFO Scott Musil explained that higher interest expense in H2 2025, from funding the development pipeline and a recent bond offering, will be a drag on FFO compared to Q2.

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CEO Peter Baccile stated that more consistent lease signings are needed before increasing development starts. CIO Johannson Yap noted that construction costs are flat year-to-date after a 5-10% drop in late 2024. CFO Scott Musil explained that FFO will be lower in the back half of the year due to higher interest expenses from funding the development pipeline and a recent dilutive bond offering.

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CEO Joey Agree provided updates on specific Big Lots properties, noting the bankruptcy process is ongoing. He confirmed the sale-leaseback market is active, with recent transactions completed and ongoing discussions with tenants who are comparing it to other capital sources like the unsecured debt market.

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