Linda Tsai

Pong declined to give a cap rate target but guided to 150-160bp investment spreads over weighted average cost of capital, consistent with historical levels.

Roy laid out the strategic vision: diversifying equity sources beyond public markets, forming partnerships like GIC and Blackstone, and maturing the fund business to restore historical 5% growth from 2025's ~2%.

Roy confirmed all lease terminations, bad debt, and increased acquisition guidance fully reflected in the updated AFFO range.

Roy explained $200M quarterly free cash flow deployed across options including buybacks versus accretive investments, with $2B of Q3 deals passed on insufficient spreads.

Roy confirmed Q3 European-heavy mix with similar to slightly better yields expected.

Roy attributed sourcing growth to Poland expansion and data center opportunities expanding the addressable market, not new sourcing methods.

Roy explained the strategy evolved from sum-of-parts discounts to active repositioning as controlling more retail park locations attracted major retailers.

Roy disclosed retail parks at about 40% of UK/Ireland portfolio, approximately $4 billion invested out of total $12-13 billion international investments.

Teichman cited expense reduction as initial AI impact, consistent with MIT study findings. G&A efficiencies from reducing professional services vendors and vendor consolidation. Building enterprise-wide engine versus one-off pilot approach.

Cohen confirmed SNO commencements weighted toward second half of 2026, implying same-store NOI acceleration in H2.

Cooper noted aggressive pricing across all open-air formats: lifestyle, core grocery, unanchored strips, and big-box power. Kimco's diversification across formats allows tactical flexibility to lean into any format that trades off.

Flynn reported April traffic up 6% YoY, fairly evenly distributed geographically with south and Pacific Southwest slightly higher. Consumer resilience continuing.

Cohen confirmed Q2 trough with recovery beginning Q3 through Q4 as sign-but-not-open pipeline tenants commence. $16M remaining pipeline expected to flow in 2025.

Cohen detailed $290M remaining 2025 maturities ($50M mortgage March, $140M bond June). $750M in 2026 starting August. Current 10-year pricing around 5.45%. Positive watch from S&P and Moody's could improve refinancing costs.

Tim provided detailed market-by-market assessment: approximately 2/3 of comps offering concessions averaging 5 weeks (lease-ups 8-10 weeks). Increasing: downtown Nashville, Raleigh, Charlotte. Decreasing: Tampa, Houston. Stable: Phoenix (encouraging given prior weakness). Urban areas in Dallas and Atlanta improving. Broadly consistent but market-specific variations. Direct with good granularity.

Tim confirmed earn-in declined from 90 days ago due to lower new lease rate expectations. Updated monthly/quarterly. Current expectation approximately flat for 2026, dependent on where new lease rates head in remaining months. Direct.

Tim confirmed 100,000+ threshold expected later in 2025. The number jumped from 45,000 to 85,000 in Q2 alone, so continued deliveries decline plus steady demand should push it past 100,000 by year-end. Direct.

Tim: Supply decline is relatively consistent across markets since starts peaked in Q2-Q3 2022 with maybe a quarter variation. A few markets still seeing increases but overall trend is consistent. Direct.

Clay: 2025 earn-in is negative 40bps, down from positive 50bps last year. Slightly worse than the negative 35bps NAREIT midpoint due to November-December pricing pressure. Direct.

Development pipeline POI contribution timing

CFO confirmed current $1.5B pool provides 18-36 month runway with more behind it. Tax gain management via 1031 exchanges is a governor but can accelerate if acquisition opportunities warrant.

CFO attributed outperformance to lower bankruptcy concerns, stronger tenant retention, and better-than-underwritten rent collections.

Acquisitions team said no particular format or region stands out; they prefer larger centers and yields have been consistent. Case-by-case assessment based on market and asset quality.

David said mostly bringing new entrants; some existing relocations within building. Brian confirmed upward occupancy opportunity across all platforms in 2026.

David emphasized retailers have leverage. More properties means more topics to discuss and senior retailer attention. Platform scale enables repeat business and confidence.

David said possible and has happened historically. If so, retailer margins might be okay since prices could rise. Still to be determined.

David said mostly domestic, European deals need to be truly unique given SPG's outlet focus. Also noted concern about lower-end consumer but bullish on upper/high-end.

Jessett noted Q4 weakness driven by new lease rates from Q3 occupancy push. No single market driving softness. Highlighted improving markets: Dallas blends from -1.2% to +0.6%, Charlotte -0.2% to +0.5%, Nashville -1.3% to +0.4%, Atlanta +0.3% to +2.7% QoQ.

Jessett cited potential upside from pending tax appeals and continued low insurance claims. Also happy with occupancy management and delinquency improvements. Combination of revenue and expense likely.

Jessett acknowledged slow SFR lease-up as expected but both communities nearing stabilization later in 2025. Key learning: slow to lease but expected sticky tenants.