Cedar Realty Trust (CDR)

Nicholas Partenza Director-Financial Reporting
Bruce Schanzer Chief Executive Officer
Robin Zeigler Chief Operating Officer
Philip Mays Chief Financial Officer
R.J. Milligan Baird
Todd Thomas KeyBanc Capital Markets
Floris van Dijkum with Compass Point
Collin Mings Raymond James
Call transcript
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Welcome to Fourth Quarter 2019 Cedar Realty Trust Earnings Conference Call.

As a reminder this conference is being recorded. At this time, all audience lines have been placed on mute.

We will conduct a question-and-answer session following the formal presentation.

I will now turn the conference over to Nicholas Partenza, please proceed.

Nicholas Partenza

you Realty us Trust thank quarter the and Cedar XXXX earnings evening for for joining fourth Good conference call. call Chief Philip today's Officer; in will Schanzer, Bruce Participating Chief Robin Zeigler, Chief Operating Mays, and Officer; Financial Officer. be Executive

that differ be that historical indicated statements. such materially deemed from begin, be during and statements, not made forward-looking aware those we the statements Before actual may forward-looking please call are results may by

the company's statements updated including in with These quarterly subject those the XX-Q for filings risks to by Form SEC. other and filed as recent uncertainties, and most year are numerous subsequently reports XXXX, XX-K on the periodic Form disclosed ended our

XXXX, As forward-looking no of speak undertakes date and duty a to as update X, only the statements the them. company of reminder, the February this call,

on call, release measures. this operations from Cedar's net During non-GAAP certain may supplemental measures GAAP of to with and including most financial website earnings management financial directly Please financial the funds measures, posted comparable these non-GAAP operating its see press for financial income. reconciliations and refer information

I that, now With to call turn Bruce Schanzer. over will the

Bruce Schanzer

earnings you call. Nick. quarter evening fourth participating XXXX Thanks in Good Cedar's for all thank and conference

executive collegues call me always my the dialed Cedar. are Joining well in on team as the our of and senior as members of most

collegiality, their with efforts their want of I work all and and the consistently to thank our on behalf tireless doing and directors Cedar for everyday board team of company excellence. for collaboration

been price of headwinds reflected share as we a performance As market small in REIT buffeted by capital have stiff retail late. our

cognitive real level are the cap value a this pretty the activity have earnings we our This intrinsic reconciling visibility rates executing been from estate as noted our assets. into value-add more seen pickup making our projects and and the both have we a our renovation redevelopment as as has warranted in solid last call in with our trading urban As mixed-use and transaction I've exacerbated progress of we projects. footprint with time well dissonance ambitious previously our tough for

relatively challenging with at That vacating of being and a such Phil's be what said it other vacating continues detail environment A.C. we’ve recently with guidance to to shoppers such Valley of K-Mart Metro this Greater anchors willingly as Plaza space comments. risk at centers Moore vacating is with as open with at in included experienced at Square. our operating on two anchors and

hopefully capital our unfavorable. to On entirely type top endeavor of the secular the and is dynamic as earnings changes in phase continues the we anchors maintain from grow and asset intensity necessarily of challenges. drift not occupancy up pressure to This and of

our and For example, further lease we for in hopefully agreed monetize Metro have asset held at placed will we it attractive termination pool. payment sale to an Square as the

secular how not pay where outcome for were of retail for and to nudge to entirely a able dollars at asked ago. dynamics free example unfavorable we the K-Mart years having Another been aren't is after million two same the Valley few them Plaza out

our to quarters value renovation come. will exciting further to options this we We merchandising add and on Plaza addition the provide in Valley with identified detail an opportunity pipeline have as some hopefully

are Robin three urban on more spend large-scale mixed-use we let will time I the assets pursuing.

communities truly what With As our advancing Robin for Michael on we evolving head we a of the this pool of into amenities I development completed when assets and terrific general all characterization first-class they important by progress will assets aided that make not state are Summer of to new helm serve. be to continue the would construction at projects. mention these

for didn't past excited note coming months. the remiss the particular results commence year I be demolition quarter in to quarter commence in we I this leasing would crossing in and Corridor construction if are South our end. positive At

Our our years. moving Commons four result asset This represents occupancy significantly to of to is XX.X% leased leased a over highest Dubois in the level held occupancy at for sale.

headed However, worked the maintain represents by grow Havener. tirelessly Tim team it their sincerely of the challenging for labors occupancy and to The efforts. also thank our team has leasing and fruit environment in of this them I

are further on described of a to realistically mention will filling and remarks XXXX maintaining Some occupancy those back down what to generally. however, spaces more the our growing outs then move are little guidance into in section XXXX. Phil going of the press bring release keenly his we focused not and occupancy discuss heading in

our of of our by reiterating team efforts thanks assure continue shareholders be to of all Cedar conclude and my for we board their you and will I directors that behalf to With on that

allocation astute endeavors. across making our of capital on laser-focused decisions all

I you will Robin. that With give

Robin Zeigler

Good points XX of occupancy $XX.XX per rent Bruce. totaling XX prior based per foot leasing the prior XX evening. basis and strong team this Thanks X.X%. up at a bringing average finished the $XX.XX The quarter This an executed leased total to an deals year with is of XX.X%. Cedar above occupancy spread feet were square XXX,XXX average base at above basis of quarter points XXX increase renewals with foot square rent square year.

detail. $XX.XX at leases the were of executed and to base a which difficult foot an provide spread square historically of executed we per spaces average X lease rent comparable quarter I comparable new would During like and X.X%. XX for some to leases

grocer per junior base new an at spread X grocery Excluding average of leases anchor XX%. outlet an executed foot and $XX.XX additional at of comparable a Square] a rent square [Sweet we new

as grocer this was the we currently a are the Despite the traffic replace about Grocery vacant as driver. outlet addition introduction outlet of all the space spread that a of positively with the traffic its square] negative grocery to at over newly and daily tenant impacts strong will a arrears a as executed of valuation. [Sweet well new merchandising deal center in excited

and tenant catalyze for performance center. energy new We expect renewed LA conjunction will existing in Fitness tenancy this with this help

platform value add platforms two-Cedar and mixed-use The exciting to and advance execute redevelopment projects. our development the platform continue renovation

pipeline and The commenced new Philadelphia exciting we this There XXXX. negotiations is construction for construction added Plaza. Starbucks very several value will bring Fishtown home The eager shop concept a to the redevelopment Carmen's a building Crossing, innovation Plaza are Fishtown center in building. October leases at Nifty has diner and and the crossing regional Yorktown shopping vertical are a underway for Fifty in Fishtown neighborhood. of occurred and includes currently and pad unveil to Groundbreaking creating in Northern Liberties small re-imagine

to Approximately Plaza of new lineup place XX-hour in is completed square small Carmen's Similarly anchor we leasing located and with have XX,XXX the feet on shop Island, firmly foods construction and fitness. York at square New restaurants executed Long retail poor key mix at been and has replacing vacant quality spaces of service rent leasing $XX per tenant out users the junior approximately tenants. previously foot average anchors, credit and to round an

be from and renovation negotiations. on have late IHP, Once executed released in shop and is commence physical with of this project and and very are will This to several and the its to healthy been visibility Plaza lease fully is stabilized construction and activity. due difficult with Yorktown Express XXXX. leasing fully project Leases poor mature and benefiting spaces now are entitled Panda is healthy upcoming achieve anticipated which pace returns. others Duncan Baltimore is facade to to repositioning historically lack double-digit small remaining in merchandising

project this performance. to to platform opportunity market Plaza leasing improved fourth K-Mart adjacent reposition our development the anticipate adding property back by will the renovation center presented Maryland. the at center to junior in freeing to better rent with some taking and a a Cedar value Valley be Hagerstown, due We below add space team and anchor we up hopes this allow for at lineup Coupled

mixed-use begun. three shopping in center units built center consist to of South five Crossing, The rental delivered apartment is of and demolition the mixed-use our have first of value preliminary product and South of to be units. a phases compelling square and to this alternative has to platform in we provide Philadelphia be South scale XXX expected Quartermaster Plaza new are projects city. Philadelphia project Quarter anticipated XXX,XXX apartment to Additionally, feet redevelopment apartment retail redevelopment the will The

existing announced with that Our anchor national and plan complemented to round for combination the retail coupled with of to new residential a tenants diverse regional group be with deals retailers comprising small shop mix. of anchor a out local, calls will soon be ground-floor along merchandising

project overall is of XX% The increase the square to almost being We site an the as urban is in constructing to expected is total first expected drive anticipate are combination project. and be ABR plan also the of [indiscernible] in rapidly a today's as project is office over rent Heights and mid XXX,XXX The project center and commence project. of mixed-use retail mixed-use approximately in in at to of the redevelopment well two formerly Senator an Riverview is XXX combined. This DC ground three restaurant slated The is project programmed apartments to component. XXX,XXX to the an anticipated over phase X,XXX River properties floor early retail XXXX. that feet third Plaza feet of square project. entertainment phases Philadelphia units of comprise Square oriented completed be the Washington and for in crystallizing. residential Northeast East is shopping our to

do and Heights takes upon what Northeast communities. anticipate neighborhood to surrounding for the village to do. the transformative be It We completion a we

operations team rest our Summer, led work for with led leasing management every cedar Rich future our Vilaboy team along team day our led all asset on company create by together development by Jennifer advance of fronts Our team led opportunities value to Havener, creation. Michael this and team Tim by Bitterman truly by and the

you I that With Phil. will to give

Philip Mays

results Thanks on I XXXX operating will detail guidance. Robin. initial On results. highlight with Starting operating call provide briefly our this and

urban million Carmen's growth $X.XX same those Quarter our lease to add $X.X Crossing to property the increased renovations. full at relating was NOI redevelopment value expectations properties operating and mixed-use properties. with by results year consistent South are the same X.X% both including Plaza decreased discussed of quarter X.X% property The at one by excluding last share. and to or FFO for our million FFO properties FFO per slightly share operating offset vacancy intentional quarter. our NOI per the project $XX.X driven year property necessary the or and Operating redevelopment facilitate same For guidance for up when $X.XX With decrease was and regards

guidance. XXXX to Moving

per FFO range operating XXXX initial guidance an establishing $X.XX of to $X.XX share. are We

As detailed excluding NOI from based given surrounding two release than less redevelopments This is A.C. this Same following. our of year flat. the full in reflects in locations a relatively uncertainty guidance the part rent press on contractual tenant. Moore property growth this our

due property same property pool only our While $XXX,XXX this this slightly we rent uncertainty almost of NOI. to size of to the excluding relating of represents small same than more contractual are X% relatively

decrease to to to by vacating urban NOI when redevelopments along projects mix early X% Valley at future property X% are we proactively Next facilitate included value-add space a our renovation. recapturing expect same with Plaza tenants XXXX to driven K-Mart the facilitate in

termination income $XX at It liabilities share million per also XXXX. payments termination from income half shoppers million of and of includes of Metro share. second per forgone primarily lease to decrease amortization for food lease $X.XX lease And a Square from net a in $X.XX its in finally intangible dispositions the warehouse approximately approximately rental the of $XX approximately early of

And call the with that open to will I questions.


At you. R.J. the with comes [Operator session. from your time a question. Instructions] conducting question-and-answer question this proceed Baird. with Milligan first Please be Your Thank of line we'll

R.J. Milligan

you being locations good Moore and rent guys. of question XXXk on evening Thanks mentioned A.C. excluded. Phil the

that is that year So correct? partial a is

Philip Mays


quarters. Moore more the generally for you've quarter the tenet giving uncertainty and little the we not of to the around year. a have Just read XXX,XXX A.C. the than related but It's news in that to for XXX,XXX close three it's first probably them last some all for

R.J. Milligan

that if we or properties be retainated that? NOI look higher it that that assuming than So that be be X% XXXX slightly would aren't that would of those into would

Philip Mays


a same XXX,XXX X% the store million our for pool partially for NOI are be there year at for an so hundred of XXX redevelopment So it's is grown $XX on about basis this XXX. it'd excluding annual full redevelopment bits because pools about you're point

store So X% NOI. waves of either same approximately

R.J. Milligan

talk for those that helpful. as decision listed you then driving and to for can Okay. And decision? the characteristics That's make half those are about the expected in sale the of the list that held are for sale properties properties to back that of year,

Bruce Schanzer

thinking that sold feel out and we way of held tell seeing asset situated pretty straightforward you're have about see a I for -- need assets until coming in Ultimately you and capital of [indiscernible] sell the assets a bucket. an would things more actually it's good optimally for largely to virtually we the are everything ripened analytical that's you the management generally It's nature perspective are be process. that redevelopment just that and from that that

I thoughts redevelopment that juncture our at think good one lower are that's to a that our permanent with our at we're as that situation where way on as now they capital this in about value we to have diminish. are ripened where start might we've as first executing capitalizes quartile but to assets be them sold selling are rational spoken more assets that opposed attributable assets sitting which that they're in a and could potentially on be embedded

R.J. Milligan

And are that stabilized? the part so most for

Bruce Schanzer

not that sold therefore them. or much would value either those Not instances to necessarily they're in ripe but that are or case divest a of diminish to we sold risk it's could in as be ripe be stabilized whether think both more that and stabilized to we which look they're their as they there's

R.J. Milligan

That's helpful was my item transition I of in question management that? is color on if any FFO there last wonder costs. could a million give more $X.X was which a and reversal the you

Philip Mays

Hey Phil. RJ it's

try with a the accrued our termination million reverse arbitration this liability we former contingent accrual. some X.X and Recently to concluded we the to associated that. the give of COO. me color related Let liability In contingent XXXX on you of

little caught it and gives you it FFO we've the benefit of can FFO reversal helps noted our a clarity that So GAAP your you table we've it's in that with and is as while analysis excluded reconciliation the Hopefully reflect from see for excluded earnings that there. quarter. our this operating

R.J. Milligan

when it and accrued, excluded was was that Yes it is right?

Philip Mays


the reversing to in it benefit so it it FFO from was ‘XX consistent. likewise had accrued favorable from operating this be it we when originally So excluded we operating when of excluded FFO quarter we

R.J. Milligan

guys. thanks sense, Makes

Philip Mays



Todd Markets. Your the of question. proceed Thomas line with Capital Please next question KeyBanc from with your comes

Todd Thomas

afternoon. Good Thanks.

specifically wanted more few years next to a your and little about ask I First capital plan bit ask just the over about here leverage.

larger debt for increase leverage you when It's and see begin developments peaking to corporate the little you the funding here in quarter. leverage where ratcheting So to the curious on ramp. you at expected and ramp EBITDA a to do up is a model see am when mixed-use it starting I down? look do bit basis

Bruce Schanzer

Phil one need level I'll this at as to up. that shopping going eye Todd I'm take historically off part a it market anchor of a endeavoring to transform to we bit this that take that then this a has to leverage company urban hand little that keep to one is be is to little going to where of owns class bit view period of We’ve on to from our high recognized owned our assets going drift and there's centers grocery first secondary a leverage. that mixed-use

to We that the capital beyond spend along make we're and us going of way have what gives debt that assiduously. the for that number both manage feel but of a model different recapitalization is to that you that assets would the sure we're a there managing are a tell model ways I the

since let and I need up that I alluded So Quarter ground demolition certainly is project. last anticipate through the to our up button now flip capitalizing we're leverage and we but we last noted is be to as Phil South up do we talk breaking will Robin well short as going in we Crossing the how few to commenced particular way the of on order that along recognize to quarter eye as but on. deals in hopefully it's going something just the in course it's least Right something capitalizing at not We focus that have we're about. being drift that

Philip Mays


play are asset doing loan combination first anchors of the sell very it Quartermaster but Philadelphia three some more help we'll LA By bit are a long the of up. pay. the they'll of those is and Bruce on bulk in So first. term is work groups. of rules term so on and we tell side, and there construction South as where that I'll what's there South we're about will They as little just What conversations staying discussed one earlier the the cost That's with all the interested sales are currently a about in other. banks how a you portion construction thinking Philly since and the initiated several bank ShopRite, the short there those our in capitalize its Crossing Quarter Ross of and gets South side to nice that's also two little but in on far are the properties Fitness all continue it's

in-place stays there the that there's there So value whole an time.

So it be typically very is high. may construction be the to the will for while kind loan-to-value that loan cost construction a of loan, what

could and more fund everything So that's construction go which probably here. side be part can loan to that first we will the route that will like happening construction if loan South go role or XX% through a a play cost so we the on pretty Philly the of much

Todd Thomas

leverage Okay. leverage like describe sounds guess the you comfortable much about leverage here up it Got maybe continue more increase or I I trajectory mean I how terms are It should from here? think increasing. sort of When about of an you of think comment with you're you mean of end? it. at your how in we expecting taking near-term to can your

Philip Mays

is won't it two and apartment I kind of I about the so call so juncture our on at debt less that we've capital to that right a years we doing and incremental our So next so first than our spent and again would EBITDA certainly spend the year a point that the obviously apartment full and year in think for about turn of when spend we building think describing expect EBITDA, and [indiscernible] first would there for obviously overall going I it's think this thinking construction not is turn it about after and I'm to XX we say to little are recognizing bit stabilized at as and even $XX-ish thinking taking would it debt that into about fly a probably obviously million going of looking pay stabilize to approach call all get even I we Robin just even that and corporate this to anticipate construction aggregate through the is the debt costs. think we incremental assess Phil incurred capitalization we that of the in where will financing the be terms that on how pay million

full think to that I be the to meaningfully get the the as of was decide there will we So point of think what will leverage of the which and than of incremental at completing further a I but at basis. EBITDA trajectory certainly turn require first we juncture leverage get less significant phase to

Todd Thomas

talked then you food the at And termination you mentioned Bruce Okay. lease Metro shoppers Square. about of

look monetize or asset further and held I think further value see sales. don't unlock might that I for you that that to commented you asset

can you what's discuss there? if happening curious Just

Bruce Schanzer

the the as focus much predominantly Well, on the with to asset it's I words looking think a we being tied an not particular that is made up is as interesting it this redevelopment a so almost at if of of did or one held shopping efforts lot we're sale the the on what is intend way secondary focus asset. asset a we our in held market list in for In at which and that parcel value thoughtful centers to through an that tenants and was certainly some we grocery we so out of other fairly in. thought area we're particular to and require vertical of in this optimize price market sale for least it bring so these coupled building asses what management formally grocer or dark has and was number anchored

for dark as determination choices the we negotiating selling divest tenant, anchor asset we parcel compared of and but the had commend what but anchor of with very to with building was again job course yet payment one I appears the building had and with how we and as XX% then asset termination from where fee with two as over anticipate dark doing which good termination well is or a vacant that as money brokers for the process of in will coupled successful negotiation that depending the would that an as the a payment a out that the termination it as increase a payment and have haven't spend even the course proceeds the sales patient meaningfully out process. from asset valuations represent of to the Interestingly with parcel during to are received the XX% an that we remarkably the we made team this we and increased want of on negotiating asset anchor the building maybe close that I well don't it sale

still a asset So able that's amounts small example. we material thoughtful out of but create again were dollar about We're where through of some asset. that real talking example great management great value relatively to a

Todd Thomas

expected the that Phil first right? $X.XX That's quick then just in termination recognized Okay. quarter. and fee the that's for here. the Is be per share One to is ones helpful lease two

Philip Mays

should that quarter. be recorded Yes, in the first

Todd Thomas

$X.X Okay. former benefit the for that was the in was COO, it And G&A? that a the reversal discussed million also the that also was then you to quarter

Philip Mays


reversal recorded out be to came also went want just to of rent and up the $X.XX the we what that the I fees when is the back of So termination G&A to net they G&A year. have to so to for paid would it clear

little paid a but year over more once full year kind net year the of lose full Todd than you a the over rent they $X.XX. the So with impact will the favorable first the quarter feed impact full the that that

Todd Thomas

helpful. That's right. All you. it. got Okay Thank


Compass proceed with Your next van of Please question your comes from Point. question. Dijkum Floris with line

Floris van Dijkum

question. my guys Thanks for Great. taking

quantify math sheets is. about, in like following leveraged do on Could and just retail walk potentially just sounds but leverage us and locations mean redevelopment total spend Just to your balance units it something myself X.X build trying of the you you're that I here to all about on can of square the apartment plans yourself million out adding asked up feet Todd I'm X,XXX if levels from it's plans is your of double where shoot quite a think maybe space the through more and you urban funding I I'm bit you could the something. because current overlooking it would like or most see this the up which appears

Bruce Schanzer

Yes with sure don't these Floris, we're doing. not I'm numbers reconcile anything that

So have the maybe the and can, maybe our three maybe call sense you a are course it those the might any sense aren't either happy I make do whole eight either you to projects even to and to we the or three the on we that have we ten this. C numbers years think the call aggregate make the you this there is and do it offline everything doing that over of probably walk through we're call should through with around walk about so could happening would in one projects reflect make and thoughts We're call you what projects but sense it. what suite of could probably that just these talk after

Floris van Dijkum

do the outlays plan put up capital well you what make a XXXX? projects me XXXX can a each as maybe in just you and you and yet? or also expect together those little you to of both have in feel spend perhaps so Have more comfortable for to quantify like schematics a and as but Okay

Bruce Schanzer

those in going detail. this to So Robin of when say a of projects we where to number let you projects. more each I'm some have of

and as [indiscernible] call than just are we the Robin Robin renovations our zip them then renovations million to XX each in Plaza basically have which three one three We of $XX is mixed-use and less of described the maybe Carmen's redevelopment. value-add described have all teens what done. The we value-add in code

very numbers paid these attractive either pickups free small modest with is can Again by add meaningfully and speaking generally very or returns returns leverage renovations double-digit don't supported outlays capital paid stout they they're relatively cash very, significant they increase relatively value get flow because that incremental at earnings. in all get a

Now the increase going couple the with describing in earlier next long in the redevelopments earnings as leverage leverage I a meaningful as over years mixed-use an of will these by to of term we Todd be also significant to the I be guess increase on supported but very-very course is was not pickups in Todd over there's number. again were describing

you next a EBITDA on less coming about going that much when from talk describing construction turn that full the debt Phil and So two was years the of debt a to than basis be incremental you're to about furthermore talking of earlier. is facility

Floris van Dijkum


out I there offline is correct? guys $X.XX of So the includes go you put I guidance more reach you and I'll that and It's will term make that that that sure understand up income the through. pretty detailed just to

Philip Mays

item bullet guidance in and but mark-to-market It'll does call. negative questions the me non-cash per it obviously release and press my which items can amortization $X.XX is lease press and FFO significantly. but that be release Yes, in offsetting non-cash it have during you intangibles of is the about prepared I GAAP share if any this a impact give large decreasing a and noticed you or includes the of a few those out I impact XXXX a will other there a there's remarks that's item

Floris van Dijkum

guys. Okay. up you I'll with Thanks. follow


with Please question. Collin line Mings [Operator Raymond from of next Your proceed James. question with Instructions] your comes

Collin Mings

everyone. Hi


Collin. Hi

Collin Mings

efforts? where want quick stand update of sort outlook me question on you there as to First real I to the any retaining far given go for on RJ's back just question as any just A.C. Moore

Robin Zeigler

A.C. there asset that a that be our have a and New for there Hi Sure. we backfill the that London other we a then Colin, of tenant short one fairly it's Robin. are turnaround so and for at we location backfill seeking one. two will Moore them for property have do we expect that actively

second one of a one we for in and the we location. said the for second lease location the as expect with charge that I are So seeking we are one

Collin Mings

to gears switching some did debt if metric about you that from you of but to back I that some just about EBITDA for focus the then it maturity about talk the to versus your come maybe curious you but of prior kind these as just a And discussion how better lot different on second leverage for balance with net want debt of a think some to Okay. trying capital angle how can. projects that think balance a of do you than profile just spend angle. just the I questions around of was

Bruce Schanzer

I over have do maintaining we I on endeavor to we'll again a that. our focused certainly debt been hand course of think and that Phil on Sure. cushion in very will to a this maturities second

that owning I thematically assets historically to of a improve is meaningfully thing type reflection have almost understand Cedar questions the markets of of with the to anchored we require with what's important get are our and they from and respect way the use the leverage. that think an and is thinking way on is what we're that different this journey urban that mixed-use of like that interesting to bit a a involve so when people undertaking calls suburban that asset to to an to on think been redevelopment mixed but us asking asset with these people an that a of has we're to quality that we're process through that where that on that Cedar will embark that I from is that idea represent one and in the and get of it ambition more the -- we us think shopping out is this discomfort of embarking centers fact to a to think will think is departure taking you Cedar and of in which them Cedar walk grocery those used will kinds unfamiliar relate a again we're to a understand don't about lot and beginning this little we assets happy that

beginning the certainly with process the focused but be to going we're a I'm you portfolio. is there's risk of course hope associated sure no Of that transform again keenly existential to that where making this

With very debt that that's speak part much here bit little let Phil of the so about will a I undertaking. this And maturities.

Philip Mays

Colin. Yes

over consistent mitigated and we've how not too maturities. elevated one the done years few also the what of think and avoid any by to last debt our come we leverages much due in ways near-term is one trying we having with we've behaved acknowledge and is I year

you look only then there's extension The you XXXX. if if in an so XX out in So maturities million debt revolver move has there's schedule our no that at XXXX. currently

expect our to early try address keep urban continue I trying and near-term think you So these additionally well and maturities mostly avoid having mixed-use then add a and to component. us all to projects I'll any just to maturities laddered should so residential them have

consider a stabilized completed thing at out buildings those one for debt residential time. agency turn as So to and doing we are long looking can is those really

that give helpful? that will us buildings online. start Is come once to So there another option those

Collin Mings

the and if that given just for little the but to here one today's remarks transaction and I continue recently last in prepared again is for a given calls prepared and to just highlighted you during capital maybe pickup recycle some Bruce would you has and of helpful. plan me number topic for a your the remarks recognizing that. a disposition the One bit just to upon can just going don't Thank been that back on that thought latest potential the color. quarter. be more the again year expand this Helpful activity know

Bruce Schanzer

I'll in and terms on picked you that that. honest glad be comment I'm Quick really you actually of mind you up with in I comment so with

seen fact a in in -- volume in concerned and closing of around about As first that that was a way market market transaction fourth that been quarter. have know that because fact speak were in deteriorate see quarter you have struck course we you last much that the activity volume I been fourth It think transaction I quarters in was transaction small deals the relatively start out had the pick and could quarter, I up that issue ultimately a mention made been sample the seeing one as canary dry lot so you light. a quarter as is in the turns mine you correctly because size up. we of of coal again the the a volume transaction to have talked one

very type. And our relating so markets asset healthy our in we've level in fact seen volume of to

you just And update to wanted dynamic. so, I else respect keep track of that and obviously to anybody this, to with

and in malls of of retail even contrast is since and liquidity air do again this the understand to big-box to it assets to around see centers important this we transaction these of a shopping particular volume these certainly things or in assets to degree shopping are open side amount just is Because smaller one that there about high but other is types of what is I to very them. think continue significant the centers of comes that types grocery-anchored on when

to of And from number with views value get a you could perspective. therefore a that cap on ready point transactions rate comfortable

Collin Mings

like you execute this to targets pickup disposition fund just a on mentioned the of help as in some up to and that to gives continue projects. be overall sounds your confidence So, it mechanism transaction to activity able use

Philip Mays

you Not as about much so one that things much, of much the this of the part I've kind and as that it's and not just amount. a as spoken again that's fair of

continually we as capital on a number are decision. allocation We metrics about of think various focusing

So, one of weighted capital. of average of the them cost is course

what continually of our we're to in we cost our similar understand a WAC vein value. asset we're and Then our constantly updating sure that is make funds updating net

calculation that it's assets. rate on we so is point really it's in our really when environment that the we the feel in view the a activity could that so, cap the market what transaction need have all the And comfortably valuation pretty good about prevailing for we for to

market. it's for you quarter know be graph this will so publicly the updated every information available, of do all a quarter again, walks as distribution in certainly and that corporate probably and out And in every plan our updating the the we that through And As we as corporate presentation. cap on we in our rates presentation. put transactions embodied on we slide that

Collin Mings

over. always Thank it With forward you. I that, that turn to Now, I'll please slide. look


with Floris Please follow-up is Your proceed Dijkum question your next question. van Point. a Compass with from

Floris Dijkum

I One the all I that you XXXX units guys. over sorry you a potential Do add currently as indicated. process asset you're I help follow-up mean, a Right, than manage have different because you're If you've can class what invested have together. a it's developments internal looking here. in. at apartments people who

projects. idea those of mixed that each in the along JV use three partners it's bring Or

Bruce Schanzer

to Great certainly would to have because the her I do question, going question not construction answer Floris. own her our Robin this I'm don’t same. read Michael and Sommer off need resume head development of

experience people the mixed both urban redevelopments We Michael relevant overseeing specific markets. have overall to these whether and relates incredibly use Robin has redevelopments in it

has doing Robin the track resume record of website these end that. from includes if of Cedar extensive through comfortable just residential get beginning mixed arguably Sommer with them, and more multi-family. And seeing to an in projects apartments Again at has with use to doing extensive many want of course look you Michael types you and projects could Realty's that

geography have projects. experts certainly we're we matter So, real on focused in to in execute these which the subject

projects. part third leveraging of certainly when it to like these and do what execute that's because we're said, that executing Michael Robin folks parties all Now

will have doing parties property leasing, third overseeing have who will be And management. so, parties third we'll

goes again very execute we confidence have confidence types in-house tremendous see expertise in and team our a have who'd of projects these day. these with developing types it is frankly every tremendous single projects. the But that we great to of Gives and getting that certainly in-house me experts

Floris Dijkum

with Is these Bruce, think unlikely are it right to for partner to developer apartment projects? you that an

Bruce Schanzer

we're We're if the developer the doing at not term something theatre is terms doing being of these design. that's we in in-house are and JV and I'm lowercase sure so of terms, partner that. leasing, or and process doing Again, construction, working the this using a third these uppercase are with parties in not entirely of course doing things like the development,

All parties done of just the this being development with facets that's project nature because third of are process. the

executing the And or the venture course of the also a so, vary depending and perspective, we while situation not, on capital joint in depends not where it we from may might on redevelopment. are may we could

of that we terms nuts in leveraging with bolts have doing there Certainly help here who have we of executive us a team certainly you these don't that a team but just professionals projects to this projects. does we contract good without and very one these

just the that all get in just done. is way these it's of So, projects

Philip Mays

in obviously $XX of assets in digital do end turn the of its how will expectation increase much asset that And Okay. help. your health and to to million, leverage have get And the presumably for though sale is year. have by you a its increased next sales

Floris Dijkum

--. maybe Or

that bucket? what's in As put being contemplated

Philip Mays

EBITDA, change bit so Sorry, it sale. we're the EBITDA, so was that or a my clear. going Obviously not million comment little I reduced does these Floris be selling me not by that will asset $XX for be about accounting EBITDA so, call or that let to meaningfully that our fact

projects. we're questionnaire we're I finance were these describing response why selling helping for earlier or earlier But it's now that assets that in capitals now these an now assets tangibles we're that's These selling why sale because selling is write the them not that either now. ultimately we're selling give the assets to reason and

medium we into projects projects capitalize come as divesting capital these process projects. tile migrating over leverage. we thought as these the term assets and forward our core of on permanently thought course assets behind from of The take is by the is Cedar lower The these execute to

what to little the However then capitalizing assets the to asset sales. be these construction the permanently projects. in tonight by delivering But do cash debt hoped or we near the a is to inter some is to these bit maintain holding on finance to of taking on term discussed flow by on through going measure a room proceeds taking we've as leverage assets

Floris Dijkum

accounting of A.C. are have incremental on question your, you've your your sort out debt XXXX? the estimates that you've taken Moore, and bad so in -- loss your additional you the or any One for for estimates you your what credit in of on Okay. more mentioned them

Philip Mays

Related to --.

Floris Dijkum

I' m sorry.

Philip Mays

specifically Related Moore general? in A.C. Moore with just or

Floris Dijkum

how the you that of other, do there, Moore your Moore do and in the for loss you general. talked at see, there you are XXXX? And how look bad environments any credit I'm environment talking about. debt about outside Is A.C.

Philip Mays

worked XXXX, them think And because diligently on improved little their property could whatever. be for red. we're we consistent when it'll through I having addressing has 'XX, with stay full it And tenant's marketing it or helping at be look either team fairly at problem's that actually the our a in

All getting exit agreement our and an them rid and replace come let in tenants. of to improved more them

better likely watch on expect list slightly the that new 'XX but XXX? similar I concerns that so being to than Now me, a would

Floris Dijkum

Okay thanks, Phil.


for question Ladies and would reached call to session the Schanzer and gentlemen, remarks. back like we answer Bruce the and to I closing the turn of have end

Bruce Schanzer

to you this you the joining posted on in We month forward progress keeping evening. us for look our Thank all ahead.


disconnect conference, This you concludes may for participation. Thank today's your lines at your this you time.