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WRI Weingarten Realty Investors

Participants
Michelle Wiggs Vice President, Investor Relations
Andrew Alexander Chairman, President and Chief Executive Office
Stephen Richter Executive Vice President and Chief Financial Office
Johnny Hendrix Executive Vice President and Chief Operating Officer
Christy McElroy Citigroup
Craig Schmidt Bank of America Merrill Lynch
Greg McGinniss Scotiabank
Ki Bin Kim SunTrust Robinson Humphrey
Michael Mueller JP Morgan
Linda Tsai Jefferies, LLC
Christopher Lucas Capital One
Floris van Dijkum Compass Point LLC
Tamara Fique Wells Fargo Securities, LLC
Call transcript
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Operator

Good morning, and welcome to the Weingarten Realty Inc.

First Quarter 2020 Earnings Call for May 8, 2020. My name is Brandon, and I’ll be your operator for today. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. this being note, Please Instructions] conference recorded. is [Operator

to Michelle, you now turn begin. Wiggs. over it I’ll may Michelle

Michelle Wiggs

Good morning, and conference XXXX welcome to our first quarter call.

and is Hendrix, today Alexander, Joe Richter me Shafer. Joining Drew Steve Johnny

statements made statements and Reform Actual due are to current forward-looking meaning Act. in As a statements results the reminder, a during course changes based uncertainty call circumstances. could projected within More statements Securities of Private in the expectations from are subject the the of These company’s are factors. factors such this Litigation materially of SEC management’s forward-looking certain these filings. is to in differ variety those about and information contained on

such as from FFO, tab conference our NAREIT, we to website. core supplemental information Weingarten’s or this which is Relations funds and located management financial our both the Reconciliation results. in during understand help these to reference better call, non-GAAP Investor investors of measures measures under analysts to operating and believe make operations Also, financial may certain package non-GAAP available

Drew turn to call over I will now the Alexander.

Andrew Alexander

a you, day included and in Thank time reasonable to press of remarks allow what questions. you prepared has calls. and to you of already release more Michelle, for been all disclosures as of many much us as was joining We for for thanks information and on our long limit our

is the the well-being While others and broader priority times. these have said to safety during challenging first it, I our our stakeholders community associates, want of tenants, and stress,

everything you our efforts do the future. our related is on communications quarter, can assure in made tenants. our Michelle this is connect a of address to But that to remind the mentioned. time. also disclosure difficult especially will for to as We clearly them company engaged we can the tenant we focus assist Steve coronavirus great you But will me absent Let the I get shortly. adjustments just collectibility issues in that with forward-looking had Johnny the into

of While we has have challenges certainly made as we transformation road easier. move the the our portfolio multi-year forward, ahead

in debt centers, tenant resulted a near-term importantly, base, sheet little maturities. transformation Our percentage much of a a stronger and with improved higher balance most grocery-anchored

of more the we adequate weather we’re the liquidity While uncertain, confident the that is will recovery still than timing storm. have to

our out are However, the anticipate of our distributing quarter. we $X.XX we share in about million dividend caution, as first of we for to reducing the press per dividend from release. $XX XXXX, talked deferred We

revenue move and XXXX will occupancy ongoing West the and our at where mid-summer. developments D.C. into We monitor carefully and investment additional adjust three The and expect construction Houston, our and of Alex and dividends There’s as further cash appropriate. we remain Centro as we All in if new liquidity flow minimal Driscoll active. is large in

required of Given pandemic and the projects. to strong that complete anticipate we the amount liquidity will these small our not position, capital do interrupt

issues, this longer-term, projects. short-term reviewing great We to good there rates challenging these rents each it’s Steve? but are These and project, are rental are be may while lease-up in timing And at the environment. estimate properties. some

Stephen Richter

Drew. Thanks,

for compared great of end out, ended the prior the at for XX, the the the made of share, quarter. not year. for FFO of we quarter $X.XX quarter quarter collectibility to was a a assessments impact same As XXXX Drew pointed the had very per $X.XX where Core our it March share

is the is $X per COVID-XX. million, million Included to Included or $X due in in non-cash share collectibility $X quarter straight line related of million receivables of rents. the the to $X.XX

of assessment tenants changes our At to issues quarter-end, we to going collectibility that felt our was be there warranty. many for that and with

our FFO into press adjustment, for release. quarter. income included in the same-property X.X% Reconciliations to NOI would of strong net a this NOI core Excluding are been have same-property

than comfortably our maturities With sustain Based to we have respect want after on new development remind operations. million have I we balance current dividends through no our XXXX. the CapEx to we everyone more and payment during credit liquidity projections, down October that will quarter. drew sheet, our to adequate under facility of the $XXX of material

announced, we previously for XXXX. Johnny? have our guidance As withdrawn

Johnny Hendrix

Thanks, Steve.

us like stay for who’ve goods done First, for the We to been and us. I provide appreciate safe. essential would illness rest all frontlines those doctors, express retail fight and the while working on the this risking associates nurses coronavirus, to against try appreciation of to they’ve of services, those

We our tenant Late in liaisons all action. the managers, the of would to company associates, accounting assigned with knew WRI our quarter, critical. first when took communication and as evident, enlisted tenant property be member. each leasing team the retailers a the decisive professionals became one-on-one executives pandemic realities We

we’ve tenant been line, in with virtually late Bottom since communication every March.

and the or side Our over goal deferrals, to in tenants in a month to month pandemic our this of time. the paid short of is partial get years way overwhelming of the The thrive has back economic come ahead. short-term not help as in two only majority the to other survive, of but position such help a period

over GAAP around important continue expect to be pay about It’s regional $XX of agreed several XXX that most tenants individual to remember, we will me We’ve rents to these essential. national next rent, accounting. some months. under of to designated as the will be sort and deferment deferred million leases. be accrued Let especially deferred clear, those for That’s likely

essential insurance and XX% accounts billed the amount This of This by provided category tenants of overall May and in April. base pool and XX% that April for collections of paid collected are bill the escrows going rent of establishing in supplemental. collected April forward. The rent. X, we’ve tenants minimum is COVID in those were XX% collections as disclosure the we designated taxes our this of of the for think as for rent a collections monthly. of and As to includes is details cash XX% CAM and

and Health theaters concerned. clubs are

like the combined If our out large is to exposure rent. Fortunately, gems Hour and total Fitness, those to X% under just both. will small be exposure the theaters XX one breaks of

overall of service and and helpful XX% April. These Mexican break the We’re the little full down local, up are to to XX% be make paid restaurants in full rent sensitive a to food. Chinese might It rent like service they XX% more, restaurants. of

collected service And more Garden. about XX% most Morton’s the about XX% the we April. like The from XX% them We and chains from restaurants in XX% collected around from full Cheesecake. restaurants collected April, service Olive Those the about is group. like the full XX% in M&A. Lobster concern high-end, expensive them of are and represent of Red We

three Oak, River service full at exposure Waterfront, locations. Post and all rent Scottsdale short-term, concentrated great at locations: Most the Centre collection is restaurant unclear. In the is overall Oaks of are

less a be for tenants than to who April. We’ve to some May agreed April will paid deferrals May. expect We in not little pay

$XX commencements side, has On new contractual commitments four for the the million lease in company still quarters. next over the positive

Some of pushed. to of But continue and spaces. move tenants, plans these will commencements get construction our forward together with we

lease we’re pipeline comes with the XX% have several for now. around that but last is new space optimistic The with square the expiring LOI future. rent a from of remains and compound. tenants. annual an shopping than Thus we’ve base in this leaner for XX negotiating XXX,XXX XX% centers leases supermarket about renewed The of our of year, years, leases company feet we still

supermarket the they’re for only diversified offers Not today. pandemic, ever than the offering have anchors important poised supermarkets during the curbside future. our mostly of XX% have supermarkets more thriving future. services, portfolio some online with into been consumers pickup need transformed and/or highly and the and sort services delivery That’s goods today component Drew? of or

Andrew Alexander

Thanks, Johnny.

Realty great retail For been operator Weingarten years, as known has a real of estate.

the once current I’m challenging, is that While to rise occasion. we our situation will confident again

constant great and Operator, a happy of our thank interest difficult Weingarten. Managers hard now equals for properties your goes all quality right I results. to you out people, working and associates questions. continued the heartfelt of now are genuine today in have very Board great thanks feedback take thanks throughout these who Trust to who we’d platform joining times. A to Great and a our so call provided for be great

Operator

Thanks, have go Citigroup, the And begin from Instructions] Please we And McElroy. ahead. [Operator now Drew. question-and-answer we’ll session. Christy

Christy McElroy

talked the of tenants. everyone. being majority your afternoon, Good you with about thanks. Hi, in touch Johnny,

got for do is collectibility those And but expect nationals larger The regionals don’t rent. pay right? the sort forward? about going you with a ultimately You’ve how to for when, evaluating executed question you deferrals maybe I that for deferral and this Steve, think those you of some, with, have have is agreements question

Johnny Hendrix

afternoon. good Christy, Hey,

are situation. be One loosening they of making folks. of have in many of the potentially have to best of I work things things really the Even and more April, of are the say with up the who we the about great we do who going some do to no seem to or trying And empathy discussions seem catastrophic is, companies forward. – retailers since businesslike large having for for those say, be would tenants to can own I middle their wanted can. what We

recapture that of we’re of extensions or agreements. to think not can larger and I the think going that. trying restrictions only I maybe or of most comfortable some will who pay feel And retailers, get I some be pay, we – opportunistic with maybe these pretty will forward, some help but loosening tenants some

Stephen Richter

issue, would we thought follow only up morning did obviously the an terms Good of we Steve. the evaluation reserve that’s debt is collectibility collectibility took on that thing is, March this Christy, and XX The the where of or in bad as on reported. I afternoon.

look around I have better a and exactly something get more little think really QX exactly like too basis, really numbers, on information. what lease retailers time it’s report to early. trying that what a to through of some it’s tenant think that tell a lot get looks our And But early and we’ll by on like. we is basis or a arms collectibility I these the for QX we

Christy McElroy

separate first Does at cover how the the Okay, does another this paying the cover about to But what it, just it Steve, is like the dividend, in likely there thinking satisfies to just thanks. the you’re then, on XXXX, be for taxable $XX separate requirement the on just pay million you depending that didn’t plays the XXXX true-up overall from dividend year-end special in it need year. paid that? the out? a dispositions? from year And quarter you income, or fully Or

Stephen Richter

good $XXX $XX We Christy. No, that XXXX QX in left million, entered dividend XXXX over be tax from we $XX normal in for million in That was question, resulted our paid the with carried for of that XXXX obligation obligation. XXXX. million paid to –

the balance the of what paying So it’s that we declared we that anticipate million one-third – two and over we amount, quarters $XX remaining $X.XX, the of paid obligation. the

Christy McElroy

Right.

that’s So about – covering thinking your right? in XXXX,

Stephen Richter

correct. That’s

Christy McElroy

does income, that that, have taxable And so out? just XXXX income depending in right? you will XXXX the Or about thinking paid to fully sort cover plays in more how quarter pay on cover what of overall your first taxable you to

Stephen Richter

$XX It’s income when we into tax that fully to again, satisfy satisfied we rules, we will We under the – XXXX’s generating XXXX. in we – be anticipate distributions obviously generate million, any that during the taxable will the income paid XXXX. or we XXXX to – generate But taxable in have borrow would amount XXXX. able any

Christy McElroy

Okay.

Okay, got you. it. Thank

Andrew Alexander

you. Thank

Operator

From we Please go Craig Bank of Schmidt. America, have ahead.

Craig Schmidt

the in, to your I the How wanted nonessential lifting what also possibly are is, retailers these website. question for acceptance going and been retailers? they you the on mandates the mandates dining the thank discretionary you. are to the And comfortable has leads to that of as for that? restaurants more state-by-state Well, customers’ for thank

Stephen Richter

Craig, varied, has I say. It good afternoon. would

initial It think, accept. to pretty in prepared experience think Georgia back. I time. that don’t were It And was gotten I citizens was the better Georgia time over go to fully of tepid. our has

governor. staged been way I a think the decision by Texas the comeback that the has good has

restaurants. number job occupied. restaurants. personally seem great outdoor really I’ve dining Obviously, XX% fully with creative they’ve made of for been of a great have side good They – to to curbside. We’ve the a use done

anecdotally. hearing We’re

maybe gotten. the total business XX% otherwise XX%, they getting have they’re Sometimes, that of would

here, is evolution of their people are hair year. Today the goes the reopened as rest And rest busy. and of are for super are day big they’re how colored. that excited Texas obviously hearing the of of a that There we getting of lots very so in a that we’re we’re there today see is to number that salons, the everything

and – pretty we’re I so the it’s really about acceptance it. – would is good right I now And say, strong feel

One to are sale is have big crowd. a of going and our the expecting over retailers we big weekend

say, social and So, again, to I maintain them we’re it’s But sure the would we generally, with creatively been pretty trying distancing work and rules. make good.

Craig Schmidt

deferral? Okay, able in negotiation then the you issues control the on great. any deferrals, for get of are And to change

Stephen Richter

yes, varies that retailer centers. control amount that everyone’s the us to it’s seen some redevelop the that have. from control interest Craig, the in answer to retail, help that. to have of It Those of have is they best shopping

little loosen in so And up a to deferment, best bit of both those on our is for of in I return think, interest. controls,

some of be very may the of in terms bigger Some difficult still discussions occurring issues.

yes, see how and interesting But, been rights. been up been how helpful of to retailers it’s are control cooperative some – giving we they’ve these the in have

Craig Schmidt

Okay. Thank you.

Stephen Richter

you. Thank

Operator

we From Greg have ahead. Scotiabank, Please McGinnis. go

Greg McGinniss

the And shutdown ticked to a where I’m to pandemic? once end you’re this over up And QX. how up you managing of of leverage then other next from on Steve, leverage the afternoon. then number just bit about side we good that get and wondering thinking couple the throughout quarters? Hey, leverage expect

Stephen Richter

Greg. the bad forth. debt because adjustment, little the NOI good the leverage because up Yes, ticked lower of of afternoon, bit and debt, number The a bad so

if that not do move I in net pickup basis, you drawing. mean, at that part other – debt of did But it the you look So leverage. was a obviously, much. on actually if the it piece, than debt the There wasn’t

year that have In left up know really $XX development. at we’re through shows new today When fund balance about to the going we completion the that, that or have terms the to cash the supplemental I much.” that, $XX that million forward. we of we through spend, the actual projects. of of to look see don’t you going we on about development the those that estimate million be of piece The to “lever

around so for million development. But through then most balance $XX of the that this And is new or of year.

So we that million capital, have when only – you think $XX of about CapEx. of we have

on do, dividend as $XX maturities. talked piece. have the no have We fund about, million the We we to

a a of the from balance But standpoint, practical in million terms dollars is sheet. hundred couple not significant

our from see leverage we are So we that today. don’t where much really shifting

Greg McGinniss

not take then, Okay, in fallout? trying And through retailers I’m to super curious encouraging, thanks. through Johnny, And how you’re on from has watchlist to are the steps pandemic potential your mitigate what fallout evolved potential pandemic? reports especially and restaurants. the just apparel any

Johnny Hendrix

Hey, these good I’ll the tell the gym and Greg. – can what obviously, some our I high-end reflection bad restaurants, look – did about what with We COVID the large where afternoon, concerned we think see may it. collected, you that And debt. you theaters, see have of after issues. we’re can the we with you, experience

something So is we that it. are everyday. of are we aware watching It

We contact are that retailers we’re we our best and in for can. it the continual adjust to with trying

Greg McGinniss

one in a your Have foot any stronger markets that And with in Okay. follow-up. correlation interest differences leasing just had of markets others then maybe than noticed you may terms have oil quick traffic? or

Johnny Hendrix

and rent incredibly say, very the more in so much portfolio collection individual quickly downturns by transform difference more it’s But saw held will strong. of paid prices. the No, essential not, our oil was not over the tenants I Houston of on that. not really. last Most is that And focused several up nicely tenant the type, in obviously we retailer,

The $XXX,XXX [indiscernible]. in household we’ve people. miles And three-mile within rent are all of of trade five incomes got the the and these areas radius, XX% is XXX,XXX

when you higher-end And River collections Oak in think sense kind makes I about of said So that’s restaurants April what Oaks. The Houston XX%. Post were the that really earlier about strong. and about at

Excluding Houston the the have balance right of with the those in portfolio. in line properties, would portfolio

Greg McGinniss

you. Thank right. All

Operator

Kim. Please we have ahead. SunTrust, Bin go From Ki

Ki Bin Kim

Good afternoon.

to a times. write-off curious, straight-line times the the noise? trying from leverage X.X to debt or to bad minus to did piece, get just up pro I’m leverage reserve? I’m annualize – leverage just I accounting the back going you the disclosed Just X.X your – went number forma

Stephen Richter

It’s me, – I annualized. in supplemental. excuse I is believe the that

the I quarter think last annualized. it’s

So it would QX be annualized.

Ki Bin Kim

leverage? Your

Stephen Richter

I’m sorry?

Ki Bin Kim

when leverage? turn that does went you include calculate your one have to write-off economically that be lower leverage accounting in by the would a EBITDA charges imagine one-time up or caused Well, kind quarter? of would I to that Because hard your

Stephen Richter

the is the – which what that but created – of it of annualization lower the NOI. that’s Well, that caused, write-off,

Andrew Alexander

bad the made. with earnings the actual the The or debt were earnings adjustment

Stephen Richter

million write-off $X The was included.

annualized. So full yes, That’s caused a one getting turn. what that’s

Ki Bin Kim

Okay, adoption grocery think about larger grocery Obviously, got of first kind have accelerated, business do it any types you thoughts by used that never longer-term? the your all it. people And the impacts do of e-commerce place. been have business? you How has the different would I who in

Andrew Alexander

Ki I’ll can Drew. of tried think there are afternoon, yes, a it, some lot often said, still around people some it’s then cost more seen. little color. It’s it and as give give the Good a I high-level that, you we’ve Bin, something I’ve of that you issues have thoughts, Johnny

think I I where but a or to pay menu also So see sometimes people the choices, they will of is will pick, delivery and what – time, over store. use the go quick for a

So locations and convenient been about retailers about, really we with that in our it. are last-mile, our feel we’ve touch something with very good

think we’ve got you’ve I I Johnny, So, some know seen more. that

Johnny Hendrix

Bin. But They the is that, until. deliveries, that’s do. wanted what supermarkets I the to I of virus, any even I and have to they option think, the evolution flocked the Ki don’t they moved do the see flocked to incredibly option a number just had going the has people question curbside. on. supermarket face it to in it’s wanted add of omni-channel, They evolution to who unbelievable about interesting found it to to the because do think entire to the and I the of what’s Hi, forward. think there’s

better better future. positioning They’ve themselves competitive learned to They delivery and a be learned learned do into very to do to really supermarkets going the how quickly. how The they’re lot curbside.

will supermarket-anchored centers really do that So to the continue encouraged I’m I well. shopping think,

Ki Bin Kim

Okay. Thank you, guys.

Johnny Hendrix

you. Thank

Operator

we Please Mike JPMorgan, go From have ahead. Mueller.

Michael Mueller

think is out hi. diminution now? to the intended? so from year or just from don’t strategy a do work a Yes, a probability a I’m wondering going see perspective, picture as you big that there’s you run deferral NOI rate significant high Where

Andrew Alexander

thoughts, Hey, some high-level Mike, then it’s I’ll you can and give Drew. Johnny opine.

is that lot used early know too to today. I been think I tell the a things it one of those has phrase

is it I think things. those one of

it have ago, the We for that’s paid get that locations, of cases, is undertook very our in watchlist will years early, most with tenants, of – we the deferral. quality the we and transformation very, that happy are while the and we reduction some comfort, where

Obviously, talked our of theatres attention to the restaurant manageable. pretty we’re and paying concerns watchlist. full-service around some things, Johnny about some the is other

We comes of have We’ve it through going them. service great tenants, of And empathy everybody for all to tenants some this. certainly the and seen our work mom-and-pops, set of when certainly, up with them definitely that’s the other will not our a this a side we’ll need we mom-and-pops fund, sort our formal to crisis. but we any lot get work to of to

we’ll good do but So, transformation, add? some through. to we feel Johnny, things the else anything to about we work have know

Johnny Hendrix

Mike. Yes. Hey,

half opportunistic half I we’re money is or don’t the way, pay in us. know a where we’ve deferral and even would I is a something tenant who great money from of the of deferred we’ve highly I is say that collect. majority to if money getting lot and think I for a likely most that would to say, the of the the we more also deferred, it’s around date, will

with benefit all that will you’ll able or value we the you years that I to repayment get think a those down you of back. of that year road, think combine I be the see benefit, So deferrals say, two could when the the

do not on there with forward, have to is we assess by just may We’ll gym pay. location, value basis, individual in who restaurant. to that. or to to some folks larger going be we able a by say try an a go deferrals As may any tenant I’m some if

gave So next that quarter. I you think I change that answer may

Michael Mueller

it. Got

Okay, you. thumbs up. Thank

Johnny Hendrix

Thank you, Mike.

Operator

Please Linda have ahead. we Jefferies, From Tsai. go

Linda Tsai

Hi.

deferment? restaurant not or higher-end Cheesecake. paying chains on as How has the their May? And Morton’s paying of rent like to stance it relates terms conversations In in what’s proceeded

Johnny Hendrix

people discussions very been involved the or with afternoon, get work Linda. very, professional in them. discussions. May, These Whether money that, think are And we’ll very in would say are any not professional. the I we good real Hey, something uncertain. I’ve I I’m estate out. pleased

that to with figure we’ll get the these we will I able think Factory, defer. something reimbursed guys, think, I out Cheesecake be and for money

Linda Tsai

Would And store less to you enabled be proactive to retailers as your calling closures of further manage risk? retailers your versus has the Thanks. impacted portfolio more filing your start then, streamlining peers, restructuring. you portfolio consider by and

Andrew Alexander

It’s Linda, – it’s look something we certainly afternoon. it’s that Good Yes. certainly at. Drew.

to of can stabilized out improved has had a bit would continue the number there, We years, of seems lot over we things a slowed with it’s down. of lot something We’ve it’s market to. There a of and certainly perhaps have inquiries. a some transformation but – people still but that it be little being

the Transaction and inspections physical activity nature tenant just cetera. of is visits et surveys, and

As we certainly would at. loosen something it things look that up, is

the lot as So, keep obviously, get of we the side other fresh but made a to a improvements, pandemic. would always of eye

Linda Tsai

Thank you.

Operator

Chris Capital have ahead. go we One, Please From Lucas.

Christopher Lucas

Good on you renewal to XXXX? year number ago? you compared provided first afternoon, the XX% how Johnny, Hey, everybody. budgeting into How was came for were rate compared And was a when what quarter. that to you that the

Johnny Hendrix

about Good afternoon, it’s would same. the Chris. say, I

of are, done renewals leverage for environment get the with possible. pretty quickly renewals our landlord renewals would say, We until completed as We do trying have I has always as XXXX. about The to negotiating up XX% good proactive, been now. with very

So, we’ll that down how out find the on road. goes

Christopher Lucas

roughly And the just percentage appreciate non-deferral of represent? uncollected the then what context. like? look on some to the sort trying the collected out how I then much we rent, if I’m figure does XX%% And – Okay. deferrals of guess, did, I deferral of the you

Johnny Hendrix

can My this. Michelle and recollection help on me

$X in April. total a of deferred the we about think month million I of

Michelle Wiggs

Right.

Christopher Lucas

it Okay. And ahead, – release go as I Michelle. guess, to then

Andrew Alexander

ahead. Go

Christopher Lucas

deposits relates that just there it as were then And Or pure is the that were applied that? Okay. XX% security payment? collected, to that to was

Johnny Hendrix

rent security any any not collected. did deposits we the to apply we of No,

Christopher Lucas

That’s all have. great. Okay, I Thanks.

Andrew Alexander

you. Thank

Operator

from Compass go have And Please ahead. Point, Instructions] Compass we Point. [Operator

Floris van Dijkum

could rent before your question, after my guys. remind what is me taking and for your Thanks Steve, break-even CapEx you cash leasing costs?

Stephen Richter

of our me, excuse you sometimes Based good to morning, we what have That’s a XX% about in, cash – at But normal guess, that service Good operating actual we and costs. we’re means. projections all that all for the – define done, have expenses, paying collection. debt upon our have, that then really I that’s sitting our may us, Floris. G&A – that’s including interest G&A

exclusive number So of – that that is CapEx. is

So talked cetera, the capital about earlier I that relative be et to would the new to that addition that. development, in

Andrew Alexander

expenses, think Steve, is right, in I current And cetera, that’s kind that the world this would G&A, current be et which of trimmed.

Stephen Richter

correct. That’s

Floris van Dijkum

at Great. do a crisis do see you some know how in Is see be with where market-specific? look to early, strong – you it do where as you – terms into And Or very very to the sheet, going it’s world? as Is you’re best you going this – of think obviously, but opportunities? opportunities the going property-specific? you balance then came I be you of it to

Andrew Alexander

Hi, Floris, as good early. say, you afternoon. it quite is Yes,

We at to been collections as have very guys said, the of get our would efforts in Johnny tenants. terms back bit our around I some say, growth some had to – out helpful reaching it, that. are the to and that’s conversations of chomping

we say main markets our Seattle, to a to to would suburban would more be of United be geographic focus the in the I we yes, would of where densely populated We even open are Western from different and things. certainly footprint, a Southern infill player do our those Washington, become markets. like States, So to D.C. Washington continue and lot

to center, want Certainly are But we’d it. supermarket-anchored That stick at significantly. to footprint, our said, comfortable opportunity if the with the it. very geographic along right we expand that look like with came

we right. is a you as on early that it to the But time specifics when So too said, something would be time consider there. it’s certainly much spending little is

Floris van Dijkum

a about take just follow-up as strong on a situations? them the you Obviously, hearing bit you that. some partners past quick sounding well. appetite? of Are in Or potentially some And, you’ve what about to out distressed the from institutional very had of them Drew, maybe appetite advantage are

Andrew Alexander

at with that do as institutional lots relationships of something case-by-case. would have, it’s Yes, different say, We we great look folks. you

So it’s we we certainly But would early. something it’s as consider. said, that

point. So, general conversations this been very at

Floris van Dijkum

Drew. Thanks,

Andrew Alexander

Thank you.

Operator

Fique. we from Tammi And Wells Please Fargo, ahead. go have

Tamara Fique

Hi, good afternoon.

Just wondering sense Weingarten success to if your assistance And any for a point in government tenants? tenants see extend you the at loans of stepping program? I you the to have in guess,

Johnny Hendrix

I folks we’ve bank. good to talking it’s connected some afternoon. new lot good. been I Like Tammi, initially trouble say, of to they Hey, right I the it’s at getting wouldn’t with been say A been had them. would have say, pretty XXX%. had be And a bank.

they so wave. kind that of got pushed second into And

we’ll tenant in. and of So received lot paid that a pay by that’s who you get coming we some a ahead theirs, money is okay, did still go now. We today and had deferred rent. said, They

what call been the that’s yes. oh, it’s the forward And on really a we any are No, today. good story. would mostly doing part say, would you was if second moving I we’re deferral than, but loans a loans, anticipating other – something So not loan, not

Tamara Fique

CAM have similar trended collections great. rent collections April? then in And you. Okay, to Thank

Johnny Hendrix

Yes, yes.

would pay tenants I the that who CAM monthly say So the same. are about

their generally some pay So the will lot paid the year monthly national but CAM, CAM the end tenants a also. of at of is

that might bit little from different. be it perspective, a So,

Tamara Fique

seeing Are you lean it thanks. at as opportunities my question, trend ship is? Okay, this a pretty last property any you level point? running to are then And expenses

Johnny Hendrix

and could where pickup. very to are our sweeping, the shopping property, at need and maintain a who looked trash busy, anchored looked still every we great the that’s security, we centers at are question. we Most of Tammi, reduce landscaping. We by supermarkets

are needed to laser-focused big year reducing till do get that. look work, not things at maybe work sidewalks, put going. But are we see definitely we’ll to kind We next how that a number. So that to a continue costs it roofs, through. did was painting off being on done, and of Anything capital and able we

Tamara Fique

you. Thank great. Okay,

Johnny Hendrix

Thanks, Tammi.

Andrew Alexander

you. Thank

Operator

any And Drew to you. we’ll turn it back closing Thank for remarks. now

Andrew Alexander

a was really time I Brandon. for busy know and busy you, you. of everybody’s it very the and cycle all appreciate Thank I day very in attention.

much for so thanks interest. your So

it. want if the We call tough I communities. everybody heart the having – This wish other crisis my out. to a all goes are every everybody their tenants, friends families wishes to is and around on the with deal and this best all best questions. empathetic very and and with to broader I’m our associates, consumers, to

So, much. thanks, and great in so great a again, for Have it, a and your Weingarten. We appreciate have weekend day. interest thanks

Operator

Thank you gentlemen, and this for Ladies you. today’s conference. concludes Thank joining.

may You now disconnect.