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CBL& Associates Properties (CBL)

Participants
Kathryn Reinsmidt Executive Vice President & Chief Information Officer
Stephen Lebovitz Chief Executive Officer
Farzana Khaleel Executive Vice President & Chief Financial Officer
Caitlin Burrows Goldman Sachs
Rich Hill Morgan Stanley
Tayo Okusanya Jefferies
Craig Schmidt BofA
Michael Mueller JPMorgan
Andrew Gadlin Odeon Cap Group
Call transcript
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Operator

Good morning and welcome to the CBL Properties First Quarter Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to Katie Reinsmidt. ahead. go Please

Kathryn Reinsmidt

and Brandon, Thank good you, morning.

GAAP materially. filings of financial cblproperties.com. Future being to uncertainties. to one measures securities today on questions additional Farzana non-GAAP with and of for to measures to me to forward-looking is risks each This within the detailed the Lebovitz, limited Invest in the discussion subject differ are conference supplemental in the risks. everyone CEO; actual for ask Executive Vice be you statements return available comparable federal of yesterday's meaning Stephen Khaleel, order and the earnings Such A to their President furnished questions. that section supplemental speaker is to will contains questions, financial statements and limit time release otherwise, then results, of inherently Joining queue In at included SEC ask and call hour. website provide are laws. and This we and direct financial and the to these reconciliation X-K ask and may Form events was We two company's that various a the CFO. to call

Stephen. answered have questions the to that turn today's If following you reach were during to now please over it me not out call, conclusion. will I

Stephen Lebovitz

Katie, everyone. morning, good Thank and you,

is we stock and that long-term us Even that trading persistence given experienced the CBL are team. market price closings we success. new diminished steadfast stability our not our the few business CBL track the determination year. As results feat, bankruptcies of a no lows, assure quarter we achieve will credit put to year the is and of small though the for the first of and passion the is the and on in completed efforts to has our announced yesterday, and months range This at we to the in with our wave achieve guidance store for first

on redevelopment leverage. enhancing focused are we our preserving foremost, and to reduce and fund liquidity and First program

call, while in XXXX While we tout million cash and This which guidance that this to estimated flow $XXX repeat income we on is the preferred find of generate free lowering free redevelopments will metric and over reduction, generating common our in leverage. at source midpoint flow us allows after it's cash primary lost debt to income dividend. to important replace every

structures. ground minimizes light our or joint executing which venture are in leases capital required We pad investment through the sales, strategy, redevelopment

where uses equity our our replacements than We dozen anchor cash under there are remain and our that attractive have prices bond more our for for is numerous buyback. in extremely $X capital structure a across creative We pipeline, required million. investment realize and

fund liquidity maintaining should is other priority. our that priority remain to we maximum major However, business on liquidity with our Hand-in-hand believe redevelopment to our and revenue. operate stabilize this strategic focus

We are generating our releasing incremental program. from goal anchor replacement and achieving income through this

back to a from uses expanding as our entertainment to of retailers, demand and seeing are range We well restaurants, as broad locations. uses non-retail

As between XX we and mentioned we roughly Sears, last Bon-Ton had quarter, anchors close.

traffic properties will tremendous stabilize earnings newer the portfolio making our The drive for release two and in long and are replacements, anchor in our We listed of transformation as dynamic uses the dozen term. more strengthen outlined by committed progress, our supplemental. we nearly income, as additional bring

quarter non-apparel leases was our to of our executed XXXX, new total with tenant XX% apparel base the diversifying tenants, new leasing XX% entertainment nearly with In through over accelerated are value and We in non-apparel dining This new including of from service. executed our our trend away leasing. first tenant.

hotels, create XX XX and valuable agreements under allow parking have entertainment two and active projects, to out fitness grocers XX two negotiations number multifamily two are These currently four us in non-retail on of five medical two underutilized other executed value a parcels. or are areas from uses. construction, operators additions restaurants, facilities, self-storage uses, casinos, We centers, including extract

anchor are expenses. also we and As vacant to aggressively backfill we shop locations replace space, lower working

We and efficiencies. bonus senior have management have reduced salary achieve taken to other amounts steps and cost for

a We Acadiana are of this to week source. monetization in portfolio actively managing we underperforming January. the Mall sale closed well low-cost of And through the other Creek the well Cary equity Mall. of Center, disposition as as of Honey We assets a in our as transfer as of properties, completed sale earlier Towne provide

opportunity we have welcomed every to our field and team with of energy commitment office and CBL aggressively the none. company's home education people sales employees remain and April, management for conference pursuing strategy properties Chattanooga leadership staff liquidity building. dedication to creativity improve team is our along second company's and and We The training In to valuation. urgently execute. We are our successfully the to stabilize we CBL that and held confident and the

have While morale, to touch the challenges the experiencing together navigating are singularly today. the that on briefly on team class tall we has focused rallied could consistently the we on CBL all successfully that challenges I'll actions any decision face we action filing our we and have are weigh settlement believe been stand we continue announced and times wrongdoing denied proper all and in one at deny of and faced. that to settle the From March. the The most was lawful. have we to difficult initial

pace The of to annual of given inherent decision cash mitigate business and its Company the the case choice believe the litigation, risk for and of settle and this the shareholders. helps impact. the was structure settlement the right the to in the acceleration made the we However,

credited generally claims cash a of five-year in current dividend over a $XX process The attorney's through suspension million go will period. tenants from the tenants common offset will and expense the cash Former savings the be fees. will

XXXX determine level. income in in to in reinstate appropriate review our for later January is year common will said on projections the to we the As release we settlement, our intent dividend the and taxable the

Final executed early X-K has our court which occur and have on approval more a approval could the filing August settlement we settlement. the we'll the after components As of disclosure as is week to to credit The cash agreement. subject preliminary settlement able provide as noted order. still provided be but the approval, final last by

to settlement appreciate will activity. received our Finally, since this from final what I'll to has the of operating the approval we will understanding additional that now results beyond call not making and and comments caution court, sensitivity. discuss be this previously we disclosed not turn investment over Katie I your

Kathryn Reinsmidt

Thank you, Stephen.

store during total leasings quarter Our XX mall leasing team delivered square of to activity leasing the XX.X% Remembered, including X basis XXX,XXX square XXX renewals. and closures first Same-center increased XXX,XXX and several over occupancy from points square Gymboree's last year from feet portfolio feet by to approximately Charlotte of label the XX.X%. of feet, impacted points XX points occupancy Bankruptcy-related quarter mall new Russe basis occupancy Crazy closures quarter, or stores. Things million XXX,XXX basis and X.X feet similarly increased including first square

to lower were decline of impact for of rents. on feet rent a related Gymboree square increased nearly than Russe the locations majority at namesake of leases and first leases XX.X% we the will closures of occupancy. the gross X.X%. stores, for comparable the an quarter signed quarter signed renewal the ShoeSource Payless new and occurred and same-space On malls an of new X.X% the at end second Spreads average basis the However, after average quarter, expiring the leases XXX,XXX stabilized renewal and Charlotte

reporting this performed flat group cosmetics and that in impacted a relatively flat following wellness. were stores Christopher solid were March calendar. and increase, year. the of Easter of in from Sales results their declines resulted and year. stores. Weather centers sales well $XXX a Things shoes, casual January both especially and at late impacted number that foot children's quarter's late Banks unfavorable early an prior eight included to that that remain fast muted This Categories dining, also generated for square and the on in March bankruptcy April first family were by for with electronics, a Same-center compared Sales filing year January was for open per -- renewals were several quarter Remembered we the expect by with closures. considering February &

noted commitments for progress stores. two earlier, excellent are As dozen making locations nearly Stephen with anchor backfilling vacant we

freestanding but Consistent in with more. not shopping favorite former at in and XX,XXX the Fitness the Mall of Bonefish Daytona several only in of are and In the square go-to through a destination in in major Beach replacing have year. Bon-Ton May supplemental. a quarters, will the Sears locations I'll markets, becoming Grill the place at OX Sears Friendly earlier lodging we properties are their Volusia open Auto prior provided Diner the Metro Our Center dining, our portfolio Center for former projects. this walk service, and a entertainment, in new all foot schedule Greensboro, opened restaurant. for full

phase redevelopment stores Dick's the first of May, the -- former Parkdale open Sporting of new will the Macy's I'm HomeGoods former in Goods or Five sorry include Mall at Below. and We Sears

developments our the Sears as Brookfield the parcel This year at that similar venture late later in we XXXX. fall, Wisconsin. previous Parkdale. Ring We opening in redeveloped celebrate In The XXXX, expected of this early at the start structure contribute equity. will on the is construction joint our opening and facility Square also a land outside will Milwaukee, in grand we'll self-storage to a a project Road is

convention project the and a parcel centers. walkway includes have the tavern on through of in Theatres Sears has a commenced WhirlyBall the new phase movie hotel on landscape and outlets already Marcus Center. will first Entertainment construction opened The restaurants connect to Two by our new which center and

fitness We fitness tenant includes Sears into in here redevelopment space in last at in the will facility. local commenced venture a Dave purchased Dick's Sears The May The Cheesecake Place and center former office in of Buster's restaurants, Novant Health and at the in Hamilton construction mix. wing. in project Sears space on has additional and all redevelop shop plans health Winston-Salem joint the being project location is to Mall joining the location part Dave a Sporting We Hanes are the Factory developed medical Buster's, hotel & new the also operator. a new Goods, with ALoft well-regarded Hotel, December. a opened near & open facility adding which as Chattanooga.

realize to which to us share our value We equity in land upside. from portion the will of future and as assets our allows contribute

We a a replace that We in Galleria locate have the in lease for Stadium new Live! At casino at casinos a at York Sears former Bon-Ton in to location. locations the former anchor Westmoreland have malls Pennsylvania. taking two we vacant casino will Mall, Pennsylvania. executed York

with begin We later construction anticipated an to this year, XXXX. opening expect in

a in executed excited Burgers regulatory to Kentucky, casinos Square we Oaks opening Dakota former and with forward XX-XX we're remain portion to our lease such the location. Mall take Ross property with joint year. in to approval, Seritage with North subject of former At shortly this in Construction a Burlington While will Minot, At opportunities. Ross move transformational Paducah, opened both Her the begin an anticipated Kentucky later owned Sears. venture Dakota

HomeGoods a the store have the under Sears in store additional Waco, new partners executed and venture lease joint Our opening this XXXX. in former Elder-Beerman Texas, with anticipate two Dillard's purchased have space location to in at and tenants we a replace negotiation. former Mall Richland

late Center, location executed Illinois. minimal have and at which lease we've Sears lost the at We Tilt These Bon-Ton in operator replaced Sears and for former Home property also a Rockford, Bon-Ton CherryVale investment. opened in with Mall replacements both this required with the We XXXX. Choice entertainment

Charleston, We locations at at second Center one the former two South in the Northwoods Louis Carolina. new shop former Sears County signed in South leases space at and in Missouri have RoundX Mall for St.

deals will anchor to continue financial in redevelopments over lot have announcements the just now the to results. as through activity make LOI and or stages. I I walked to And call turn addition In of to we Farzana negotiation replacements our have a discuss we'll progress.

Farzana Khaleel

Katie. you, Thank

unsecured our debt last of closing, credit with all With July we and on addressed date facility in this January, $X.XXX new maturities As XXXX. our covenants. of until announced call simplified maturity XXXX our we've billion a on our we closed

first our In the over gain had years the maturities on lines loans. of extension our Towne we of $XXX.X fully almost outstanding At also we related quarter, Mall. on The mortgage lines few our sale the extinguished Center of completed a transfer of credit. million to of transactions. this are the Cary, of related debt comprised the individual January, of and been debt both $XXX completed million the non-recourse With next quarter of and end has Acadiana extinguishment recognized we

institutional $XX same balance The XXXX. in maturing with secured and lenders Volusia maturity loans loans aggregate date collateralized July had secured with two of an four we of and have cross by XXXX closed rate Mall interest with million In Volusia rate by X.XX%. lender of We $XX the Creek a an Honey X%. a million Mall of a secured new fixed non-recourse X, existing as at April loan of five-year April, the

Honey loan. Mall sold April loan $XX.X in We utilized we Creek the existing retire proceeds from the to and new the Additionally, million. for sale

a Outlet anticipate our phase refinancing Atlanta have million the that second of also $X.X We year we secured loan prior Center to end. by

have secured These the determine and mature in loans We're discussions We loans Mall that restructured. with two lenders Point. were December, Greensboro previously next in to Hickory step.

XXXX. focused which mature also on secured financings in are We

working have refinance. high We several with will begin properties to yields that we debt

$X.XX was pro billion. Our end debt share March XXXX the total of rata at of

end, over $XXX from debt EBITDA from to year-end. March quarter our was and X.X reduced At by million We levels have XXXX. times $XXX flat million net sequentially debt

First per $X.XX, was representing for first a $X.XX $X.XX with the XXXX. share of prior quarter the FFO adjusted – per compared for decline share quarter

While of adjusted timing. FFO consensus, is the believe we lower this result was than primarily

from were and litigation, loan, third-party of properties expense and G&A prior the than parcel quarter. variances the share included Other per quarter related to term sales and bonus change for per share NOI. legal share asset payments year and from employees. $X.XX higher for dilution expense lower in was per lower the current $X.XX the included non-core Our $X.XX $X.XX timing sales G&A non-executive new and

the of proposed included which settlement, quarter to First accrual million $XX.X excluded FFO. related was litigation an adjusted from FFO

As be the provide in the more order or will period. claims discuss liability the reduce in will impact on paid the we and claims able annual amount from information final years. released, Once court later are issued is to year, future the future is to we this

amount fees to be of from offset suspension for settlement majority after the the relatively paid dividend the quarters. anticipate will final issued this we is neutral. XXXX, attorneys' order by cash is savings of the The For be the and two next the

the in decline to declines first our in quarter closed standard. accounting revenue leasing. of of make X.X%. that The the The lost components was in-line year. For lease information new that were primarily understand rental as comparability statement well new our these same-center and changed the stores anchor of We as to We in income this presentation more decreased with adoption NOI rent renewal due periods consolidated changes related difficult the the provided supplement. more line on financial the

to we expected years discussions During Greensboro the while covering the flow due the with service, is currently quarter recognized on lender in by that Mall change has Cash the declined various to period. Several extending evaluate ago, restructured options. $XX.X million secured Greenbrier the full and at in maturity debt impairment we a the still XXXX. date to it we are property loan

same-center full decline per range assumes We X.XX%. a NOI for to are which of the share the $X.XX year of X.XX% range adjusted XXXX to reiterating FFO guidance $X.XX as share, per the in in

$XX initial range was million of in the for the to $X million. set year Our reserve

for reminder, a including Gymboree, may in certain co-tenancy used bankruptcies, take is to the closures bankruptcy reserve retailer expected that Remembered. number occur. and incorporated discussed that a impacting impact quarter reductions store unbudgeted We we As closures, of consideration this of were and Last rent Russe filings the store bankruptcies budgets Things our that are XXXX. had into Charlotte

currently liquidation. February Russe of well reserve. announced approximately the resulting annual budget, gross Annual in to variances as call, Charlotte and Shoes $X.X other million we $X Incorporating loss of However, as utilize million for million approximately subsequent bankruptcy this to revenue to additional expect filed is Payless $X our and a approximately in liquidation rent $X announced million. for a Payless impact

update our call to remarks. We will usage expected now I'll concluding turn the for over reserve each quarter. Stephen

Stephen Lebovitz

Thank you, Farzana.

the the have credit our on closing so between made progress the and we redevelopment of in major this recast. success seeing program We our year are facility important far strategies

offsets was settlement quarters a of decision outlay dividend invest felt cash for business to compelled the allowing to flow we in make. for business. lawsuit suspension our this was two it the us year preserve the the a our While cash to of The remaining setback, settlement the

have the and visibility our strategy and market's that tenant an our is your reinstate have everything XXXX As for to for Yes, results reduce lease us, interim, ahead income, projected taxable power believes our of plan the time faith diversify be of we we of amount you Thank will at to have today. determined doing we the In to replace once company. our in anchors, sources first XXXX work dividend said other former but team the are delivering is quarter base. have generate expenses better in our we restoring income. space, a we committed critical in that and to

the We will to now questions. call open

Operator

now Instructions] comes begin Caitlin from [Operator Burrows with Sachs. Please Our will We Goldman the ahead. question-and-answer go session. first question

Caitlin Burrows

Hi. morning. of you was of spreads for up it's that leasing. bulk account new leasing are spreads, I that lease but on completing topic just guys the renewals the the maybe wondering Good a are the

I yet just still do signs need leasing if occupancy which you're cycled or was not renewal seeing those pricing stabilization costs? wondering So lower any through in been retailers, have of

Stephen Lebovitz

we're improvement, a contributed terms the retailers, Banks, of Certain Children's Place talked like there thing, packaged A significant. couple but were of deals of others that of of the some I GameStop and quarter glimmers in to seeing not it. Remembered about. anything & we what stores lot say negatives would we Things that that some for key some had Christopher

pressure have sales as not part have renewals. and they're So occupancy -- increased the the are so last -- those retailers of three are address we is their that there -- on just fine to doing

thought in hopefully digits. call negative some in little be on. earlier this had So high -- to than see and I'd worse goes we say we the a that the progress at as that we're we'd time We were last the said going but single that year

Caitlin Burrows

when and then or us reselling think users are anchor who are from replacements? you there regional that And who the give you Are working more past those is of, idea of outside an local you space of the in-line that Okay. about kind can you're with now leasing closures. tenants new

Stephen Lebovitz

Yes.

Dry Gap doing and but mean a a regional, a have So is owned which like a lot Vans Maur with presence national called American regionals deals. we're, who's good is with we've Altar'd is success deals another more products had I are A'Beautiful Soul. doing the Von they mean, definitely and deals Goods Eagle, Aerie Athleta. we're with of we're and are more hot have still by them. that but we're State doing developed are doing with some locals, are of topic. I they better and expanding national a their -- lot divisions new done concept of BoxLunch Skechers results. the with having

we're we're it's nontraditional small Salon, Seventh of getting is nationals shop the Sense, types taking all doing So Sola like whether like category. done. uses fitness space a hot the I is Theory Orange also then -- And said CBD Oil

So -- doing want them all. them name with restaurants. I things of couple Five a Below lot don't of we're to a

up the leasing just some is So of traditional, activity -- lot a and locals. there between it's regionals and there is mixed

concepts those two converted week, We into are they one those that shops -- incubate longer-term have deals. at over lease we XX and we for have type them that weeks, pop-up -- malls one call new pop-up month

on. So putting of that's emphasis a we're a that lot program

sources So the types power throughout to income doing in like generate from I all portfolio. of said, our everything we're

Caitlin Burrows

the Great. in? us anchor releasing last and cured? that I lot there is is finalized does cotenancy happen give Does is when wondering new can in know causes But Or answer actually terms one, you work? terms new moved color getting that when that I the generally how maybe the of or varies. was just lease a it in on user then any user cotenancy one of the of And space.

Stephen Lebovitz

them they discussion, time is acknowledge I is a when the it's when lot the written a ago but don't a clauses and finalized. of the there they it were replacements. mean, it cotenancy is vary the long lease of And does open, of realities lot types not of

and have discussions in have partners have we to major about us. had a retail from gone had them with the terms we cotenancy gotten reception good that and and good of we So flexibility working

Caitlin Burrows

you. Okay. Thank

Stephen Lebovitz

Thanks Caitlin.

Operator

next ahead. Please from Hill Stanley. comes Our Morgan with question Rich go

Rich Hill

me. timing-related Good Two partner guys. you quick with think part reduce some that morning. hopefully you quarter. rather CapEx? looks from sort conscientious or It went down questions are people like the do this it's to your maybe How of a considerably decision that Hey on CapEx? CapEx managing is to of Farzana

Farzana Khaleel

we the conscientious spending a it's combination timing the as are a looking well both. of Yes including difference CapEx It's at Richard. in as Hi, all effort different tenant allowances. that

focused very investment of are allowances. tenant on the our our on We even return

focused it's So so we are a combination. on that

Rich Hill

maybe us even a versus answer, to Got the I'm unencumbered it. trying give color as and mall maybe the revolver? quality Got a tough but portfolio it. any it's then same-store carrying NOI you question trending overall assets can And how about maybe think sense there get on quality? to to is how as you the secured assets across the term loan backing are the

Farzana Khaleel

trending the generally overall little NOI overall one decline. Tier have as bit the it's a better. But way the same Well done

So impacted similar. portfolio any the worse I wouldn't by properties say that are it's total any unencumbered

that different. So I it's wouldn't say any

Rich Hill

Okay.

So just the trending clarify Xs and Tier same-store of Xs Tier your to total see as NOI? way sort you same the

Farzana Khaleel

better as is more and doing are not obviously X. well little Tier X Tier bit and as Tier the The more X X Tier doing a Well. as

So making negative in what's NOI. up therefore is dent really components the those two

Kathryn Reinsmidt

bankruptcies all those. all by see so And to There impacted point, tiers everybody we our in in still is remains think linear relationship a across portfolios. Farzana's I do

part we Xs Tier tend portfolio. But in more to and stable tend better, Charlotte Tier to Xs general. For the had Tier the every perform worst like most be across Xs perform -- the Russe

some are in of outliers categories. all there those Although

Rich Hill

me Understood. right That’s That’s guys. for now. it helpful

Operator

Jefferies. with from go Okusanya Tayo Our Please next question comes ahead.

Tayo Okusanya

about I'll because one-time $X.XX. expect versus the the the $X.XX. the -- to of get over year seems It course even to normalized guidance But of I'm to morning. earnings number the I'm trying performance consider with to litigation understand pickup XQ to trying at like some XQ the I is and number. things take guidance you the Good from if costs $X.XX the some what of that items the is out that. reconcile

Kathryn Reinsmidt

Hi, Tayo. looking There consider are in It's looking what three terms at ended. to be guidance of our you're items mostly back to our when going at we're guidance.

-- QX sales So expenses our we quarter. expect year. the of the appraisal front in appraisal had sales in -- the were lower latter then more higher we were the And part also first and G&A towards generally

our We employees a to because these little first bit had the we expect better quarter. showed up bonuses in trend that that to non-executive

interest because improvement And financings on we complete disposed Volusia we should so of our some the on Mall. expense, we see Creek. And also better did new Honey

So higher rate, that -- they X%. interest were at

FFO to get three speaking range, to to help generally will our that range. components those are the our guidance So

Tayo Okusanya

doing But maintained forecast were better first in quarter. and you same-store you NOI

are expecting back the you as the deteriorate year in So half well? of same-store NOI to

Kathryn Reinsmidt

correct. That's

Tayo Okusanya

Okay, great.

Thank Okay. you.

Kathryn Reinsmidt

welcome. You're

Operator

Stephen session. question-and-answer turn back conference closing to concludes the any like This would remarks. for our over I Lebovitz to

Kathryn Reinsmidt

can see there… Brandon, you

Operator

the Yes. someone have ahead. did jump Schmidt queue. We BoA. Please Craig with I sorry. in go am

Craig Schmidt

mall if traffic? traffic. monitor was what believe to I its that I any own wondering, CBL you. talk Thank to had mall for would data that that Great. anchor effort replacements are you doing does

Stephen Lebovitz

morning. good Craig Hi,

early replacements coming anchor the are online. it's too really just So because

We to late compare in the XXXX traffic -- just is. how a in term traffic in put really most need of mean counters I So XXXX. we longer our

replacements So now are we XXXX. coming online the XXXX. had But anchor in

Craig Schmidt

response enough if the opened Okay. you've anchors, the I read what mean, just off of? to new the anecdotally, there's to six is

Stephen Lebovitz

definitely surprise helpful also no the mean, I seen families bringing be it's customer to uses the the we've driving positive. to very And actually only entertainment but the say properties. traffic not No. going I'm because

something by And we're restaurants that in casual. that’s sit-down encouraged our the portfolio just across well fast whether it's general seeing. then we're So really are really doing and that reception

anchors there of as real And with a a driver pushing traffic. to traffic strong we we that's as sense off they're replacements open So when a cases we're closed during And talked about with can these in anchors CherryVale, is drop had year. an -- we of like been in we're opening get of operator have replacing doing so later have investment in in because mall entertainment these a the closed open. and also remarks. one it then definitely we and minimal I of my these store urgency In -- a lot one furniture anchors hard the

those we'll So that both a backfill traffic help significant investment. lot. our will a And without

Craig Schmidt

Okay. Thank you.

Stephen Lebovitz

Craig. Thanks,

Operator

Please Michael comes from now next question Mr. line ahead. Mueller Our your JPMorgan. with go Mueller, is open.

Michael Mueller

I the got if so late, this. I call missed apologize I pretty to

breakout supp, those investment On the the what's XX in in anchor replacements total for or that you cost those? the

Farzana Khaleel

you wouldn't the those. look a cost obviously by we'll all cost like associated And ones the listed, or Michael if we things supplemental owned in We'll, back others in have a those that add ready Seritage is associated projects there projects the with we them. they're these projects with then as if are to have start where our construction that,

Michael Mueller

Okay.

number ballpark time? don't number in or So a global like point at this not you -- have

Farzana Khaleel

still XX within We an we'll the XXX to think No. be annual range basis. on

to within expect hit still these that we including view So all projects.

Michael Mueller

Thank it. was you. That Okay.

Craig Schmidt

Thanks, Mike.

Operator

The next Please with question Cap comes go from Andrew Gadlin Odeon ahead. Group.

Andrew Gadlin

to Hi, earning just refresh was I would us the plan year? on deploy how wondering, FFO if you you that good you this morning. could see

Farzana Khaleel

Kathryn?

Kathryn Reinsmidt

reduction. are mean our call two be our pipeline that debt we as the on I cash redevelopment primary Those through our Andrew, flow. the well focus will went as of continue on sources Yeah. to

Andrew Gadlin

you Or to also in call look debt at see just would in Or data I'm mortgage know And market, the you to term you bonds some go the reduction pay would have sent little in? the would everything I your to would be if a down? the prices it loan more proactive? be you loans? of down, on pay trying the just the referenced of understand

Kathryn Reinsmidt

Yeah.

I think liquidity. intro priority like comments, now is in maintaining we right our the said

amortization redevelopments So have we sure that of we care make and want our our taken to first.

Andrew Gadlin

Thank much. you very

Operator

would for I to to session. back closing turn question-and-answer concludes like This the remarks. Lebovitz the over any Steve conference

Stephen Lebovitz

Thank we year time your results as improvement you, our to continuing morning. forward to the you. for this show on. And Thank goes discuss look everyone and

Operator

for now The presentation. you Thank conference attending is today's concluded.

You may now disconnect.