Loading...
Docoh

CBL& Associates Properties (CBL)

Participants
Katie Reinsmidt Chief Investment Officer
Stephen Lebovitz CEO
Farzana Khaleel Executive Vice President and CFO
Craig Schmidt Bank of America
Rich Hill Morgan Stanley
Christy McElroy Citigroup
Michael Bilerman Citigroup
Vince Tibone Green Street Advisors
Michael Mueller J.P. Morgan
Jim Sullivan BTIG
Call transcript
Due to licensing restrictions, you must log in to view earnings call transcripts.
Operator

Good day and welcome to the CBL Properties Fourth Quarter Earnings Conference Call. All participants will be in a 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, from – CBL Chief Investment Officer. ahead. go Please

Katie Reinsmidt

good and Thank morning. you

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

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

Stephen Lebovitz

and more retail Most dynamic Thank they transition, portfolio, our year two-thirds uses. while of that you, closures. we than Today, mall time casual include team traffic-driving and made that the storage. in impressive, The making move in of medical, not done, the uses confident include fitness market as Katie are while in results, changes anchor of our with we retail. replaced value have have as casinos, and I could creativity uses Many educational our is This of far fast CBL necessary we to will mixed accomplishing traditional we The further us sit-down expect productive reflected multifamily, these office goals. these had XX will last entertainment, is names, good our XXXX just and over over business from we projects centers, strategy. be progress by and and year. is space immediately restaurants, such tremendous be the more in-demand morning middle new we towards everyone. progress job last uses, the and are are responding hotels, wish

end facing in As XXXX results challenges, these to we for of competitive are Despite occupancy our several store closings, guidance were and major and same at $X.XX centre share. financial including per or ongoing guidance and NOI industry. range, high FFO of struggle reorganization by indicate, fast-changing result a retailer X.X% with ended as an bankruptcies for impacted Revenues retailers. the liquidation including succeed XXXX significantly of and the declining retailers XXXX we increasingly challenges and adjusted

expect range of at January, Our the property guidance in their at portfolio North Winston-Salem, as announced fallout from carryover Macy’s XXXX as one in incorporates our coming and targeted a plan, Mall make for in closure to this replacement be a months. store plans an Carolina. on program. the three-year including able announced We Macy’s were XXXX. In additional our Hanes XXXX closure working strategic new week, retail in well to its expectation Earlier announcement

finalized time. Our over the closure will understanding that, be is lists definitive

next to the occur store in We X closures over Within to years. of these expect do not portfolio, we X XXXX. three anticipate the closures CBL occur to any an additional

us time extended certainly table to While up this the a announcement provides setback, replacements. line runway with is

dozen bankruptcies uses, bond stabilize either in new former adding committed locations, planning and a productive and have opened under tenants serious time income. Since have of our As we our in stream result another efforts, redevelopment underway. construction more revenue XXXX, are XX anchor to replacements diversifying the we or and working we

apparel with We new exposure with than XX% are of leasing mall more tenants. XXXX to non-apparel retailers reducing proactively completed our

X construction, X XX and centers, X or hotels, under including projects, currently XX other X have several We’re agreements executed uses, casinos, fitness uses. on two X in medical negotiations restaurants, self-storage operations, entertainment active facilities non-retail multifamily

We effecting required transformative capital are redevelopments. investment, minimizing while

at the joint that Port stages a We projects at at housing at Orange uses our us properties, convention on other and are pipeline Milwaukee, X in multifamily add in Square of the ventures structures utilizing to ground have storage center Hamilton a to hotel outparcel creative land open-air commitment leases, structures. in center, various mixed of And Brookfield we facilities Daytona and are These Place additional Beach, and have Chattanooga. in permitting. allowed and Pavilion like our hotel

We have steps preferred flow our important maintain by and cash yet to portfolio common also taken suspending difficult, dividends.

us cash and principal redevelopment programs. our as provides portfolio with Our to leasing fund sufficient CapEx, as flow well amortization

to partial equity centers We quarter. outlet all also maintaining existing X the dispositions. sale million, interest $XX our strong a reduced closing the supplement a during our and with XXXX, our cash with the of while fourth of we generated $XX transaction assets. in second ownership million by of flow share in In XX% partner, our in This completed select debt

bricks we recently strategy announced well. and being the a the mentioned Seafood are an This join are shopping and centers. project centers pad, Dick’s Hamilton our and call, opened of here result Factory result, – & March, this evolving is project what next on positions value Dave and mortar a for We This Our implementing apparel Traditional former town is earlier. under Goods markets. with opening ongoing outparcel The are that and redevelopment right-sized is Busters at the their and which near the our Aloft we enhanced occur Retail we opening sales still in prime of use at strategy XX% XXXX. changes, facilities. in will project as major retailers changing, December our announced success uses at of by the is Even Sporting and project the these construction Malone’s Hotel new and online future. them and a are additional properties, we I stores are centers. in that Cheesecake self-storage Place recognize retail in into of joining in the Sears following Steak Chattanooga. suburban that as example

are investment will confident discuss to these results results to – call and We positive over will that steps turn we’re taking that now I these the operating Katie the our and activity. yield future. others in now

Katie Reinsmidt

Stephen. Thank you,

total Just million renewals. square completed decline of of On than feet feet find malls a square expiring of at X.X nearly approximately Spreads of rents. leases leasing and an in including square XX.X% an improved activity, XX.X%. the for in stabilized points of the feet Same-centre new year, gross XXXX, same-space sequentially X%. leases, are feet average spite for XXX leases comparable renewal X% X.X the million environment million rent CBL million square team the of X.X leasing on lower basis mall basis increased difficult X.X we in and occupancy average renewal new new and signed leases to of

and occupancy to by year-over-year reduced the point closures Portfolio basis store Maternity. impacted. evident in Beautiful by $X.X January, declined However, In XXX period. Gymboree, CBL in occupancy stores Russe and controlled prior gross to mall bankruptcy from the store compared points the is or closures, which rent related closures XX,XXX XXX XXX,XXX occupancy approximately million Regis be that including Destination Charlie, by locations year In the yearend square closed. decline were portfolio, feet, XXX Charlotte Charming Mastercuts Bankruptcy feet basis of the Payless, approximately XX Group majority square were the impacted XX.X%. representing and basis continues related to points

all mall the growth holiday that for electronics, due Laurel goods. new Laurel is and sales center. the traffic Park, mall, into Tier moved portfolio. Carson’s Parkway the opened and their just to spot, well malls drive prior former For two-anchor foot year. St. which Categories included $XXX sporting to bringing the in Northgate to resulted the our Valley tearing Clair which performed family Tier fast positive a season dining, Hickory during increased Sports fourth in with to Square, casual square our moved Place, several in X children, $XXX at shoes of strong compared X, sales sales Dunham’s X%, the the XX-month Imperial Sales and quarter, shifts trailing Park growth. for per will we Old

replacement our great anchor progress program. on making We’re

Goods, the status opening includes can described Dave Place updates. plus find our recent recently schedule Hotel supplemental, underway complete the a Mall the At our Stephen and largest Steak this Laredo, month. our is event and Malone’s in few Texas Seafood. projects Dick’s main Busters, You in entertainment Aloft but and redevelopment year, of of Forever announced in redevelopment Sporting and project on Chattanooga, Hamilton the a XX Norte of here the at year’s I’ll we downsized this del touch

other venture, on Goods, started a Flip Sears Myrtle construction are and Houston, the is Mall Kentucky, XX:XX redevelopment Texas. anchor the parcel expanded Kentucky our Elder-Beerman announce we’ll and opened opening also later This XX:XX center. construction We users provide currently project is we’ll property, several - occupies. construction be equity. joining will also Rockford, our office location. Healthcare the land Center our year. Busters, the that ring Fly The store. Oaks previous We traffic structure operator, is additional Paducah, replacement contributing an leased combo mid-October Carolina Beach storage as joint We opened a building the under in detailed the to North and to similar space Galaxy open-air Sporting in will on we a Fayetteville, under developing fully finalized. at Dick’s outside Creek Ross entertainment in to CherryVale Cross expected Mall a At foot and stores, Sears an self-storage of Seritage-owned and Coastal on projects, The in venture open construction projects Dick’s to square Illinois and venture former Grand that to Pearland additional road we’re Sears, Hamilton facility the opened portion joint the this the location Dave are at we in joint started HCA a recently in Tilt Burlington restaurants are as also locate former on Place. center soon add and and in replace At HomeGoods Town building XX,XXX N' Golf we’ll in at our daytime

retailers value under are negotiation. Additional

October Dress replaced Michigan, Sports we’re opened former earlier Gear the in Sears store Outdoor at box and opened under in in Mall, As which I Park in at At and Minot, opened with Laurel Dunham’s sales a Stroud former former Ross Herberger’s Jax supermarket Square the retailer take Dakota January currently the – Place purchased Outlet under remaining Carson's in in in we are and mentioned the Wyoming Livonia, another the value North At negotiations replaced to as Cheyenne, November. Frontier Shoprite Furniture for We Less in space. Mall location. the well. projections. BonTon opened new exceeding is Sears in Dakota

our several Farzana others discuss with We interest. strong additional have have vacant under negotiation with will make signature financial – the a demand plans or to We’ll locations I remaining active strong progress. over our we announcements results. now for to anchor as turn for call out

Farzana Khaleel

you, Katie. Thank

We reducing on sources flow, schedule financial cash with dispositions, and key maturity supplementing our extending maximizing as our goals liquidity such are of free executing our leverage. other

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

from million $XX lines to December had We of the draw on primarily reduced our by amortization. have end to levels available sequentially XXXX. credit. At of million the The and was and due $XXX year-over-year we year debt million dispositions $XXX reduction our

in secured in million. loan The and had During aggregate and the income Point, Mall the December properties have loan Hickory currently Mall XXXX yields X in quarter, XX% $XX centre in to These to Greenbrier million balance Parkway are retired we the in Huntsville, Virginia, in All Alabama, mature by an associated of unencumbered by debt Valley which we’re properties Chattanooga. loan matured and both Roanoke, fourth $XX were pool. default. Place XXXX. added by and payoff Terrace, Yesterday, we retired View scheduled with stable an above secured X

Mall complete. We For we once are a by Hickory terms completing Point pursuing additional Greenbrier, restructure in foreclosure, a loan we’ll secured deed an and for anticipate the lieu announce the loan year. a this by X-year phase new million maturing our $X.X loan. a secured loan closed million replacing second Outlet of the $X.X loan, Atlanta on Center, – We the maturing

in properties X loan have maturing including Center. $XX Burnsville a XXXX, million secured We non-recourse by

We are working extension in the the a lender restructure. process of and with potential existing on

remaining loans, the million. to $XX.X X expect refinance aggregating We

in NOI adjusted share full dilution mature share to results opportunities. quarter impact year with per bankruptcies refinancing Fourth end of from begun financial the of was the NOI at that Fourth by same-channel per quarter XXXX. as several share, $X.XX and ended share share for sales. and $X.XX per dilution share higher $X.XX on guidance with was in store the $X.XX fourth – of was have $X.XX sales. property same-centre included on year We per the to the range. low asset variance for mortgages XXXX due of $X.XX $X.XX, outparcels the working for adjusted quarter of Factors impacted secured per lower lower well of and gain from FFO $X.XX our per have share property year NOI, level already NOI per FFO FFO $X.XX Full We X.X%. a for asset representing sale decreased that compared share decline the $X.XX year per and contributed declined closures with and same-centre XXXX. compared per X.X% share level

we quarter, by on $XX.X a April mall the Mall impacted of XXXX. been declined. including Little number in as bankruptcies, by net due a During The factors, recognized mall encumbered loan several Rock, tenants’ The is million million operating in Park $XX Arkansas. Plaza has income the result, and impairment

and fund in allow been future anticipating flow, anticipate revenue. the and – improve efforts to discussions and the to have loan We leasing for lender with restructuring cash

the the negative per impairment. year, in with expectations to assumes providing $X.XX the Based X.X% $X.XX loan full adjusted in However, same-centre XXXX X%. range of the for of negative of coupled year the to a near-term which are for NOI rest range declined guidance decline maturity current we our in on the required FFO a resulted share, NOI

We and including known all closures. have incorporated Mastercuts closing Regis the – into recent our activity, budgets

range additional closures a now $XX $X I’ll call incorporates retailer unbudgeted concluding over store account or the turn for decline The range XXXX a related of guidance revenue unanticipated reserve million for to Our bankruptcies. to for reserve to is Stephen to million. remarks.

Stephen Lebovitz

you, Farzana. Thank

on focused major stabilizing fully our balance our of and are properties our We goals revenue, improving sheet. redeveloping

broaden out transforming revenue and sources We our streams new generating centers, and our our that capital base. actively supplement partnerships are asset seeking

near-term properties our We are open efforts wish confident future. and our you portfolio in we to immediate, our our were time while today. Thank call to we expect strategy operational and for see benefit results redevelopment the leasing more now and the questions. your We’ll

Operator

question first [Operator comes Schmidt Instructions] Please Craig Bank of America. from ahead. from The go

Craig Schmidt

you. Thank

As from efforts, sales those you a you get able guys increase move from tenants, volume away that releasing apparel are going new corresponding tenants is? in your to to volume

Stephen Lebovitz

Hi, Good morning. Craig.

So the sales And replacing and sales Marcus the that Dave we’ve soon. here restaurants Theatres an be we’re Hotel Convention Busters office had the the more we have new and we and Dick’s X will the a and the Milwaukee at Fitness, users. more will traffic in where before with get Sears traffic Brookfield Whirlyball got least example the definitely we and and and volume Orangetheory to medical just the times in what construction Chattanooga we Center, times that building Square start X replaced similar at Sears Entertainment, from

So that lag is what until starting and the was huge can we’re online really users see the from being a traffic it these all from of activity we we to near-term new a open users bring the when Sears that just of that is before. new and closed lost generated up. these the getting there’s before we’re challenge essence And strategy. multiple And that’s

to And occurs. benefit year if so continue this we should that

Craig Schmidt

the much XXXX? in similar? you think versus XXXX are Or any and changes pretty you then environment and it’s leasing do in seeing Okay,

Stephen Lebovitz

obviously on know, said, early, quarter. it’s positive. so the sales of And you had the We good. was trends for XX-months a sales are we Yeah, positive XX% holiday little X% rolling and the

you a that’s know – positive. So that

On different reasons. the they’re still out having for of plenty retailers other there challenges are hand, unique are that own their there,

early year. similar at pretty So, it’s it point, in feels but this the

Craig Schmidt

Okay, thank you.

Stephen Lebovitz

Craig. Thanks,

Operator

Rich Stanley]. Please – ahead. comes [Stanley from The from Morgan] next [sic Hill Morgan question go

Rich Hill

morning great haven’t heard guys. – a Stanley Good while. that That’s pretty in one Morgan, I

Stephen Lebovitz

Rich. Congrats,

Farzana Khaleel

company. new A

Rich Hill

name. guys. our We changed Hey

want take really, wish NOI all, to and of you the helpful some really your First I peers your on lead I for bridge same-store that’s would that. guide, your on of thank

through go back looking balance sheet. and capital just you’re the a to modifications, negotiating Can with the So, to And you’re want walk you buying refinancing you you on senior lot about just about update obviously that look have allocation I it right that maybe can of back of how loans, relates thinking options how unsecured. to now? maybe side us as right

Stephen Lebovitz

the guess I is We I ways that’s not priority meeting our definitely mean like directors new you sheet Capital or balance improve it and congratulations, know, first for for Well we’re for said, set firm. you their know on and I maybe Allocation really the our new a that and to have Sure. joined us we But focused November. Committee. one something in up looking

then, were ideas. on Ashner, of and Before overall and really board expertise. just it it, we’re constructive new good had focused very on helpful in we Carolyn financial our great And and directors; focused still Michael we been have also terms with Tiffany a

that which is, that you are So of positive. our we say, at. And capital things worth looking across got as lot like there’s we of a lots view we’re a support, looking structure at,

the to unencumbered we reasons. and made through so payoffs and of $XX combination the debt think Farzana yesterday center, made Our two immediate move. open-air the those we just move secure pool focus the off we was And and that which with to that and smart we yields, loans it’s that talked the the decision a addition XX% did plus is for – million about, a various debt of, pay that roughly was that

we – decision capital that that that’s important an made. So

secured all kind at of closely for of priority and to view, because ahead ‘XX ’XX are that some maturities because big we’re that us working want those and get point that’s that’s are due, want of capital the from be success for immediate – to the maturities looking or through and and and for our had discussions we’ve a on had most we coming proactive with lenders maturity. a also We’re maturities lenders

tenant very feel to flow looking cash for took the and preserve investments, common do unsecured preferred difficult because and – The can And allowances revenues, dollar You focus. right because it’s at stabilize that’s CapEx ‘XX, and that’s a a so does don’t decision move, but And priority, December years what the all. - leasing something at to it three we that our until was dividends, we’re we counts. We at know, need half the to big and obviously every so then was for looking we’re we maturities our suspend we it not and it mean that other redevelopments. that’s was our our other maturities lightly, out. use

So we’re, have that’s something immediate thinking talking and we’re you not about we know, concern that. that with, an you but know,

but on how are of So, that’s this. focused a just we answer, you it sense a long hopefully gives

Rich Hill

it. That Got – all and guys. that’s for that’s very think Thanks, helpful I me.

Stephen Lebovitz

Rich. Thanks,

Operator

McElroy ahead. next Christy from from go comes The question Please Citigroup.

Christy McElroy

you on whether those restructuring last to much those I efforts total terms you’re your to just buyback know, restructuring of a up effort in then there follow-up terms to an all question should you be just to loans in year? just completed make working thanks. – just on, about in beyond even that You morning, in just mortgage individual bigger secured of Good know, your just the how effort or follow-up that on adding it’s, that is – debt these we debt? on forgiveness? comments, bonds Hey, Richard’s larger your on And we guys. maybe wanted debt could talks thinking be happening, out with

Stephen Lebovitz

Yeah. Hi, Christy.

happening The you So three like really on into unsecured year and primarily maturities there and focused we’re and I know said, year ’XX. is that are this the half secured next even a years. in

that’s we’re, ways our give numbers going And, can’t improve to right but, where to mean, know, you what, kind our we’re I would of would any you part it reduce of far you to when trying stands as to sheet you and know, out anything been know, figure now. balance that. do know, we’re know, So continue and leverage, strategy you that’s as

Christy McElroy

do in service in to you then are And continued light be coverage regard of to to income this the NOI how pressure covenants, thinking ratio that debt on to consolidated year? regards on and just expect Where debt you compliance your about income ratio charge overall specifically in threshold levels?

Farzana Khaleel

Hi, Christy.

know, room. quarter declining, down little you it think these a we the we – due EBITDA I of from a to but bit just did still last have went lot –

us to reducing that’s rate cost the that when off our of then lines we’re do. will we high just to one way loans to as Also, for gives helps. levels, debt and by and coverage interest capital We did that’s this continue improve improve us recently our a yesterday, we trying pay ratio that at lower what on borrowing

one thing side. So are expense the we’re other is those interest mean, doing. is on income the I then things and yeah, the

So we’re numerator and the both the to denominator. work trying

Michael Bilerman

Stephen, to you’re whether that it workout you on a like where work it a would unsecured on secured Michael try the the talk to bit payoffs. of It’s it approached have you’re debt equity cushion, more bit trying some debt, you’ve given to able Bilerman. sounds at? about little stock because side is discount, provide little if arguably, your and reduce sort Can at to a these was

Stephen Lebovitz

thanks. Michael, Hey,

the all, First of thanks for question.

we’re know, really And, I to It’s, we something everything our transparent ready, know, there. answer that to think we’re other out the know, think, you that, you or about know, the there something it’s I looking in But, capital follow really there’s plans. I hand, know, something at as when, the is as answer. you like secured. But know, it. know, when not just something you we say know, when out what’s we you to on. we on not structure, is comment you we, know our you there, don’t but you immediate soon would say know, have not we’re focus is know, nothing it’s you said, can anything And you we’re know fully say, you that, you

Michael Bilerman

can’t Does which I implications from test is your your the control arguably, price, of it control, any mean, have perspective, minimum a any your could should your net right stock fall? have potentially secured unsecured mean, right? out for or cap equity worth borrowings, market I of you how there but given depressed is continue worth that shares to you a is, bridge,

Stephen Lebovitz

No, any of there’s loan and the trading they’re test to of nothing – or have our none net worth minimum of the covenants not none the on our equity loans price equity. tied

So something up. that’s that’s trip to us not going

Michael Bilerman

Okay, thank you.

Stephen Lebovitz

Michael. Thanks,

Operator

Advisors. comes question Street from Please ahead. next Green Tibone Vince go The from

Vince Tibone

are de-lever Hey, debt where bonds creative credit good opportunity still get the unsecured a a this $X from an in your back know, a community your I that $X you bonds of on secured you bonds way? open wouldn’t different like trying your market just to just you and where line and to a use of, sheet. on maturities. have centers are unique buy you here debt are have some putting a trading, of really whether few to the which sense balance for arbitrage some questions de-lever even this it’s trading, in opportunity through putting you pay about, how walking just is debt use thought why can you of or I’m than seems I’m given when process this readily just more using know, the down type financeable, you you know morning, know, the more to know, of on think just debt or to you you associated

Stephen Lebovitz

Yeah, for there’s a and our right. bring opportunity, in to we And and it. you’re revenues. places think capital We we structure a That’s about us markets capital there’s capital Vince. the about our sure we stabilize you there really we is and arbitrage really make points terms got for have of where good talked of where want accessing Hey, priority properties, going different up because lot to the forward. in available that the

the getting make do a to we And So of right you’re use, sure sure there talked make we deals you valid. redevelopment very raised think we about that it that ways having been and our points has the are is we done about can but we’re capital all can top de-lever and our leasing lot these that.

Vince Tibone

on is makes sense. your there’s no And year what that redevelopment flow just obviously like, for after cutbacks free and Okay, maybe cash that forecast all this dividend.

the some of redevelopments? – is capital you raise self-funding need for the pay So this point still or here you to to box are into

Stephen Lebovitz

are Yeah, the and big self-funding so we a common. preferred that suspend both the was the factor in decision to

markets got we dispositions another the to So capital the in capital be do way. to forced without having or access

Vince Tibone

– will the at there? that’s seems million I didn’t to or more of raised be the Okay, could have it of me, shops sell there Atlanta. last horizon proceeds Any reduction got it. proceeds/debt why take could you you like mean, that be helpful. I things $XX that clearly want full another this color And then one quick one outlet a for just I’m horizon, curious just maybe

Stephen Lebovitz

it’s portfolio strong XX% ownership, and NOI. So maintain to the it And we and need growth – is we preserve to had very wanted sales a strong and the property. our

So transaction then – and off portfolio. debt able we are property to our growing sheet, we balance stable in take be going was us, because the some capital, reduce, thought we for a raise it keep long-term that’s a to were win-win but

process. our really was that So thought

Vince Tibone

have. That’s all I Got you. thank it,

Stephen Lebovitz

Thanks.

Operator

Mueller Please from question J.P. Michael next The from Morgan. go ahead. comes

Michael Mueller

NOI couple other is talk of little guess direction. growth two past the how, sales you know, years, about about growth over was a in disconnect. I dynamics the, sorry at little it’s excuse When that. I I those But the hi. positive obviously about bit and more? you you can the know, wondering, Yeah, you me bridge just was we a wondering, talk upon can look

Stephen Lebovitz

Yeah.

now, So, the and or well – they’re the they’ve the how in you the shoppers that want I and those and, and it’s up and from two to in different portfolio. out operates our mean, got retail made seeing retailers have adjustments digitally we’re the way these we that and world growth you categories into ones world figured of appeal know stores to prospering and doing buy to pick plenty of have

really had you’ve are H&M – in great made stores and and Bath & Works like adjustments. that they’ve You has Vance sales growth got and well doing Body

also we’re in last store seeing year seeing that closed we’re bankruptcies I had mean, we feet. our had over the know, and you but, XXX closings. portfolio, that So we you stores know, square the XXX,XXX retailers

you they and the that with are Charming who going sales, results. and Charlie talked and Payless now to and out drag things were a the those you you are previously about and do them and have hopefully better ones better sales we ones remembered on and Russe know they’re replaced know, know, you So, Charlotte Gymboree

Michael Mueller

weighing typically of other just, know, when positive? you abatement typically just know, we gave you would, an into card foot that that magnitude. the square those sales are terms on there, the tenants just It’s per and a X, But you are that number, you the know, or rank dynamic whatever dig sales does are very far you different greater number have it’s if in

Stephen Lebovitz

if depends It’s on on But our negotiation – It definitely I decreases, it’s at cost. they the going is it depends on their or rent sales results. to the occupancy mean, way look weight every unique. retail their yeah,

Michael Mueller

the level, XX.X% end to The it. go XXXX? of think you by occupancy that And could one Got yearend do quick where question.

Stephen Lebovitz

of guidance with know, depends guidance. just So, the our certain make happens retailers what you we on part occupancy that, out. It jury’s still our yeah, don’t intentionally at

range the do we’re have if and make hold hopefully So And to definitely the off obviously, for we’ll leasing of progress. make we we that don’t now, we’ll same volume bankruptcies, progress. we’ll doing, continue

Michael Mueller

that it. Okay, you. was Thank

Stephen Lebovitz

Michael. Thanks,

Operator

Sullivan The ahead. go next BTIG. from Jim from comes question Please

Jim Sullivan

very been such any, what looking know, you company have the focus you’ve and if a about Stephen any, discount you. talk the would that the terms wonder the what a, given there concessions there. preferreds, Thank they’re of I with if to clear flexibility debt about flexibility to at respect might par? options such you or of or if some in balances kind for selling

Stephen Lebovitz

at look at terms depending and you in capital discount It’s you it’s are right level, we our or know, how preferred. at you there, look structure the everything said, mean, really, capital, seed you’re across I that trading of it. like preferreds low I know,

So probably the at but looking everything. we’re immediate not most it’s focus,

Jim Sullivan

guidance, be I of dividend you for clear, on on preferred. provides The the preferred, terms And guidance, the the to guidance cumulative? in it’s the dividend suspended because just know the

Farzana Khaleel

Yes, it is undeclared.

in we guidance. our do it include So

Jim Sullivan

good. very Thank Okay, you.

Stephen Lebovitz

Thanks, Jim.

Operator

There conference the to question-and-answer turn any like are our would over questions concludes to for This session. the Lebovitz more Stephen remarks. closing queue. no back I in

Stephen Lebovitz

And if you questions, your free time Thank Have day. have any morning. good again feel out reach you this further after. to a for