Q4 2025 Whitestone REIT Earnings Call

February 26, 2026

Fourth quarter 2025 earnings conference call at this time, all participants are in a listen only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance. Please press star zero on your telephone keypad.

Operator: Greetings, welcome to the Whitestone REIT's Q4 2025 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce David Mordy, Director of Investor Relations. Please go ahead.

A reminder, this conference is being recorded it is now my pleasure to introduce David Martin Director of Investor Relations. Please go ahead. Good morning, and thank you for joining Whitestone REIT fourth quarter 2025 earnings Conference call. Joining me on today's call are Dave Holeman, Chief Executive Officer, Christine Makin, Drake, President and Chief operating Officer.

David Mordy: Good morning, thank you for joining Whitestone REIT's Q4 2025 Earnings Conference Call. Joining me on today's call are Dave Holeman, Chief Executive Officer; Christine Mastandrea, President and Chief Operating Officer; and Scott Hogan, Chief Financial Officer. Please note that some statements made during this call are not historical and may be deemed forward-looking statements. Actual results may differ materially from those forward-looking statements due to a number of risks, uncertainty, and other factors. Please refer to the company's earnings news release and filings with the SEC, included in Whitestone's most recent Form 10-Q and 10-K for a detailed discussion of these factors. Acknowledging the fact that this call may be webcast for a period of time, it is also important to note that this call includes time-sensitive information that may be accurate only as of today's date, 26 February 2026.

And Scott Hogan Chief Financial Officer. Please note that some statements made during this call are not historical and may be deemed forward looking statements.

Actual results may differ materially from those forward looking statements due to a number of risks uncertainty.

And other factors please refer to the company's earnings news release and filings with the SEC included in Whitestone is most recent Form 10-Q and 10-K for a detailed discussion of these factors.

Acknowledging the fact that this call may be webcast for a period of time. It's also important to note that this call includes time sensitive information that may be accurate only as of today's date February 26 2026.

The company undertakes no obligation to update this information.

Whitestone fourth quarter earnings news release, and supplemental operating and financial data package have been filed with the SEC and are available on our website in the Investor Relations section.

David Mordy: The company undertakes no obligation to update this information. Whitestone's Q4 earnings news release and supplemental operating and financial data package have been filed with the SEC and are available on our website in the Investor Relations section. We published Q4 2025 slides on our website yesterday afternoon, which highlight topics to be discussed today. I will now turn the call over to Dave Holeman, our Chief Executive Officer.

We published fourth quarter 2025 slides on our website yesterday afternoon, which highlight topics to be discussed today I will now turn the call over to Dave Holeman, Our Chief Executive Officer.

Thank you David Good morning, and thank you for joining Whitestone <unk> fourth quarter 2025 earnings conference call.

Dave Holeman: Thank you, David. Good morning, thank you for joining Whitestone's Q4 2025 Earnings Conference Call. I'll get right into the key results and then spend a little time on our long-term focus. For 2025, we delivered $1.05 Core FFO per share. This is up from $0.86 in 2021, which was the year prior to my appointment as CEO and reshaping of the leadership team. This represents a 5% CAGR, and we did that while strengthening our balance sheet, as evidenced by our debt to EBITDAre metric, improving from 9.1x for the full year 2021 to 7.0x for the full year 2025.

Dave Holeman: Thank you, David. Good morning, thank you for joining Whitestone's Q4 2025 Earnings Conference Call. I'll get right into the key results and then spend a little time on our long-term focus. For 2025, we delivered $1.05 Core FFO per share. This is up from $0.86 in 2021, which was the year prior to my appointment as CEO and reshaping of the leadership team. This represents a 5% CAGR, and we did that while strengthening our balance sheet, as evidenced by our debt to EBITDA metric, improving from 9.1x for the full year 2021 to 7.0x for the full year 2025.

Get right into the key results and then spend a little time on our long term focus.

For 2025, we delivered a dollar five core <unk> per share. This is up from 86 cents in 2021, which was the year prior to my appointment as CEO and reshaping of the leadership team.

This represents a 5% CAGR and we did that well, while strengthening our balance sheet as evidenced by our debt to EBITDA metric improving from $9. One times for the full year 2021 to 7.0 times for the full year of 2025. In addition, we overcame interest rate headwinds with 11 cent per share.

Step up in interest expense between 2022 and 2023.

Dave Holeman: In addition, we overcame interest rate headwinds with an $0.11 per share step up in interest expense between 2022 and 2023. Given that we have interest rates fixed on the bulk of our loans and minimal debt maturities until 2029, one of the strongest leasing environments I have ever seen and a great team, we have very good visibility into the next 3 years and are very confident in our ability to generate long-term 5% to 7% Core FFO per share growth. Today, we'll talk about some non-FFO benefits we plan on delivering for investors, primarily gaining scale and enhancing the long-term value of our real estate. Know that delivering consistent Core FFO growth is our North Star. For 2025, we delivered 4% Same-Store NOI growth.

Given that we have interest rates fixed on the bulk of our loans and minimal debt maturities until 2029 one.

One of the strongest leasing environment I have ever seen and a great team. We have very good visibility into the next three years and are very confident in our ability to generate long term, 5% to 7% core <unk> per share growth.

Today, we will talk about some non <unk> benefits, we plan on delivering for investors, primarily gaining scale and enhancing the long term value of our real estate, but know that delivering consistent core <unk> growth is our north star.

1 of the strongest leasing environments I have ever seen and a great team. We have very good visibility into the next 3 years and are very confident in our ability to generate long-term 5 to 7% core ffo per share growth.

For 2025, we delivered 4% same store NOI growth, we delivered this through a combination of strong contractual escalators in excess of 2% leasing success with straight line leasing spreads in excess of 19% and targeted redevelopment with projects typically.

Dave Holeman: We delivered this through a combination of strong contractual escalators in excess of 2%, leasing success with straight line leasing spreads in excess of 19%, and targeted redevelopment, with projects typically delivering double-digit yields. We're issuing Same-Store NOI growth guidance of 3% to 4.75% for 2026, and we expect to deliver with the same combination of drivers that allowed us to deliver in 2025. During the Q4, we acquired World Cup Plaza in Plano, a highly affluent Dallas submarket, and one where we are gaining synergies from our concentration of properties there, with World Cup Plaza in close proximity to our Starwood and Lakeside properties. In addition, in the Q4, we acquired Ashford Village, anchored by Houston's largest Japanese grocer, and in close proximity to the Ashford Yard development, a mixed-use project currently underway on the former Schlumberger campus.

Today we'll talk about some non ffo benefits. We plan on delivering for investors primarily gaining scale and enhancing the long-term value of our real estate. But no, the delivering consistent core ffo. Growth is our Northstar.

For 2025 we delivered 4%, same store, noi growth.

Delivering double digit yields.

We delivered this through a combination of strong, contractual escalators, in excess of 2%.

We're issuing same store NOI growth guidance of 3% to 475% for 2026, and we expect to deliver with the same combination of drivers that allowed us to deliver in 2025.

Leasing success with straight line, leasing spreads in excess of 19% and targeted Redevelopment with projects, typically, delivering, double-digit yields.

During the fourth quarter, we acquired World Cup Plaza, and Plano are highly affluent Dallas Submarket and one where we are gaining synergies from our concentration of properties there with World Cup Plaza in close proximity to our Starwood and Lakeside property.

We're issuing same store in oi growth, guidance of 3 to 4.75% for 2026 and we expected to deliver with the same combination of drivers that allowed us to deliver in 2025.

In addition in the fourth quarter, we acquired Ashford village anchored by Houston's largest Japanese grocer and in close proximity to the Ashford yard development and mixed use project currently underway on the former Schlumberger campus. We also disposed of Kentwood Plaza another of our legacy properties during the fourth quarter.

During the fourth quarter, we acquired World Cup Plaza in Plano a highly affluent Dallas, submarket and 1. Where we are gaining synergies from our concentration of properties there with World Cup Plaza in close proximity to our Starwood and Lakeside properties.

Dave Holeman: We also disposed of Kempwood Plaza, another of our legacy properties, during the Q4. Kempwood Plaza is located in Houston. Whitestone's acquisition and disposition strategy is designed around identifying and then remaining cognizant of the gap between neighborhood strength and the tenant strength. We identify properties where that gap is significant, and then our leasing team goes to work to close that gap. If we feel that that gap no longer exists, especially if it is the result of a neighborhood demand growth slowing, a property becomes a candidate for disposition. You may notice we've significantly increased our Green Street TAP Score over the past 4 years, which is an indication that we're going after higher-end neighborhoods with greater discretionary spending capability. We anticipate this will serve investors well and in various economic cycles, and it's more manageable as we scale.

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Whitestone is acquisition and disposition strategy is designed around identifying and then rate remaining cognizant of the gap between neighborhood strength and the tenant strength.

In addition, in the fourth quarter, we acquired Ashford Village, anchored by Houston's, largest Japanese ger and enclosed proximity to the Ashford yard development, a mixed-use project currently underway on the former Slumber, J campus. We also disposed of Kempwood Plaza. Another of our Legacy properties during the fourth quarter. Kip would Plaza is located in Houston.

We identify properties, where that gap is significant and then our leasing team goes to work to close that gap.

If we feel that that gap no longer exists, especially if it is it is the result of a neighborhood demand growth slowing a property becomes a candidate for disposition.

Whitest Stones acquisition and disposition strategy is designed around identifying. And then remaining cognizant of the gap between neighborhoods strength and the Tenant strength.

You may notice, we significantly increased our Green Street tap score over the past four years, which is an indication that we're going after higher in neighborhoods with greater discretionary spending capability.

We identify properties where that Gap is significant and then our leasing team goes to work to close that Gap.

If we feel that that Gap, no longer exists especially if it is, is it is the result of a neighborhood demand growth. Slowing a property, becomes a candidate for disposition

We anticipate this will serve investors well and in various economic cycles, and it's more manageable as we scale. However, the biggest value to be gained is not because of the overall level of our tap score, but rather our ability to identify and acquire properties, where we can improve a tenant base that lags that tap score over the <unk>.

You may notice we've significantly increased our Green Street Tap score over the past 4 years which is an indication that we're going after higher-end neighborhoods with greater discretionary spending capability.

Dave Holeman: However, the biggest value to be gained is not because of the overall level of our TAP Score, but rather our ability to identify and acquire properties where we can improve a tenant base that lags that TAP Score. Over the past three years, we've acquired approximately $213 million in properties, which provides our leasing team with great opportunities to generate earnings growth. We're capable of increasing that volume handled both by our acquisitions and our leasing teams, and we'll look for ways to increase that volume while achieving our Core FFO per share long-term growth target, and continuing to strengthen our balance sheet with continued improvement in our debt to EBITDAre ratio. Our focus on shop space delivers two additional primary benefits.

Last three years, we've acquired approximately $213 million in properties, which provides our leasing team with great opportunities to generate earnings growth.

We're capable of increasing that volume handle both by our acquisitions and our leasing teams and we will look for ways to increase that volume while achieving both.

We anticipate, this will serve investors well and in various economic cycles and it's more manageable as we scale. However, the biggest value to be gained is not because of the overall level of our tap score, but rather our ability to identify and acquire properties, where we can improve a tenant base. That lags that tap score.

Our core <unk> per share long term growth target and continuing to strengthen our balance sheet with continued improvement in our debt to EBITDA ratio.

over the past 3 years, we've acquired approximately 213 million in properties which provides our leasing team with great opportunities to generate earnings growth

Our focus on shop space delivers two additional primary benefits <unk>.

We're capable of increasing, that volume handled both by our Acquisitions, and our leasing teams and will look for ways to increase that volume while achieving both.

<unk> space requires less capital spend versus the bigger boxes, allowing us to deliver same store NOI growth, while being at the low end of the spectrum on capital spending.

Dave Holeman: Shop space requires less capital spend versus the bigger boxes, allowing us to deliver Same-Store NOI growth while being at the low end of the spectrum on capital spending. In addition, when paired with robust tenant selection and underwriting, our nearly 1,500 tenants provide greater durability of cash flow and greater risk dispersion. Supply-demand conditions within our footprint remain strong, with a limited supply of neighborhood centers coming onto the market and with demand continuing to increase. Foot traffic to our centers was up 3.9% year-over-year, and our leasing pipeline remains robust. Our team remains very engaged in looking at ways to generate shareholder value and continue to outperform the market the way we've done over the last several years.

Our focus on shop space, delivers 2, additional primary benefits.

In addition, when paired with robust tenant selection and underwriting our nearly 1500 tenants provide greater durability of cash flow and greater risk dispersion.

Supply demand conditions within our footprint remains strong with a limited supply of neighborhood centers coming onto the market and with demand continuing to increase.

Shop, space requires less Capital, spend versus the bigger boxes. Allowing us to deliver same store in oi growth. While being at the low end of the spectrum on Capital spending. In addition when paired with robust tenant selection and underwriting, are nearly 1500 tenants, provide greater durability of cash flow and greater risk dispersion.

Traffic to our centers was up three 9% year over year, and our leasing pipeline remains robust.

Our team remains very engaged in looking at ways to generate shareholder value and continue to outperform the market. The way we have done over the last several years with that I'll turn things over to Christine to share more specifics on our results and our focus on increasing the value of our real estate Christine.

Supply and demand conditions within our footprint remain strong, with a limited supply of neighborhood centers coming onto the market and with demand continuing to increase.

foot traffic to our centers was up 3.9% year-over-year and our leasing pipeline remains robust

Dave Holeman: With that, I'll turn things over to Christine to share more specifics on results and our focus on increasing the value of our real estate. Christine?

Good morning.

Strong consistent results for 2025.

Christine Mastandrea: Good morning. We delivered strong, consistent results for 2025. We hit a record occupancy of 94.6% and delivered Same-Store NOI growth of 4% for the year. Combined straight line leasing spreads for Q4 were 18.2%, 25.9% for new leases, and 16.6% for renewals. This is our 15th consecutive quarter with leasing spreads in excess of 17%. One of the key initiatives this management team focused on immediately after the 2022 transition was our quality of revenue initiative, pushing to make sure that we had high-quality, fast-growing businesses throughout the portfolio. We're already renewing many of the leases from 2022. Re-leasing rates we are achieving are a testament to the strength of businesses we've matched to the neighborhoods that surround our centers.

You hit a record occupancy of 94, 6% and delivered same store NOI growth of 4% for the year.

our team remains very engaged at looking in ways to generate shareholder value and and continue to outperform the market the way we've done over the last several years with that, I'll turn things over to Christine to share more specifics on results and our focus on increasing the value of our real estate Christine,

And buying straight line leasing spreads for the fourth quarter were 18, 2% <unk>.

Good morning.

25, 9% for new leases and 16, 6% for renewals.

This is our 15th consecutive quarter with leasing spreads in excess of 17%.

We delivered strong, consistent results for 2025. We hit a record occupancy of 94.6% and delivered same store. Noi growth of 4% for the year.

One of the key initiatives. This management team focused on immediately after the 2022 transition was our quality of revenue initiatives pushing to make sure that we had high quality fast growing businesses throughout the portfolio.

Combined straight line leasing spreads for the fourth quarter were 18.2%.

25.9% for new leases, and 16.6% for renewals.

This is our 15th consecutive quarter with leasing spreads in excess of 17%.

We're already renewing many of the leases from 2022 and releasing rates, we are achieving our testament to the strength of the business as we match to the neighborhoods that surround our centers.

Our consistently high leasing spreads reveal the competitive advantage of our model and the expertise of our leasing team.

One of the key initiatives this management team focused on immediately after the 2022 transition was our Quality of Revenue initiative, pushing to make sure that we had high-quality, fast-growing businesses throughout the portfolio.

Christine Mastandrea: Our consistently high leasing spreads reveal the competitive advantage of our model and the expertise of our leasing team. We drove bad debt down to 0.55% for 2025, less than half the rate versus the years prior to the pandemic. Getting down to these levels represent a combination of our tenant selection, our underwriting, and the expectation we've set with our tenants. We believe we have one of the lowest bad debt levels for shop space across the peer set. Over the past four years, we've set out to prove that our geography and focus on actively managing a very high percentage of shop space allows us to outperform our larger peers. Accordingly, we focused a lot on the annual financial metrics and continuing to deliver for investors on those metrics.

We drove bad debt down to five 5% for 2025 less than half the rate versus the years prior to the pandemic getting down to these levels represent a combination of our tenant selection, our underwriting and the expectation we've set with our tenants.

We're already renewing many of the leases from 2022 and releasing rates. We are achieving are a testament to the strength of businesses. We've matched to the neighborhoods that surround our centers.

Our consistently High leasing spreads reveal the competitive advantage of our model and the expertise of our leasing team.

We believe we are one of the lowest bad debt levels for shop space across the peer set.

Over the past four years, we've set out to prove that our geography and focus on actively managing a very high percentage of shop space allows us to perform our larger peers. Accordingly, we focused a lot on the annual financial metrics and continuing to deliver for our investors on those metrics.

We drove bad debt down to 0.55% for 2025 less than half the rate versus the years prior to the pandemic, getting down to these levels represent a combination of our tenants selection, our underwriting and the expectation. We've set with our tenants,

we believe we have 1 of the lowest bad debt levels for shop space across the pure set.

This morning, I want to stress that delivering those results go hand in hand, with our strategy that is enhancing the long term value of our real estate. We have a plan for every property in our portfolio and the plant for each property incorporates anticipated demographic changes and expected nearby urban development with the re contracting plan that is designed to bring tenants up to.

Christine Mastandrea: This morning, I want to stress that delivering those results go hand in hand with a strategy that is enhancing the long-term value of our real estate. We have a plan for every property in our portfolio. The plan for each property incorporates anticipated demographic changes and expected nearby urban development with a recontracting plan that is designed to bring tenants up to speed with the demand generated by the surrounding neighborhood. When we acquire properties, we look for properties with a large delta excess between the strength of the neighborhood and in-place tenants. Earnings growth is accelerated as we close the gap. Let me be clear, we're able to close that gap more quickly and effectively as a result of how we do business because of the team we built.

Over the past four years, we've set out to prove that our geography and focus on actively managing a very high percentage of child space allows us to outperform our larger peers accordingly. We focused a lot on the annual financial metrics and continuing to deliver for investors on those metrics.

Speed with the demand generated by the surrounding neighborhood.

When we acquire properties, we look for properties with a large delta access between the strength of the neighborhood and in place tenants.

Earnings growth has accelerated as we close the gap.

Be clear, we're able to close that gap more quickly and effectively as a result of how we do business because of the team we built.

This morning, I want to stress that delivering those results. Go hand in hand with a strategy that has enhancing the long-term value of our real estate. We have a plan for every property in our portfolio and the plan for each property, incorporates anticipated demographic changes and expected nearby Urban Development with a recontracting plan that is designed to bring tennis up to speed with the demand generated by the surrounding neighborhood.

At times redevelopment as a tool to help close the gap with our overarching goal in terms of long term value creation, it's upgrading the tenant base to match the neighborhood to successfully serve our customers and our clients.

Christine Mastandrea: At times, redevelopment is a tool to help close the gap, but the overarching goal in terms of long-term value creation, is upgrading the tenant base to match the neighborhood to successfully serve our customers and our clients. A prime example of pursuing a property plan and creating value is Heritage Trace Plaza in Fort Worth. We purchased Heritage Trace in 2014, recognizing the rapid growth of the Alliance Corridor in North Fort Worth. In 2022, H-E-B, the second largest private employer in Texas and a grocer with the most dominant brand loyalty in the state, announced they are opening an H-E-B across from Heritage Trace. H-E-B made this decision in large part because of the increasingly dense concentration of young, upwardly mobile families in the area, something we discovered early on when we acquired the property.

When we acquire properties, we look for properties with a large, Delta exists between the strength of the neighborhood and in place, tenants earnings growth is accelerated as we close the gap. That may be clear. We're able to close that get more quickly and effectively as a result of how we do business, because the team we built

Prime example of pursuing a property plant and creating value as heritage trace Plaza in Fort worth we purchased heritage trace in 2014, recognizing the rapid growth of the alliance quarter on North Fort worth.

At times, Redevelopment is a tool to help close the gap.

At the arbor overarching goal in terms of long-term value. Creation is upgrading the tenant base to match the neighborhood to successfully serve our customers and our clients.

In 2022, <unk>, the second largest private employer in Texas and a grocery is the most dominant brand loyalty in the state announced they're opening an HEB across from heritage trace.

HEB made this decision in large part because of the increasingly dumped concentration of young upwardly mobile families in the area.

A prime example of pursuing a property plan and creating value is Heritage, Trace plans, and Fort Worth. We purchased Heritage Trace in 2014, recognizing the rapid growth of the alliance Corridor on North Fort Worth.

We discovered early on when we acquired the property.

Accordingly, we refocused our plan for the center in order to take advantage of the increased traffic from <unk> as well as the demographic changes that were taking place in the neighborhood.

In 2022 AGB. The second largest private employer in Texas and a grocery store, the most dominant brand. Loyalty in the state announced their opening in HB across from Heritage Trace.

Christine Mastandrea: Accordingly, we refocused our plan for the center in order to take advantage of the increased traffic from H-E-B, as well as the demographic changes that were taking place in the neighborhood. The center developed a very strong traffic from parents returning home from work. Consequently, we took back a larger space in 2024 from a challenged fitness studio that had been in the center since acquisition and created 7 spaces in its place. 6 out of 7 of those spaces were leased immediately in 2025, doubling the base rental rate for the space at approximately $34 per square foot. Overall, we anticipated we'll increase the center's NOI by 30% between 2022 to 2026.

Christine Mastandrea: Accordingly, we refocused our plan for the center in order to take advantage of the increased traffic from H-E-B, as well as the demographic changes that were taking place in the neighborhood. The center developed a very strong traffic from parents returning home from work. Consequently, we took back a larger space in 2024 from a challenged fitness studio that had been in the center since acquisition and created 7 spaces in its place 6 out of 7 of those spaces were leased immediately in 2025, doubling the base rental rate for the space at approximately $34 per square foot. Overall, we anticipated we'll increase the center's NOI by 30% between 2022 to 2026.

HB. Made this decision in large part because of the increasingly dense concentration of young, upwardly mobile families in the area.

The center developed a very strong traffic from parents returning home from work. Consequently, we took back a larger space in 2024 from a challenge fitness studio that had been in the center since acquisition and created seven spaces in its place.

We discovered early on when we acquired the property.

Accordingly. We refocused our plan for the center in order to take advantage of the increased traffic from HB, as well as the demographic changes that were taking place in the neighborhood.

Out of seven of those spaces for at least immediately in 2025, doubling the base rental rate for the space at approximately $34 per square foot.

Overall, we anticipated will increase the center's NOI by 30% between 2022 to 2026.

The center developed a very strong traffic from parents returning home from work. Consequently, we took back a larger space in 2024 from a challenge Fitness Studio that had been in the center since acquisition and created 7 spaces in its place.

Our work is nowhere near done is we've got nearly 50% of the centers leases come due within the next three years and we will continually review each and every tenant to ensure they are keeping up with the speed of the growth in the area and the demography. It represents.

6 out of 7, of those spaces were least immediately in 2025 doubling the bass rental rate for the space at approximately 34 dollars per square foot.

Christine Mastandrea: Our work is nowhere near done, as we've got nearly 50% of the center's leases come due within the next 3 years, and we will continually review each and every tenant to ensure they're keeping up with the speed of the growth in the area and the demography it represents. As I said, this type of plan exists for every center in our portfolio, whether it's upgrading the type of restaurant and space, creating a pad when there's none that existed before, or moving and increasing the invisibility of a key space in the center, or such as setting up rooftop pickleball, as we relentlessly pursue enhancing the value of our centers. Two acquisitions I'll call out that have rapid development similar to Heritage Trace are Arcadia Town Center in Phoenix and Garden Oaks in Houston.

As I said this type of plan access for every center in our portfolio, whether it's upgrading the type of restaurant space, creating a pad when theres, none that existed before or moving and increasing the visibility of the key space in the center or such as setting up a rooftop pickle ball as we relentlessly pursue enhancing the value of our centers.

Our work is nowhere near done. As we've got nearly 50% of the Cent's leases come due within the next 3 years and we will continually review each every tenant to ensure. They're keeping up with this, the speed of the growth in the area and the demography. It represents

Two acquisitions I'll call out that have rapid development similar to heritage trace our Acadia Towne Center in Phoenix and Garden Oaks in Houston.

Arcadia is anchored by the Paradise Valley, one of the 15 wealthiest suburbs in the United States with home values are increasing at double digit rates.

As I said, this type of plan exists for every Center in our portfolio, whether it's upgrading the type of restaurant in the space creating a pad. When there's none that existed before or moving and increasing the invisibility of a key space in the center or such as setting up roof, rooftop pickle ball as we relentlessly pursue enhancing the value of our centers.

Christine Mastandrea: Arcadia is anchored by the 50 wealthiest suburbs in the United States, with home values increasing at double-digit rates. The former Paradise Valley Mall is being redeveloped into a $2.2 billion mixed-use development, and Arcadia is not only anchored close to Paradise Valley, growth is spreading and enveloping the center. The Tempe waterway and the bike trail pass by the backside of Arcadia, and we anticipate creating a pad site that will capitalize on associated traffic in the neighborhood. Similarly, in Houston, Garden Oaks is benefiting from the expansion of the Heights, redeveloped as Houstonites recognize the value of larger plots of land in the area, with excellent proximity to downtown for work. Rapid development occurring on Shepherd Drive is expanding northward, and Target anticipates opening a new store next to Garden Oaks in early 2027.

The farmer Paradise Valley Mall is being redeveloped into a $2.2 billion mixed use development in Arcadia has not only anchored close to Paradise Valley growth is spread spreading and enveloping center. The Tempe waterway in the bike trail passed by the backside of Arcadia, and we anticipate creating a pad site they'll capitalize on associated <unk>.

2 Acres I'll call out that have rapid development. Similar to Heritage trays are Arcadia Town Center in Phoenix and Garden Oaks in Houston.

Arcadia is anchored by The Paradise Valley 1 of the 50 of wealthiest suburbs in the United States with home values, increasing at Double Digit rates.

<unk> in the neighborhood.

Lillian Houston Garden, Nellix is benefiting from the expansion of the Heights Redeveloped. This Houston guidance recognizes the value of larger plots of land in the area with excellent proximity to downtown for work.

The former Paradise Valley Mall is being redeveloped into a 2.2 billion dollar mixed-use development and Arcadia is not only anchored close to Paradise Valley. Growth is spread spreading and enveloping the center, the Tempe Waterway, and the bike trail passed by the backside of Arcadia. And we anticipate creating a pad site. They'll capitalize on Associated traffic in the neighborhood.

But development occurring on Shepherd drive is expanding northward and target anticipates opening a new store next to guard notes in early 2027, we're evaluating pad site options and tenant candidates for that path as well as re merchandising that center.

Similarly, in Houston, Garden Oaks is benefiting from the expansion of the Heights redeveloped as Houston. Tonight's recognized the value of larger plots of land in the area with excellent proximity to downtown for work.

Christine Mastandrea: We're evaluating pad site options and tenant candidates for that pad, as well as remerchandising that center. Let me expand a bit on a record 94.6% occupancy we hit at the end of 2025. This included very strong activity right up to the end of the year. When I say that, I mean they signed a lease at 11:23 PM on the 31st. Our redevelopment CapEx in 2025 was approximately $5 million, with redevelopment projects complete at Williams Trace, La Mirada, and Lion Square. We've added redevelopment projects to the list, including at Garden Oaks, so we'll have a multiyear forecast of $20 to $30 million in redevelopment spend in addition to the pads that we add every year. Last year, we added several pads. We anticipate continuing to do that over the next few years.

Let me expand a bit on a record 94, 6% occupancy we hit at the end of 2025. This included very strong activity right up to the end of the year when I say that I mean, they signed a lease at 11 23 P. M on the 30 <unk>.

Grab a development occurring. On Shepherd Drive is expanding northward and Target anticipates opening a new store next to our notes in early 2027. We're evaluating padside options and tenant candidates for that pad as well as re merchandising that Center.

Our redevelopment Capex in 2025 was approximately $5 million with redevelopment projects complete at Williams trace La Mirada and Lion square.

Redevelopment projects to the list, including at guard knows and so we'll have a multiyear forecast of 20% to $30 million in redevelopment spend in addition to the pads that we add every year last year. We added several pads, we anticipate continuing to do that over the next few years.

Let me expand a bit on the record 94.6% occupancy. We hit at the end of 2025, this included, very strong activity right up to the end of the year. When I say that, I mean, I signed a lease at 11:23 p.m. on the 31st,

We will look to accelerate some of that work and sole estimate at the time fruit for that spend over the next three years.

Christine Mastandrea: We will look to accelerate some of that work, and so we'll estimate the time frame for that spend over the next 3 years. I'd like to thank the leasing, redevelopment, and property management teams for everything they delivered in 2025. Our teams continue to elevate the performance every year, sharpening their plans for our center, adapting to change, and making sure our tenants see the value in operating from a Whitestone property. Their success is our success. In addition, the hard work not only allowed us to deliver in 2025, but lines up the company for continued growth in years ahead. Scott?

I'd like to thank the leasing redevelopment and property management teams for everything they delivered in 2025, our teams continue to elevate the performance every year sharpening their plans for our center adapting to change and making sure our tenancy the value of the operating from our Whitestone property.

our Redevelopment capex in 2025 was approximately 5 million dollars worth Redevelopment projects, complete at Williams trace, lemard and line and square. We've added Redevelopment projects to the list including at Garden Oaks. And so we'll have a multi-year forecast of 20 to 30 million in Redevelopment spend. In addition to the pads that we add every year last year, we added several pads, we anticipate continuing to do that over the next few years.

We will look to accelerate some of that work, and so we'll estimate the time period for that spend over the next three years.

Their success is our success. In addition, the hard work not only allowed us to deliver in 2025, but lines up the company for continued growth in years ahead.

Got it.

We delivered very strong results for both the fourth quarter and for the year.

I'd like to thank the leasing Redevelopment and property management team for everything. They delivered. In 2025. Our teams continue to elevate the performance every year sharpening, their plans for our Center adapting to change, and making sure our tenants see the value in operating from a white stone property.

Scott Hogan: We delivered very strong results for both Q4 and for the year. We delivered $1.05 in Core FFO per share versus $1.01 in 2024, representing 4% growth. In 2024, we had above average termination fees, which is part of the reason we grew Core FFO per share by 11% in 2024. Those termination fees were at a normal level for 2025, $0.02 less than 2024. The by-quarter breakdown for 2025's Core FFO was $0.25, $0.26, $0.26, and $0.28. That's about what we anticipated in terms of seeing growth during the year, with some additional revenues in Q4, including percent of sales clauses that typically help accelerate things in Q4. You should anticipate a similar distribution in 2026.

We delivered $1 <unk>.

And core <unk> per share versus $1 <unk> in 2024, representing.

Their successes are success. In addition, the hard work not only allowed us to deliver in 2025, but lines up the company for continued growth in years ahead.

Scott.

Representing 4% growth.

We delivered very strong results for both the fourth quarter and for the year.

In 2024, we had above average termination views.

Which is part of the reason we grew core <unk> per share by 11% in 2024.

We delivered a dollar and 5 cents in core ffo per share versus a dollar and 1 cent in 2024.

Representing 4% growth.

Those termination fees were at a normal level for 2025 <unk> less than 2024.

In 2024, we had above-average termination fees.

The by quarter breakdown for 2025 core <unk> was 25 two.

Which is part of the reason we grew core ffo per share by 11% in 2024.

<unk> 2006.

2006 and 28.

That's about what we anticipated in terms of seeing growth during the year with some additional revenues in Q4, including in percent of sales clauses that typically help accelerate things of the fourth quarter.

Those termination fees were at a normal level for a 2025 2 cents less than 2024,

The by quarter breakdown for 2025 score. Ffo was 25 cents. 26 Cents, 26, Cents and 28 cents.

You should anticipate a similar distribution in 2026.

That's about what we anticipated in terms of seeing growth during the year.

We delivered same store NOI growth of three 8% for the fourth quarter and 4% for the full year.

Scott Hogan: We delivered Same-Store NOI growth of 3.8% for Q4 and 4% for the full year. Our 3% to 4.75% Same-Store NOI growth forecast is a ground-up and a by-tenant forecast for 2026 that incorporates what we're seeing in terms of macroeconomic conditions. Meanwhile, the longer 3% to 5% growth is based upon what we've been able to achieve historically and incorporates the longer-term benefits of redevelopment projects we have underway. Same-Store NOI growth is the primary driver for our Core FFO per share growth and gives us the confidence to lay out our 5% to 7% growth target in 2026 and the longer term. Occupancy came in at 94.6%. As a reminder, we only include tenants in our occupancy when they take possession, not when the contract is signed.

With some additional revenues in Q4 including percent of sales Clauses, that typically help accelerate things in the fourth quarter.

Our 3% to 475% same store NOI growth forecast is a ground up.

You should anticipate a similar distribution in 2026.

By tenant forecast for 2026.

Incorporates what we're seeing in terms of macroeconomic conditions.

We delivered same store in oi growth of 3.8% for the fourth quarter and 4% for the full year.

Meanwhile, the longer 3% to 5% growth is based upon what we've been able to achieve historically and incorporates our longer term benefits of redevelopment projects we have underway.

There are 3% to 4.75% same store in AI growth. Forecasts is a ground up in a, by 10 at forecast for 2026.

That incorporates what we're seeing in terms of macroeconomic conditions.

Same store NOI growth is the primary driver for our core <unk> per share growth.

meanwhile, the longer in 3 to 5% growth is based upon what we've been able to achieve, historically and incorporates

It gives us the confidence to lay out our 5% to 7% growth target in.

A longer term benefits of Redevelopment projects, we have underway.

In 2026 and the longer term.

Occupancy came in at 94, 6%.

Same store in AI growth is the primary driver for our core ffo for share growth.

And as a reminder, we only include tenants in our occupancy when they take possession not when the contract is signed.

2026 and the longer term.

Both our process and our heavier mix of shop space tenants equates to a much lower signed not open list.

Occupancy came in at 94.6%.

Scott Hogan: Both our process and our heavier mix of shop space tenants equates to a much lower signed, not open list. We view the quicker turnaround as one of our competitive advantages. This is record occupancy for Whitestone. We were able to move it to that level by having a long-term vision for our properties rather than taking short-term occupancy wins. Christine covered our redevelopment capital. We've underwritten double-digit unlevered IRR on those outlays. We generally view the redevelopment as low risk, high return investments. On the balance sheet front, we finished the year with debt to EBITDAre at 7x, despite acquisitions being greater than dispositions in 2025 by approximately $56 million. In terms of Whitestone's liquidity, we have $7.4 million in cash and $220 million available under the credit facility.

Scott Hogan: Both our process and our heavier mix of shop space tenants equates to a much lower signed, not open list. We view the quicker turnaround as one of our competitive advantages. This is record occupancy for Whitestone. We were able to move it to that level by having a long-term vision for our properties rather than taking short-term occupancy wins. Christine covered our redevelopment capital. We've underwritten double-digit unlevered IRR on those outlays. We generally view the redevelopment as low risk, high return investments. On the balance sheet front, we finished the year with debt to EBITDA re at 7 times, despite acquisitions being greater than dispositions in 2025 by approximately $56 million. In terms of Whitestone's liquidity, we have $7.4 million in cash and $220 million available under the credit facility.

And we view the quicker turnaround.

And as a reminder, we only include tenants in our occupancy. When they take possession, not when the contract is signed.

As one of our competitive advantages.

This is record occupancy for Whitestone, and we were able to move it to that level by having a long term vision for our properties rather than taking short term occupancy wins.

Both our process and our heavier mix of shop space. Tenants equates to a much lower sign not open list.

And we view the quicker turnaround.

As 1 of our competitive advantages.

Christine covered our redevelopment capital.

We've underwritten double digit unlevered IRR on those outlays and we generally view the redevelopment as low risk high return investments.

This is record occupancy for Whitestone and we were able to move it to that level by having a long-term vision for our properties rather than taking short-term occupancy wins.

On the balance sheet front, we finished the year with debt to EBITDA Ari at seven times, despite acquisitions being greater than dispositions in 2025 by approximately $56 million.

Christine covered our Redevelopment capital.

We've underwritten double-digit unlevered IRR on those outlays, and we generally view the redevelopment as low-risk, high-return investments.

In terms of Whitestone is liquidity, we have seven $4 million in cash.

And $220 million available under the credit facility.

In 2025 cash flow from operations was $50 8 million in dividends were $27 8 billion, leaving strong cash flow after dividends to fund growth.

On the balance sheet front. We finished the year with debt to ibida re at 7 times, despite Acquisitions being greater than dispositions in 2025 by approximately 56 million.

Scott Hogan: In 2025, cash flow from operations was $50.8 million, and dividends were $27.8 million, leaving strong cash flow after dividends to fund growth. We have no maturities in 2026 and $80 million in maturities in 2027. We have a very clear runway in terms of our need to access the debt markets over the next 2 years. We've increased our dividend by 5.6% for Q1 2026. Our intent is to continue growing the dividend in line with Core FFO growth. Whitestone's dividend remains one of the most secure, highest growing dividends within the peer group, and we believe we have the right plan in place to continue the growth trajectory while maintaining our payout ratio. With that, we'll open the line for questions.

In terms of white stones liquidity, we have 7.4 million in cash.

And $220 million available under the credit facility.

We have no maturities in 2026 and $80 million in maturities in 2027.

So we have a very clear runway in terms of our need to access the debt markets over the next two years.

In 2025 cash flow from operations, was 50.8 million and dividends were 27.8 billion leaving strong, cash flow after dividends to fund growth.

We've increased our dividend by five 6% for the first quarter of 2026.

We have no maturities in 2026 and 80 million in maturities in 2027.

Our intent is to continue growing the dividend in line with core <unk> growth.

So we have a very clear runway in terms of our need to access the debt markets over the next few years.

Whitestone is dividend remains one of the most secure highest growing dividends within the peer group and.

We've increased our dividend by 5.6% for the first quarter of 2026.

And we believe we have the right plan in place to continue the growth trajectory, while maintaining our payout ratio.

Our intent is to continue growing the dividend in line with core

ffo growth.

And with that we'll open the line for questions.

Whitest Stones dividend remains 1 of the most secure highest growing dividends within the peer group.

Thank you we will now be conducting a question and answer session if you'd like to ask a question.

Operator: Thank you. We will now be conducting a question-and-answer session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two to remove yourself from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star key. Your first question comes from Mitch Germain with Citizens. Please go ahead.

Operator: Thank you. We will now be conducting a Q&A session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two to remove yourself from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star key. Your first question comes from Mitch Germain with Citizens. Please go ahead.

And we believe we have the right plan in place to continue the growth. Trajectory while maintaining our payout ratio,

One on your telephone keypad.

And with that, we'll open the line for questions.

<unk> Hello.

You may.

Christopher.

Hope yourself from the queue.

Thank you.

Equipment that may be necessary.

Well the question Scott.

Your first question comes from Mitch Germain.

Please go ahead.

Good morning.

You guys had the final settlement with pillar stone in the back part I guess is the you know kind of the last week of the year.

Thank you. We will now be conducting a question and answer session. If you would like to ask a question, please press star 1 on your telephone keypad. A confirmation tone will indicate your lineage and the question to you. You may press star 2 to remove yourself from the queue for participants using speaker equipment and may be necessary to pick up your handset before pressing the star key.

Mitch Germain: Good morning. You guys had the final settlement with Pillarstone in the back part, I guess, it was the, you know, kind of last week of the year. Just maybe kind of talk about how that payment impacted your balance sheet and what are the different puts or takes we need to be aware of in terms of, you know, maybe, you know, pro forma, you know, what changes occurred, you know, so late in the year?

Your first question comes from Mitch Germaine 6 citizens. Please go ahead.

You kind of talk about how that.

Uh, good morning.

um,

Payment impacting your balance sheet in all the different puts or takes we need to be aware of in terms of.

Maybe pro forma what changes.

Berg.

So lately here.

I mentioned Scott.

<unk> day, one we took those proceeds we paid down the credit facility.

Dave Holeman: Hi, Mitch, it's Scott. we, day one, we took those proceeds, we paid down the credit facility. Going forward, we'll evaluate acquisitions and dispositions as the opportunities become available. I would think about it as just an improvement to the balance sheet, improvement to leverage on day one. As we always do, we'll make capital allocation decisions based on the opportunities as we proceed through 2026, 2027 and beyond.

Scott Hogan: Hi, Mitch, it's Scott. we, day one, we took those proceeds, we paid down the credit facility. Going forward, we'll evaluate acquisitions and dispositions as the opportunities become available. I would think about it as just an improvement to the balance sheet, improvement to leverage on day one. As we always do, we'll make capital allocation decisions based on the opportunities as we proceed through 2026, 2027 and beyond.

And going forward, we will evaluate acquisitions and dispositions as the opportunities become available so that I.

you guys had the final settlement with pillar Stone in the back part. I guess it was the, you know, kind of last week of the year, just maybe kind of talk about how that um payment impacted your balance sheet and what all of the different puts are takes. We need to be aware of in terms of, you know, maybe you know, proforma. Um, you know, what changes, uh, occurred, you know, so late in the year.

I would think about it as just a an improvement to the balance sheet improvement to leverage on day one.

Uh, day 1, we took those proceeds. We paid down the credit facility.

And then as we always do we will make capital allocation decisions based on the opportunities as we proceed through 2006.

And going forward will evaluate uh, Acquisitions and dispositions of the opportunities become available. So,

Place other than beyond.

Gotcha Okay.

That I would think about it as as just a, a an improvement to the balance sheet Improvement to leverage on on day 1.

Whats G&A guide for the year.

Mitch Germain: Gotcha. Okay. What's G&A guide for the year?

Hey, Matt it's Dave So thanks for your answer to your question with the <unk>.

And then as we always do, we'll make Capital allocation decisions based on the opportunities as we proceed through 26.

Would you say that one more time.

27 and Beyond.

Dave Holeman: Hey, Mitch, it's Dave. Make sure I understand your question. Could you say that one more time?

G&A for you didn't include that in your guidance. This year historically you have.

Gotcha. Okay. Um, which DNA guide for the year?

Mitch Germain: G&A for, you didn't include that in your guidance this year. Historically, you have. Any idea of kind of where we're, where things can shake out over the course of 2026?

Hey man.

Any idea of kind of where where where things can shake out over the course of 2026.

Answer your question with the

Did you say that 1 more time?

Sure I think we just you know obviously if you look at the guidance. We gave in the underlying metrics I think we've just continued to redeem that a little bit I think you should expect that G&A to be similar levels no no major changes there other than.

Dave Holeman: Sure. I think we just, you know, obviously, we look at the guidance we give and the underlying metrics. I think we've just continued to redeem that a little bit. I think you should expect G&A to be similar levels. No major changes there, other than normal course on a Scott, any thing. There, you know, there always is with the G&A, some volatility with certain items like legal costs, but right now we expect a similar G&A level with normal kind of cost of living increase, probably.

Uh, GNA for is you didn't include that in your guidance this year, historically you have, um, any idea of kind of where we're where things can shake out over the course of 2026.

The normal horizontal Scott with that anything there, but there always is with the G&A. Some some volatility with certain items like like legal costs, but right now we expect a similar level with normal kind of cost of living increase probably yes, Mitch we just haven't been as granular as our earnings have become more predictable and so I wouldn't expect a similar level.

Sure, I think we just, you know, obviously we look at the the the guidance we give and the underlying metrics. I think we've discontinued to redeem that a little bit, but I think you should expect uh GNA to be similar levels. No, no, major changes there. Uh,

Scott Hogan: Yeah, Mitch, we just haven't been as granular as our earnings have become more predictable. So I would expect similar level with some kind of CPI increase.

With some kind of a CPI increase.

Of course on of Scotland to add anything there but they're, you know, they're always is with, with GNA some some volatility with certain items like, like legal costs. But right now we expect a similar GNA level with normal kind of cost.

Got you Okay last one from me.

<unk> inline quarter. So congrats for that your guidance was $1 three to 107. Your result came in at the low end of that range, but all of the various assumptions that you provided same store occupancy G&A interest that you've kind of hit the midpoint on all of them. So.

Mitch Germain: Got you. Okay, last one for me. Obviously, inline quarter, so congrats with that. Your guidance was $103 to 107. Your result came in at the low end of that range. All of the various assumptions that you provided, same store, occupancy, G&A, interest, you know, you kind of hit the midpoint on all of them. You know, and I, and I recognize your comments, Scott, about the cadence of earnings per share increasing as the year went on. You know, what's it, you know, is $28 like the starting point now? Is, you know, are we growing from that level, or is it really, you know, some of the occupancy came on late quarter and you didn't really get the full benefit of that?

Some kind of CPI increase.

No.

And I recognize your comments Scott about the cadence of earnings.

Earnings per share increasing as the year went on but let's see.

It's 28 like the starting point now is.

He kind of well be growing from that level or is it really you know some of the occupancy came on late order and you didn't really get the full bag.

So to that I'm, just trying to understand about how.

We should be thinking about you know kind of <unk> and beyond.

Mitch Germain: You know, I'm just trying to understand about how we should be thinking about, you know, kind of Q1 and beyond.

You lost me a little bit there Mitch because.

It sounded like you were talking about the 25 guidance coming in at the low end and I think we came in at the midpoint of $1 five.

Scott Hogan: You lost me a little bit there, Mitch, because you, it sounded like you were talking about the 25 guidance coming in at the low end, and I think we came in at the midpoint, $1.05. The 26 guidance is $1.10 to $1.14. Did I not understand?

And the 20, the 26 guidance is $1 10 to $1 14 did I did I.

Gotcha. Okay, last 1 for me, um, I obviously inline quarter, so congrats with that. Um, your guidance was 103 to 107 your result came in at the low, end of that range, but all of the various assumptions that you provided same store occupancy GNA interest, you know you kind of Hit the midpoint on all of them. So you know and I and I recognize your comments Scott about the Cadence of of um earnings for share increasing as the year went on. But you know what's it you know, is 28 like the starting point now is, you know, it's it kind of are We growing from that level? Or is it really, you know, some of the occupancy came on late border and you didn't really get the full benefit of that, you know, I'm just trying to understand about how we should be thinking about, you know, kind of wonky and Beyond, uh, you you

Actually you are right at the $1 five but my apologies.

But let's say, let's sort of 28 it might growing from 28 is that the way to think about it.

Mitch Germain: No, you're right. Actually, you're right, it's $1.05. My apologies. Let's start at 28. Am I growing from 28? Is that the way to think about it in terms of how I should be thinking about the cadence for 2026?

In terms of how we should be thinking about the cadence for 2026.

Our long term growth, we feel very confidence that it's going to be 5% to 7%.

Scott Hogan: Well, our long-term growth, we feel very confident that it's going to be 5% to 7%. That how it's distributed between each year is a little tougher to determine because of the timing of some of the redevelopment projects and just acquisitions and dispositions. Longer term, I think we're very comfortable with 5% to 7%.

How it's distributed between each year is a little tougher to determined because of the timing of some of the redevelopment of projects and just acquisitions or dispositions, but longer term I think we're very comfortable the 5% to 7% and then manage hey, Macys day, but they're not a quarterly cadence I think Scott gave some some.

And the 206th guidance is a dollar 10 to a dollar 14. I did. I not know you actually you're right at the dollar 5, my my apologies. Um but let's say let's start at 28. Am I growing from 28 is that the way to think about it. Um, in terms of how I should be thinking about the Cadence for 2026? Well, I

Our long-term growth, we we feel very confident that it's going to be 5 to 7%.

Dave Holeman: Mitch. Hey, Mitch, it's Dave. On a quarterly cadence, I think Scott gave some indication. The Q4 does tend to be a little higher because we have percent of rent clauses come in. If you look at the cadence this year, you know, it was increasing. I think you would expect to see similar in 2026. I don't know if it's completely accurate to say you're just jumping off the 28 in the Q4.

<unk> indication in the fourth quarter does tend to be a little higher because we have percent of rent clauses come in and if you look at the cadence this year.

Dave Holeman: Mitch. Hey, Mitch, it's Dave. On a quarterly cadence, I think Scott gave some indication. The Q4 does tend to be a little higher because we have percent of rent clauses come in. If you look at the cadence this year it was increasing. I think you would expect to see similar in 2026. I don't know if it's completely accurate to say you're just jumping off the 28 in the Q4. I think you're jumping off the annual amount with normal quarterly cadence.

Does increasing I think you would expect to see similar in 2006. So I don't know if it's completely accurate to say you are just jumping off of 28 in.

In the fourth quarter, when you said I.

I think you are jumping off the the annual amount with normal quarterly cadence.

Scott Hogan: When you said-

Dave Holeman: I think you're jumping off the annual amount with normal quarterly cadence.

Gotcha.

I thought you were talking about 2028, when you said 2008.

Mitch Germain: Got you.

No.

Scott Hogan: Yeah. I thought you were talking about 2028 when you said 2028.

Got it I appreciate you guys. Thanks.

Rich.

Mitch Germain: No, no. Thank you. I got it. I appreciate you guys.

The how it's distributed between each each year is a little tougher to determine because of the timing of some of the Redevelopment projects and just Acquisitions and dispositions. But longer term, I think we're very comfortable with the 5 to 7%, and then medshape Mr. Dave and then, on a quarterly, Cadence. I think Scott gave some some indication. The fourth quarter does tend to be a little higher because we have percent of rent Clauses come in. And if you look at the Cadence this year, you know, it was increasing. I think you would expect to see similar in 26, so I don't know if it's completely accurate to say you're just jumping off the 28th. Uh, in the fourth quarter, when you said, I think you're, I think you're jumping off the, the, the, the, the, the annual amount with normal quarterly Cadence.

Well, it's Ann Duignan with Longbow. Please go ahead.

Dave Holeman: Thank you, Mitch.

Hey, guys. Thanks.

Operator: Floris van Dijkum with Ladenburg, please go ahead.

Could you maybe quantify what you're signed not opened pipeline is.

Gotcha. Yeah, that's how you were talking about 2028 when you said 20? No, no, no. Thank you. I got it. I appreciate you guys. Thank you. Mitch.

Floris van Dijkum: Hey, guys, thanks. Could you maybe quantify what your signed, not open pipeline is? I know you report physical occupancy, unlike, you know, peers who tend to report leased occupancy and then provide what the physical occupancy is. If you could give us a sense of what your leased occupancy is and in terms of percentage and maybe also in terms of the value or of the ABR that you've got signed.

I know you report physical occupancy unlike peers, who tend to reports leased occupancy and then provide what the physical occupancy is but if you could give us a sense of what your your leased occupancy is.

With lavenburg, please go ahead.

In terms of percentage and maybe also in terms of.

The value of the ABR that that you've got science.

Hey, Floris, it's Dave Hope you're doing well thanks for the question.

Think we historically have not.

Dave Holeman: Hey, Floris, it's Dave. Hope you're doing well. Thanks for the question. I think we historically have not, you know, reported signed not open because our model is different in that we're moving a little bit quicker than some of our peers. We typically have the shorter, smaller spaces, shorter leases, and are able to commence leases very quickly. You know, we just haven't reported it because it's not a number that is huge for us because we get tenants in very quickly. I also, just on an editorial level, feel like it's a little people report sign not open, but always there's a sign. There's a moving out list as well that nobody reports.

Dave Holeman: Hey, Floris, it's Dave. Hope you're doing well. Thanks for the question. I think we historically have not, you know, reported signed not open because our model is different in that we're moving a little bit quicker than some of our peers. We typically have the shorter, smaller spaces, shorter leases, and are able to commence leases very quickly. We just haven't reported it because it's not a number that is huge for us because we get tenants in very quickly. I also, just on an editorial level, feel like it's a little people report sign not open, but always there's a sign. There's a moving out list as well that nobody reports.

Reported signed not open because our model is different and that where we're moving a little bit quicker than some of our peers. We typically have the shorter sure smaller spaces shorter leases and are able to commence leases very quickly. So you know so we just haven't reported it because it's a it's not a number that.

Hey guys. Um thanks. Um, could you maybe quantify what your sign? Not open pipeline is uh I I know you report physical occupancy, unlike you know, peers who, who tend to report? We stock seeing them provide what the physical occupancy is. But if you could give us a sense of what your your least occupancy is, and in terms of percentage, and maybe also in terms of of

Of the value or of the AVR that uh, that you've got signed.

Hope you're doing well. Thanks for the question.

It is huge for us because we get tenants been very quickly I also just an editorial level feel like it's a little people report signed not opened but always theres, a theres a sign but others are moving out lift as well, but nobody reported so for us.

We report our commenced occupancy and it really at any point in time or with the smaller tenants have leases that we're signing and moving it quickly.

Dave Holeman: For us, we report our commenced occupancy, and, you know, and really, at any point in time or with the smaller tenants have leases that we're signing and moving in quickly.

Dave Holeman: For us, we report our commenced occupancy and really, at any point in time or with the smaller tenants have leases that we're signing and moving in quickly.

Recorded sign, not open because our our model is different. And that we're, we're moving a little bit quicker than some of our peers. We typically have the shorter, smaller spaces, shorter leases and are able to commence leases very quickly. So and you know, so we just haven't reported it because it's a it's not a a number that uh is is huge for us because we get tenants in very quickly. I also just on a editorial level feel like it's a little

But would you would you say that that based on the leasing demand today that.

Floris van Dijkum: Would you say that based on the leasing demand today, that your leased occupancy is probably... I think if I recall correctly, your typical SNO pipeline is about 50 basis points. Is that higher today than it has stood historically?

Your you released Occupancies, probably I think if I recall correctly your typical oh.

People report, sign, not open. But always, there's a, there's a sign. But there's a, a moving out list as well, but nobody reports. So, for us, uh, we report our commencement see and, you know, really at any point in time or with the smaller tenants, have have leases that were signing and moving in quickly.

Our pipeline is about 50 basis points.

But is that is that higher today than it has stood historically.

I think the leasing environment is very good our leasing traction is improving so I think you are just I think the general answer would be if.

Dave Holeman: I think the leasing environment is very good. Our leasing traction is improving. I think just I think the general answer would be, if anything, it's growing or getting better, although we are moving very quickly. The, you know, the sign not open is just a status of the process. We're moving quickly to get those folks commencing and paying rent. I think your point is, if anything, growing because we are having great progress.

Dave Holeman: I think the leasing environment is very good. Our leasing traction is improving. I think just I think the general answer would be, if anything, it's growing or getting better, although we are moving very quickly. The sign not open is just a status of the process. We're moving quickly to get those folks commencing and paying rent. I think your point is, if anything, growing because we are having great progress.

If anything it's growing or getting better. Although we are moving very quickly. So the sign that opened is just a status of the process. We're moving quickly to get those folks commencing in paying rent, but I think your point is.

But would you would you say that that, uh, based on the leasing demand today that, uh, your, your least occupancy is probably I I I think if I recall correctly, uh, your typical uh, uh, Sno pipeline is about 50 basis points. Uh, but is that is that higher today than it has stood historically.

Our signed not opened pipeline would be if anything growing because we are having great progress.

I think it the least environment is is very good. Our our leasing traction is improving so I think you're to I think the general answer would be uh if anything it's it's growing or getting better although we are moving very quickly so that

Thanks, David and then maybe another question in terms of.

The fourth quarter average rents that you signed a $32 58.

Floris van Dijkum: Thanks, Dave. Maybe another question. In terms of the Q4 average rent that you signed of $32.58, when I compare that to your average ABR of the whole portfolio, there's about 28% delta. I know quarterly things can be tricky, but is that sort of what people should think about in terms of mark-to-market, if the portfolio were to be mark-to-market today?

That sign that open is just a status of the process. So moving quickly to get those folks commencing and paying rent. But I think your your point is uh our sign not opened by blind would be if anything growing because we are having great progress.

When I compare that to your average ABR of the whole.

Portfolio, there's about 28% Delta now I know quarterly things can be tricky, but is that is that sort of what people should think about in terms of mark to market the portfolio were to be mark to market today.

Black horse, it's Scott So first of all as Dave said the leasing pipeline is strong we've got dry freight demand in our markets.

Scott Hogan: Hi, Floris van Dijkum, it's Scott Hogan. First of all, as Dave Holeman said, the leasing pipeline is strong. We've got great demand in our markets. I think the best place to look, just in terms of what to expect in increases, is our leasing spreads. Our overall leasing spreads for Q4 were 18.2%, and I think we said that for 15 quarters, they've been 17% or higher. Strong leasing demand, there's always a mix issue. I think in Q4, we may have had more smaller tenants than you have throughout the rest of the year, you know, that would explain why it's a bit higher than our average rents.

Scott Hogan: Hi Floris, it's Scott. First of all, as Dave said, the leasing pipeline is strong. We've got great demand in our markets. I think the best place to look, just in terms of what to expect in increases, is our leasing spreads. Our overall leasing spreads for Q4 were 18.2%, and I think we said that for 15 quarters, they've been 17% or higher. Strong leasing demand, there's always a mix issue. I think in Q4, we may have had more smaller tenants than you have throughout the rest of the year that would explain why it's a bit higher than our average rents. I would look to the leasing spreads for an indication of what you would look for going forward.

So I think the best the best place to look.

That you signed a 3258. Um, when I compare that to your average AVR of of the whole portfolio, there's about 28% Delta now. I know quarterly things can be tricky but is that is that sort of what people should think about? In terms of mark-to-market? If the if the portfolio were to be mark-to-market today,

Jason just in terms of what to expect.

Increases as our leasing spreads and our overall leasing spreads for the fourth quarter were 18, 2% and.

I, of course, it's Scott. So, uh, first of all, as Dave said, the leasing pipeline is strong. We've got great demand in our markets.

the I I think the best the best place to look

um,

I think we said that for 15 quarters they have been.

17% or higher.

just just in terms of what to expect in in increases is our leasing spreads.

Strong strong leasing demand, there's there's always.

A mix issue.

And our overall leasing spreads for the fourth quarter. We're 18.2% and

In the fourth quarter, where they may have had more smaller tenants than you have throughout the rest of the year. So the.

That would explain why it's a bit higher than our average rents, but but I would look to the leasing spreads.

I think we said that for 15 quarters, they've been um, 17% or higher so strong strong leasing demand. There's there's always um,

A mixed issue.

For an indication of what you you would look for it going forward.

Scott Hogan: I would look to the leasing spreads for an indication of what you would look for going forward.

I think in the fourth quarter, we may have had more smaller tenants

Thanks, Scott and maybe my last question in terms of what is your shop occupancy today.

Floris van Dijkum: Thanks, Scott. Maybe my last question: In terms of what is your shop occupancy today? How is that relative to historical levels, and how does it compare to your anchor occupancy today?

Then you have throughout the rest of the year. So, the, you know, that would that would explain why it's a bit higher than our average rents. But I, but I would look to the leasing spreads

And how is that relative to historical levels and how does that compare to your anchor occupancy today.

For an indication of what you you would look for going forward.

Yes on the flip it hurts on the first page of the earnings release. So I think we are.

Dave Holeman: Yeah, it's on the. We're flipping here. It's on the first page of the earnings release. I think we, doing this by memory, I don't have it in front of me, but we are. Scott may have it. I think we're 50 or 60 bps up on the small space year-over-year, as well as about similar amount on the, on the larger spaces. Scott, have you got those actual numbers?

Doing this by memory aren't having in front of me, but we are got might have it I think we're 50 or 60 bps up on the small space year over year.

Uh, thanks Scott. Uh, and maybe, uh, my last question in terms of what is your shop occupancy today, how and how is that relative to historical levels? And how does it compare to your anchor occupancy today?

As well as about similar amount on the on the larger spaces, there's got to be got those actual numbers.

Thanks, Yes, we're at 90 $97 seven on the larger spaces versus $97 four a year ago, the smaller spaces $92 seven up six.

Scott Hogan: Here you go.

Dave Holeman: Oh, thanks. Yeah, we're at 97.7 on the larger spaces versus 97.4 a year ago. The smaller space is 92.7, up 60 basis points from 92.1 a year ago. We're continuing to see good movement in both of our spaces.

60 bps from 90 to one a year ago. So we're continuing to see good movement in both of our spaces.

Yes.

And both of them are you you mentioned overall occupancy physical occupancy is at record levels. Both of those would be at physical but that's what I was trying to get a apology sites probably wasn't very clear are both of those at record levels for us there.

Floris van Dijkum: Yeah, both of them, you mentioned overall occupancy, physical occupancy is at record levels. Both of those would be at physical. That's what I was trying to get at. Apologies, I probably wasn't very clear. Are both of those at record levels, or is there more upside? Where and how much higher do you think you can push occupancy?

Doing this by memory. I don't have it in front of me, but we are, uh, I may have it. I think we're 50 or 60 bips up on the small space year-over-year, uh, as well as uh, about similar amount on the on the larger spaces. It's got to be got those actual numbers go. Oh, thank you. Yeah. So we're at 90. 9 7 7.

More upside and where and how much higher do you think you can push occupancy.

I think it's you know I think we can get to the averages of our.

Our peers, but I continue to say this I'll take back space, where I can put it back to work for more profitability wherever I'm able to I will say that probably over the last couple of years have been actively being able to do that in the portfolio.

Christine Mastandrea: I think it's, you know, I think we can get to the averages of, you know, our peers, but I, you know, I continue to say this, I'll take back space where I can and put it back to work for more profitability wherever I'm able to. I will say that probably over the last couple of years, I've been actively being able to do that in the portfolio. As we strengthen the quality of revenue, there's less opportunity to do so, but our renewals and again, new leasing spreads, I think, are going to continue going out for the next couple of quarters and really into the next couple of years, just because there's no new product being built into the market that we're in.

Christine Mastandrea: I think it's I think we can get to the averages of, you know, our peers, but I, you know, I continue to say this, I'll take back space where I can and put it back to work for more profitability wherever I'm able to. I will say that probably over the last couple of years, I've been actively being able to do that in the portfolio. As we strengthen the quality of revenue, there's less opportunity to do so, but our renewals and again, new leasing spreads, I think, are going to continue going out for the next couple of quarters and really into the next couple of years, just because there's no new product being built into the market that we're in.

Yeah. And and and our our and both of them, you you mentioned overall occupancy, uh, physical occupancy is, is at record levels, both of those would be at physical. That's what I was trying to get, I apologize. I probably wasn't very clear or both of those at record levels or is there, uh, more upside and where and how much higher do you think you can push? Uh, occupancy.

We strengthened the quality of revenue there is less.

The opportunity to do so by our renewals and again, new leasing spreads I think are going to continue going out. The next couple of quarters and really into the next couple of years, just because there is no new product being built into the markets that we're in I think that the small space. Those are the ones, where we're going to continue to see the ability to move I mean, historically as you know floris.

Dave Holeman: I think the small spaces are the ones where we're going to continue to see the ability to move. I mean, historically, as you know, Floris, you know, people always talked about small spaces and lower occupancy. I think that paradigm is shifting. I think you're going to see the small spaces, you know, bumping up to the larger space kind of occupancy levels as we move forward.

People always talked about small spaces and lower occupancy I think that paradigm is shifting.

Youre going to see the small spaces.

Bumping up to the larger space got occupancy levels as we move forward. That's one that we will continue to move up we do think there's opportunity. There is no reason to have.

Christine Mastandrea: Yeah.

Dave Holeman: That's one that we'll continue to move up. We do think there's opportunity. There's no reason to have, you know, a significant amount of vacancy in your small spaces. We're making progress there, and I think that's one we'll see moving. Obviously, the larger spaces are closer to 100% than to 98% or so. It's definitely more difficult.

A significant amount of vacancy in your small spaces. So we're making progress there and I think that's when we'll see moving obviously the larger spaces are closer to 100 presented at 98% are such that in a little more difficult.

Yeah.

I think it's, you know, I think we can get to the averages of um, you know, our peers but I you know, I continue to say this I'll take back space where I kind of put it back to work. For more profitability. Wherever I I'm able to, I will say that probably over the last couple years I've been actively being able to do that in the portfolio. Um, as we strengthen the quality of Revenue, there's less less opportunity to do so but our renewals and again, new leasing spreads, I think are going to continue going out for the next couple of quarters and really into the next couple of years, just because there's no new product being built into the markets that we're in. I think the the small space that are the ones where we're going to continue to see the ability to move. I mean, historically, as you know, Flores, you know, people always talked about small slices and lower occupancy. I think that that Paradigm is Shifting. Uh, I think you're going to see the small spaces, uh, you know, bumping up to the larger space kind of occupancy levels as we move forward. So that's 1 that, uh, we'll continue to move up. We do think there's opportunity, there's no reason to have a, you know, a significant amount.

Thanks, guys I appreciate it thank you.

No questions you have later with Alliance Global partners.

Floris van Dijkum: Thanks, guys. Appreciate it.

Dave Holeman: Thank you.

Of of vacancy in your small spaces. So we're, we're making progress there, and I think that's 1, we'll we'll see moving, obviously, the larger spaces are closer to 100% but the 98% or so of that, a little more difficult.

Yes. Thank you good morning, I wanted to ask you on the two acquisitions that you made in the quarter can you maybe talk about any upside in those properties, maybe on mark to market rents are on the occupancy side.

Operator: Next question, Gaurav Mehta with Alliance Global Partners, please.

Thanks guys. Appreciate it. Thank you.

Gaurav Mehta: Yeah, thank you. Good morning. I wanted to ask you on the 2 acquisitions that you made in the quarter. Can you maybe talk about any upside in those properties, maybe on mark-to-market rent or on the occupancy side?

Next question. Gerald made it with Alliance Global Partners.

Yeah, I'd say with Ashford and that's an area where it's in the path of growth. So this is not that far from.

Christine Mastandrea: Yeah. Say with Ashford, that's an area where it's in the path of growth. This is not that far from I-10 and the Energy Corridor, and it's a very healthy neighborhood that has good housing stock and what we've been watching is seeing the improvement in the homes in the area. I think for that's going to be just trading space into a rising income. If I look at World Cup Plaza, that's more of a remerchandising effort. I think this is one where, you know, we can really reposition that property just being alone, just because it's along the highway, and it has such a high VPD count compared to others. That will be more of a remerchandising.

I 10 in the energy corridor, and it's a very healthy neighborhood that has good housing stock and as well we've been watching is seeing the improvement in the homes in the area. So I think for that that's going to be just trading space into a rising income.

Yeah, thank you. Good morning. I, I wanted to ask you on the 2 Acres that you made in the quarter. Can you maybe talk about any upside in those properties? Maybe on Market to Market, rent on, or on the occupancy side?

And then if I look at World Cup Plaza, that's more of a re merchandising effort. So I think this is one where.

Yeah, I would say with Ashford um that's an area where it's in the passive growth. So this is not that far from uh, I 10 in the energy quarter and it's a very healthy neighborhood that has good housing stock. And has what we've been watching is seeing the Improvement in the

We can really reposition that property just being just a long just because it's along the highway and as such as it.

In the area. So I think, for that, that's going to be just trading space into a rising income.

It has such a high V P D count compared to others that will be more of a re merchandising and same thing we're already starting that process now with that property versus Ashford will be a natural I think in the natural path of growth and so youll. Just every time a lease terms will be able to do a renewal of a much higher rate.

Christine Mastandrea: Yeah, same thing, we're already starting that process now with that property versus Ashford will be a natural, I think, in the natural path of growth. Every time a lease turns, we'll be able to do a renewal at a much higher rate.

And then if I look at World Cup Plaza, that's more of a re merchandising effort. So I think this is 1 where uh you know we can really reposition that property just being just a loan just because it's along the highway and it's such a um it has such a high VPD count compared to others. That'll be more.

Okay. Second question I have is on the same property expenses that you reported in this quarter. It seems like you are up 30%.

Gaurav Mehta: Okay. The second question I have is on the same property expenses that you reported in this quarter. It seems like you were up 30% on the property operations and maintenance side. Can you provide some color on what drove the expenses higher?

Yeah, and same thing—we're already starting that process. Now, with that property versus Assured, it will be a natural, uh, I think, in the natural path of growth. And so you'll just, every time a lease turns, we'll be able to do a renewal at a much higher rate.

On the property operations and maintenance side can you provide some color on what drove expenses higher.

Yes, there's always there's always some timing in there.

<unk>.

At the portfolio level, we recover about 93% of property expenses. So those were just planned maintenance.

Christine Mastandrea: Yeah, there's always some timing in there. We at the portfolio level, we recover about 93% of property expenses, so those were just planned maintenance, painting properties, parking lot repairs, those sorts of things. Sometimes you have more in Q1 than the other, but I don't think it would be indicative of a run rate for the portfolio. It's just a timing thing in 2025.

Okay, a second question I have is on the same property expenses that you reported in this quarter. It seems like they were up 30%. So on the property operations and maintenance side, can you provide some color on wardrobe, the expenses, higher?

Painting properties parking lot repairs those sorts of things.

Yeah, there's always there's always some timing in there.

Sometimes they have more of a one quarter than the other but I don't think it would be indicative of a run rate for the portfolio. It's just a timing thing in 2025.

We uh, at the portfolio level, we recover about 93% of property expenses so I that those were just planned maintenance.

Uh, painting properties, parking lot, repairs, those sorts of things.

Okay Alright.

Alright. Thank you that's all I had.

Thank you.

Gaurav Mehta: Okay. All right, thank you. That's all I had.

Next question, Jay Corn reached with Cantor. Please go ahead.

Christine Mastandrea: Thank you.

Uh, so sometimes they you have more than 1 quarter than the other, but I don't think it would be indicative of a run rate for the portfolio. It's just a, a timing thing in 2025.

Hi, Good morning, just wanted to follow up on the comments around the record occupancy levels, which is clearly showing the strength of your shopping centers, but I guess I'm wondering just with the high occupancy does that imply maybe some of the shopping centers have are close to maxing out kind of what their occupancy limits are and maybe some of these centers are more right for now.

Operator: Next question, Jay Kornreich with Cantor Fitzgerald. Please go ahead.

Okay, all right, thank you. That's all I had.

Thank you.

Jay Kornreich: Hi, good morning. Just wanted to follow up on the comments around the record occupancy levels, which is clearly showing the strength of your shopping centers. I guess I wondered, you know, with the high occupancy, does that imply maybe some of the shopping centers are closer to maxing out, you know, kind of what their occupancy limits are, and maybe some of these centers are more ripe for, like, value creation, asset recycling? Do you feel like there's just enough leasing power and still some occupancy left that you're happy with the kind of current portfolio you have?

Next question. Jay Cornrich with Canaccord. Please go ahead.

New creation asset recycling or do you feel like there's just enough leasing tower and still some occupancy less now that youre happy with the current portfolio you have.

So I think there's still a long so we always look at asset since we purchased them to where we get to maturity with them. So in the beginning.

Christine Mastandrea: I think there's still. We always look at assets as we purchase them to where we get to maturity with them. In the beginning, you've seen the capital recycling that we've been doing, especially when I talk about this, when we're doing a remerchandising effort or, you know, buy an asset that's in the path of growth. They may have a higher occupancy level, but I have the opportunity to raise rents even based on an asset that's in place or in a remerchandising. Also, like I said, at points in time, we'll take space back. I don't see it topping out yet, really, for the next couple of years.

Christine Mastandrea: I think there's still. We always look at assets as we purchase them to where we get to maturity with them. In the beginning, you've seen the capital recycling that we've been doing, especially when I talk about this, when we're doing a remerchandising effort or buy an asset that's in the path of growth. They may have a higher occupancy level, but I have the opportunity to raise rents even based on an asset that's in place or in a remerchandising. Also, like I said, at points in time, we'll take space back. I don't see it topping out yet for the next couple of years. I also think because there's just really these are all in infill markets, there's not a lot available for competition, so I think we still have room to go.

And this is you've seen the capital recycling that we've been doing especially when I talked about this for them doing a re merchandising effort or buy an asset that's in the path of growth.

Hi, good morning. Uh just wanted to follow up on the comments, around the record occupancy levels which is clearly showing the strength of your shopping centers. But I guess I wondered, you know, just with the high occupancy, does that imply? Maybe some of the shopping centers have are closer to maxing out, you know, kind of what their occupancy limits are. And maybe some of these centers are more right for like value creation asset, recycling, or do you feel like there's just enough leasing power and still, some occupancy lift that you're, you're happy with the kind of current portfolio, you have

so, I think there's

They may have a higher occupancy level that I have the opportunity to raise rents even based on an asset that's in place or in our re merchandising and then also like I said at points in time will take space back. So I don't I don't see a topping out yet really for the next couple of years and I also think because theres just really these are on <unk>.

Theres not a lot available for competition. So I think we still have room and go Hey, Jade, It's Dave the only thing I might add is I think we in our in our remarks, we talked about how we look at the surrounding neighborhood. It really is the biggest driver. So I think when we look at acquisitions and dispositions. That's the that's kind of our one of the huge factories is look.

Christine Mastandrea: I also think because there's just really these are all in infill markets, there's not a lot available for competition, so I think we still have room to go.

You see in the capital recycling, that we've been doing, especially when I talked about this, when we're doing a re merchandising effort, or, you know, buying an asset that's in the path of growth. Um, they may have a higher occupancy level, but I have the opportunity to raise rents even based on an asset that's in place or in a re merchandising. And then also, like I said, at points in time we'll take space back. So I don't, I don't see it topping out.

Dave Holeman: Hey, Jay, it's Dave. The only thing I might add is I think we, in our remarks, we talked about, you know, how we look at the surrounding neighborhood really is the biggest driver. I think when we look at acquisitions and dispositions, that's the, you know, that's kind of our one of the huge factors is looking at surrounding neighborhoods. We think that even the properties that are 100%, as Christine said, we see growing neighborhoods, we see areas where you're seeing household incomes grow, discretionary spending grow, and the ability to move rents. We will look at, you know, just like we've done, we'll look at our portfolio and look for candidates to dispose and recycle capital.

Dave Holeman: Hey, Jay, it's Dave. The only thing I might add is I think we, in our remarks, we talked about how we look at the surrounding neighborhood really is the biggest driver. I think when we look at acquisitions and dispositions, that's the that's kind of our one of the huge factors is looking at surrounding neighborhoods. We think that even the properties that are 100%, as Christine said, we see growing neighborhoods, we see areas where you're seeing household incomes grow, discretionary spending grow, and the ability to move rents. We will look at just like we've done, we'll look at our portfolio and look for candidates to dispose and recycle capital.

And surrounding neighborhoods. So we think that even the properties that are 100% as Christine said, we see growing neighborhoods, we see areas, where youre seeing household incomes grow discretionary spending growth and the ability to move rent. So we will look at we just like we've done we'll look at our portfolio and look for candidates to dispose and recycle capital I think.

For the next couple of years. And I also think because there's just really these are all an infill markets. There's not a lot available for competitions, so I think we still at room to go. Hey, hey, Jay, it's, it's Dave, the only thing I might add is I think we, in our, in our remarks, we talked about, you know, how we look at the, the surrounding neighborhood really is the the biggest driver. So I think when we look at Acquisitions and dispositions, that's the, you know, that's kind of our 1 of the huge factors is looking at the surrounding neighborhood.

In our Investor deck on page 10, we've got a lot of detail we provide to the investment community about what were selling and what we buying so we'll continue to look for those opportunities, but largely our properties are in.

Dave Holeman: I think in our investor deck on page 10, we've got a lot of detail we provide to the investment community about what we're selling and what we're buying. We'll continue to look for those opportunities, but largely our properties are in great growing areas where we see, even with high occupancy levels, the ability to move rent.

Neighborhood. So we think that even the, the properties that are 100%. As Christine said, we see growing neighborhoods, we see areas where you're seeing household incomes grow, discretionary spending growth and the ability to move rents. So we will look at, you know, we just like we've done, we'll look at our portfolio and look for candidates to to

Great growing areas, where we see even with high occupancy levels the ability to move rent.

Great I appreciate that color and then just one follow up you know you you've outlined the $20 million to $30 million for redevelopment opportunities that I think five potential pad sites.

Jay Kornreich: Great. Appreciate that color. Just one follow-up. You know, you've outlined the $20 to $30 million for redevelopment opportunities at, I think, five potential pad sites. Is there any possibility of any of those coming online in 2026?

Jay Kornreich: Great. Appreciate that color. Just one follow-up. You've outlined the $20 to $30 million for redevelopment opportunities at, I think, five potential pad sites. Is there any possibility of any of those coming online in 2026?

Is there any possibility of any of those coming online in 2026.

Dispose and recycle capital. I think in our investor deck on page 10 we've got a a lot of detail. We provide to the investment Community about what we're selling and what we buy. And so we'll continue to look for those opportunities. But largely our, our properties are, uh, in great growing areas where we see even with high occupancy levels, the ability to move rent.

Yeah, we're always doing about two to three pads a year and I think we're right on track this year was doing three.

Christine Mastandrea: Yeah, we're always doing about two to three pads a year, and I think we're right on track this year with doing three. We look for a double-digit yield on incremental capital for those. That's just more or less getting the approval, depends on the cost for utilities and adjustment for grade on the site. Those are really easy to pop out. With the larger developments, this is something that we're starting to project out for, in the sense that we've gotten the approvals for additional GLA in the number of sites, we already have gone in for design and permitting on some of these. It's really a question of making sure that we strike when the returns are in the right place with construction costs.

That's.

It's really it's more of a double D. We look for double digit yield on incremental capital for those.

Good, appreciate that color and then just want to follow up, you know, you you've outlined the 20 to 30 million dollars for redevelopment opportunities that I think 5 potential path sites. Is there any possibility of any of those coming online in 2026

That's just more or less getting the approval depends on the cost for utilities and adjustment for grade on the site.

But that wasn't really easy to pop out with the larger developments and this is something that we're starting to project out for in the sense that we've gotten the approvals for additional GLA and the number of sites and we already have gone in for design and permitting on some of these and it's really a question of making sure that we strike when the returns are in the right place with.

Construction costs and how we look at that says that we do this in phases that way, we can horizontally manage the risk because again its an expansion of our property with additional GLA.

Christine Mastandrea: How we look at this is that we do this in phases. That way, we can horizontally manage the risk, because, again, it's an expansion of a property with additional GLA. I don't see that coming on necessarily this year, but if some of it does, it'd be later in the year.

Yeah, we're always doing about 2 to 3 pads a year and I think we're right on track this year with doing 3. Um Seth it's you know it's really it's more of a double see we look for a double digit yield on incremental capital for those. Um that's just more or less getting the approval depends on the cost for utilities and adjustment for grade on the site. Um, but those are really easy to pop out with uh, the larger developments. And this is something that we're starting to project out for in the sense that we've gotten the approvals for additional GLA and the number of sites, and we already have gone in for design and permitting on some of these. And it's really a question of making sure.

So I don't see that coming on necessarily this year, but if some of it does it would be later in the year.

Great. Thanks very much.

Thank you.

Next question Craig.

Jay Kornreich: Great. Thanks very much.

With the capital markets.

Dave Holeman: Thank you.

Operator: Next question, Craig Kucera with Lucid Capital Markets. Please go ahead.

Hey, good morning, guys.

Sure, that we strike when the returns are in the right place with construction costs. And how we look at this, is that we do this in phases that way, we can horizontally manage the risk because again, it's an expansion of a property with additional GLA. So, um, I don't see that coming on necessarily this year, but if some of it does, it'd be later in the year,

Scott you kind of touched on this a few times, but I'd be curious to hear sort of the breakout in the fourth quarter of.

Great. Thanks very much.

Thank you.

Craig Kucera: Hey, good morning, guys. Scott, you kind of touched on this a few times, I'd be curious to hear sort of the breakout in Q4 of, you know, some percentage rent and maybe were there any lease terminations as well? Just because your base rent was a little higher than we were looking for.

Craig Kucera: Hey, good morning, guys. Scott, you kind of touched on this a few times, I'd be curious to hear sort of the breakout in Q4 of some percentage rent and maybe were there any lease terminations as well? Just because your base rent was a little higher than we were looking for.

Some percentage rents and maybe were there any lease terminations as well just because your base rent was a little higher than we were looking for.

next question, correct Cera with Luca Capital markets, 250

I'm sorry, the way it was a little higher.

Basically you rent was a little higher I'm, just trying to figure out how much of that was percentage rents were there any lease terminations any other one timers.

Christine Mastandrea: I'm sorry, the what was a little higher? The...

Christine Mastandrea: I'm sorry, the what was a little higher?

Craig Kucera: basically, your rent was a little higher. I'm just trying to figure out how much of that was percentage rents. Were there any lease terminations, any other one-timers?

I just because your base rent was a little higher than we were looking for.

So there's always some lease terminations, we didn't have any large lease terminations in the fourth quarter of 'twenty five like we did in 'twenty four.

Christine Mastandrea: There's always some lease terminations. We didn't have any large lease terminations in Q4 2025 like we did in 2024. There's normally somewhere around $1 million of percentage rent in Q4. I don't have the number in front of me, $800,000, $900,000, $1 million in Q4. A penny or two of percentage rent normally in Q4.

Basically your your rent was a little higher, I'm just trying to figure out how much of that was percentage. Rents, were there any lease terminations any other 1-time?

There's there's normally somewhere around $1 million of percentage rent in the fourth quarter.

I don't have the number of army, a 900000 million dollars in the fourth quarter.

Of 25, like we did in 24.

Penny or two of percentage rent normally in the fourth quarter.

There's normally somewhere around a million dollars of percentage rent in the fourth quarter.

Okay. That's that's helpful ballpark is good enough and I guess based on your commentary.

Um,

Craig Kucera: Okay, that's helpful. Ballpark is good enough. I guess, you know, based on your commentary, it doesn't sound like there's a lot of anticipation for additional occupancy, but I'd be curious in the guidance, is that, you know, how much of that is further occupancy gains, or is that pretty much, you know, the strength of sort of rent growth and leasing?

It doesn't sound like there's a lot of anticipation for additional occupancy, but I'd be curious in the guidance is that.

I I don't have the number in front of me, 8900000 million dollars in the fourth quarter. So a pin year or 2 of percentage rent, normally in the fourth quarter.

How much of that is further occupancy gains or is that pretty much.

The strength of sort of rent growth in leasing.

It's primarily the strength of rent growth and leasing not not occupancy gains.

Okay, that that's helpful ballpark is good enough. Um and I guess you know, based on your commentary. Um it doesn't sound like there's a lot of anticipation for additional occupancy but I'd be curious. And the guidance is that

Scott Hogan: It's primarily the strength of rent growth and leasing, not occupancy gains.

Okay. That's that's helpful and just one more for me.

Clearly you had to pick up in acquisitions. This year, yeah, I'd just be curious to hear about the volume of deals Youre seeing and maybe the appetite you had given the existing liquidity you have or you mentioned, Dave you might be recycling. Some capital later this year.

yeah, how much of that is further occupancy gains or, or is that pretty much, uh, you know, the strength of, of, sort of rent growth and, and Leasing

Craig Kucera: Okay, that's helpful. Just one more for me. You know, clearly you had a pickup in acquisitions this year. You know, I'd just be curious to hear about the volume of deals you're seeing and maybe the appetite you had, given the existing liquidity you have, or, you know, you mentioned, Dave, you might be recycling some capital later this year.

Craig Kucera: Okay, that's helpful. Just one more for me. Clearly you had a pickup in acquisitions this year. I'd just be curious to hear about the volume of deals you're seeing and maybe the appetite you had, given the existing liquidity you have, or you mentioned, Dave, you might be recycling some capital later this year.

It's primarily the strength of rent growth and and leasing not not occupancy gains.

Okay, that that's helpful and just 1 more for me.

Yeah. Thanks, Craig So as we did see a bit of a pick up I think we did close to $100 million in acquisitions. This year, which is slightly up.

Dave Holeman: Yeah. Hey, thanks, Craig. We did see a bit of a pickup. I think we did close to $100 million in acquisitions this year, which is slightly up. Did that largely with recycling and then obviously putting some of the Pillarstone settlement proceeds to work. We are, you know, we are seeing opportunities in our markets. I think one of the comments I made in my earlier remarks was looking forward to opportunities to scale and grow the platform. We are seeing a little bit more activity in the market. Continues to be a, you know, a very tight market with limited supply of retail. We are out there looking for opportunities, looking in the current markets we're in.

Dave Holeman: Yeah. Hey, thanks, Craig. We did see a bit of a pickup. I think we did close to $100 million in acquisitions this year, which is slightly up. Did that largely with recycling and then obviously putting some of the Pillarstone settlement proceeds to work. We are we are seeing opportunities in our markets. I think one of the comments I made in my earlier remarks was looking forward to opportunities to scale and grow the platform. We are seeing a little bit more activity in the market. Continues to be a very tight market with limited supply of retail. We are out there looking for opportunities, looking in the current markets we're in.

That largely with recycling and then obviously, putting some of the pillar stone settlement proceeds to work.

Um, you know, clearly you had to pick up an Acquisitions this year. Um, you know, just be curious to hear about the volume of deals you're seeing and, and maybe the appetite you had given the existing liquidity you have or, you know, you mentioned Dave, you might be recycling, some Capital later this year.

So we are we are seeing opportunities in our market I think one of the comments I made in my in my earlier remarks was.

Looking forward to opportunities to scale and grow the platform.

So we are seeing a little bit more activity in the market.

It continues to be.

A very tight market with limited supply of retail that we are we are out there looking for opportunities looking in the current markets were in.

Look for assets that are a little different if you look at what we bought versus some of our peers potentially a little smaller assets, we'd love to find assets with her those are harder and harder to find but we're finding ones where we can.

Dave Holeman: We look for assets that are a little different. If you look at, you know, the what we've bought versus some of our peers, potentially a little smaller assets. We'd love to find assets with hair. Those are harder and harder to find, but we're finding ones, you know, where we can move the rents largely from a retenanting and remerchandising. I would say our. You know, what we're seeing in the market is slightly positive and slightly up. I think our appetite for growth is there, but what will always guide us is disciplined capital allocation and growing earnings and growing the value of the properties.

Dave Holeman: We look for assets that are a little different. If you look at the what we've bought versus some of our peers, potentially a little smaller assets. We'd love to find assets with hair. Those are harder and harder to find, but we're finding ones, you know, where we can move the rents largely from a retenanting and remerchandising. I would say our. What we're seeing in the market is slightly positive and slightly up. I think our appetite for growth is there, but what will always guide us is disciplined capital allocation and growing earnings and growing the value of the properties. We do think there's opportunities to grow and scale and look at different ways to do that, but we're always going to be guided with our, you know, our target to grow earnings and grow value, not just to grow for growth's sake.

Move the rents largely from.

Re tenant in and re merchandising. So I would say are all what we're seeing in the market is slightly positive and slightly up I think our appetite for growth is there, but what will always guide us is disciplined capital allocation and in growing earnings and growing the value of the properties. So we do think Theres <unk>.

Yeah, I think Greg. So we did see a bit of a pick up? I think we did close to 100 million in Acquisitions this year, which is slightly up uh, did that largely with Recycling and then obviously, putting some of the, the pillars, don't sell my proceeds to work. Uh, so we are, you know, we are seeing opportunities in our Market, I think 1 of the comments I made in my, in my earlier, remarks was, uh, looking forward to opportunities to scale and grow the platform. Uh, so we are seeing a little bit more activity in the market, uh, continues to be a, you know, uh, a very tight Market with limited supply of retail. So so we are, we are out there looking for opportunities, looking in the current markets. We're in, uh, we we look for assets that are a little different. Uh, if you look at, you know, the what we bought versus some of our peers, potentially a little smaller assets. We'd love to find assets with hair. Uh, those are harder and harder to find but we're finding ones. You know where we can, uh, move the rents largely from a, a

Opportunities to grow and scale and look at different ways to do that but we're always going to be guided with our our target to grow earnings and grow value not just to grow for growth's sake.

Dave Holeman: We do think there's opportunities to grow and scale and look at different ways to do that, but we're always going to be guided with our, you know, our target to grow earnings and grow value, not just to grow for growth's sake.

Okay.

Okay. Thanks, that's all my questions.

Thank you.

Next question, John Mclaughlin with B Riley's Securities.

Craig Kucera: Okay, thanks. That's all my questions.

Dave Holeman: Thank you.

Resonating a re merchandising. So I I would say our you know what, we're seeing in the market is slightly positive uh and slightly up. I think our appetite for growth is there but what will always guide us is disciplined Capital allocation and uh and growing earnings and growing the value of the properties. So uh, we do think there's opportunities to to grow and, and scale and look at, uh, different ways to do that. But we're always going to be guided with our, you know, our Target to grow earnings and grow value. Not just to grow for growth sake.

Good morning.

Operator: Next question, John Massocca with B. Riley Securities. Please.

Good morning, John.

Okay, thanks, that's all my questions.

When you look at.

The redevelopment slide in the Investor deck, a little more you kind of mentioned there is potential for 1% kind of boost to same store NOI growth. Some redevelopment is much of that already kind of flowing in the expectations. You have for 2026 same store NOI growth or could that be additive.

John Massocca: Good morning.

Dave Holeman: Morning, John.

Next question.

John Massocca: Maybe looking at the redevelopment slide in the investor deck a little more, you kind of mentioned there's potential for 1% kind of boost to Same-Store NOI growth from redevelopment. Is much of that already kind of flowing in the expectations you have for 2026 Same-Store NOI growth, or could that be additive, you know, particularly if we use your 2026 guidance as like a run rate for a longer-term portfolio-level growth?

Good morning.

Morning, John.

Particularly if we use your 2026 guidance is like a run rate for a longer term.

Portfolio level growth.

Hey, John It's Scott.

Think it would be mainly beyond 2006 that we're going to see the benefit of those readout of opportunities.

Scott Hogan: hey, John, it's Scott. I think it would be mainly beyond 2026 that we're gonna see the benefit of those redev opportunities.

Maybe looking um at the Redevelopment slide in the investor deck, a little more, you kind of mentioned there's potential for 1% kind of boost to Sam's Journal iris from Redevelopment as much of that already kind of flowing in the expectations. You have for 2026 same store in wide growth, or could that be additive? You know, particularly if we use your 2026 guidance is like a run rate for a longer term, uh, portfolio level growth.

All right I'm going to clarify that there is development redevelopment. So we do a number of Redevelopments every year. So usually about two to three a year so the redevelopment.

Dave Holeman: Yeah. Hold on. I've got to clarify that. There's development and redevelopment. We do a number of redevelopments every year, so usually about two to three a year. The redevelopments do flow into this year and to next year. Development's a little different. That just has a little more future, right? Because it just takes a little more time to get it out of the ground.

You flow into this year and to next year developments, a little different types of tests, a little low on a little more.

Uh, hey John, it's Scott. I—I—I think it would be mainly beyond '26 that we're going to see the benefit of those re-dive opportunities.

Future right because it just takes more time to get it out of the ground.

And is that because it was at 1% that's kind of being talked about in the deck more on maybe the full ground up pad site level or is that <unk>.

John Massocca: Okay. Is that 1% that's kind of being talked about in the deck more on maybe the full ground-up pad site level, or is that including some of the things that are a little more, you know...

John Massocca: Okay. Is that 1% that's kind of being talked about in the deck more on maybe the full ground-up pad site level, or is that including some of the things that are a little more

Including some of the things that are a little more.

Yeah, hold on. I'm gonna clarify that. There's development Redevelopment so we do a number of redevelopments every year. So usually about 2 to 3 a year so the Redevelopment do flow into this year and to next year development is a little different that just has a little a little more uh, future, right? Because it just takes 1 more time to get it out of the ground.

You know it's.

Interestingly, though like it has in the last couple of years like I said, we do usually two to three pads a year and then in addition to that we do two to three Redevelopments and then with that we got a much larger bump in rents whenever we do a redevelopment. So we just finished lion square starting into guard dogs to finish la marotta all that starts flowing into.

Dave Holeman: It's both.

John Massocca: Traditional development. Okay.

Dave Holeman: Just like the pads in the last couple of years, like I said, we do usually 2 to 3 pads a year. In addition to that, we do 2 to 3 redevelopments. With that, we get a much larger bump in rents whenever we do a redevelopment. We just finished Lion Square. We're starting into Garden Oaks. We finished La Mirada. All that starts flowing into this year. I would anticipate that Garden Oaks would flow into 2027, and so on.

Okay? And is that so is that 1% this kind of being talked about in the deck more on maybe the full ground up pad site level or is that including some of the things that are a little more? Um, you know, it's both like it has in the last couple years. Like I said, we do

3 pads a year.

This year and that I would anticipate that our notes that flow into 2027 and so on.

Okay.

And I guess with something like Lion square, even guard notes, you mentioned, a little bit, but like does that tend to click on relatively immediately after the redevelopment spend is completed or does it take a couple of leasing cycles for you to see the full uplift from that spend.

John Massocca: Okay. I guess with something like Lion Square or, you know, even Garden Oaks, you mentioned a little bit, but, like, does that kind of click on relatively immediately after the redevelopment spend is completed, or does it take a couple of leasing cycles for you to see the full uplift from that spend?

And larger bump and rents whenever we do a Redevelopment. So we just finished line Square, starting into Garden Oaks, we finished, lamb Mirada all that starts flowing into

7 and so on.

It depends on each one so an example, with Lion square, we actually got the grocer in there before we started the redevelopment and so it can be.

Dave Holeman: It depends on each one. An example with Lion Square, we actually got the grocer in there before we started the redevelopment. It can be, you know, as we start into the process of the redevelopment, if there's a significant remerchandising that goes with it, we actually do it. We actually start it even before the redevelopment takes place. It depends. I do think that's a key component of our timing of redevelopment. We look for a center that's got the ability to move the rents. When the maturities are coming, you know, it's not immediate, but we look for the ability to move it pretty quickly to time that with where we have the ability.

Dave Holeman: It depends on each one. An example with Lion Square, we actually got the grocer in there before we started the redevelopment. It can be as we start into the process of the redevelopment, if there's a significant remerchandising that goes with it, we actually do it. We actually start it even before the redevelopment takes place. It depends. I do think that's a key component of our timing of redevelopment. We look for a center that's got the ability to move the rents. When the maturities are coming it's not immediate, but we look for the ability to move it pretty quickly to time that with where we have the ability. We're not doing redevelopment where you have tenants locked down for multiple years, and you can't. We're looking for.

When you start into the process of the redevelopment if theres a significant re merchandising that goes with that we actually do it we actually started even before the redevelopment takes place.

It depends but I do think that's a key component of our timing of redevelopment. We look for a center thats got the ability to move the rents when determined when the maturities are coming at us.

Okay? And and I guess with something like line square or you know, even Garden Oaks mentioned a little bit but like does that kind of click on relatively immediately? After the Redevelopment spend is is completed? Or is it take a couple of leasing cycles for you to see the full uplift from that spend but it depends on each 1. So an example with Lion Square we actually got the ger in there before we started the Redevelopment and so it can be you know as we start into the process of the Redevelopment, if there's a significant REM merchandising that goes with it, we actually do what we actually started even before the Redevelopment takes place.

Not immediate but we look forward the ability to move it pretty quickly at the time that with where we had the ability were not doing redevelopment rehab tenants locked down for multiple years.

That's what we're looking for right. So when you look at I guess the Garden August we wanted to make sure saw an example of that is with our notes that we wanted to see that the.

Dave Holeman: We're not doing redevelopment where you have tenants locked down for multiple years, and you can't. Yeah, no, that's.

John Massocca: We're looking for.

Dave Holeman: Right. We look at, like I said, Garden Oaks, we wanted to make sure. An example of that is with Garden Oaks, is that we wanted to see that the Target was coming online before we started that move. Now, with the Target coming in, we'll start the redevelopment process, and we'll start the retenanting. We keep the in-place cash flow, reduce the risk, and then, you know, bring it along, alongside either. In this case, we did the same thing with Lakeside too, where we waited for the H-E-B to come online, started the spend just before the H-E-B came online, then started retenanting while the H-E-B, you know, was coming out of the ground. We try to time these things the best so we can get the best IRRs.

Target was coming online before we started that move and what the target coming in we will start the redevelopment process and we'll start that we've had I think.

So it keeps the in place cash flow and reduce the risk and then you know, bringing along alongside either in this case, we did the same thing with Lakeside II, where we waited for the HEB to come online starting to spend just before the HEB came online that Australia re tenant a while the HEB is coming out of the ground. So we try to time these things the best we can.

So that it depends, but I do think that's a, a key component of our timing of Redevelopment. We look for a center that's got the ability to, to, to move the rents. So when the tour, when the maturities are coming, you know, it's, it's not immediate, but we look for the ability to to move it pretty quickly, uh, to time that with where we have the ability, we're not doing Redevelopment, where you have tenants locked down for a multiple years and you can't. Yeah, no, that's, that's not right. So we look at, like I said, Garden Oaks, we wanted to make sure. So an example of that is with Garden Oaks, is that we wanted to see um that the target was coming online before we started that move now with the Target coming in. So we'll start the Redevelopment process and we'll start the retailing.

Get the best IRR.

Okay.

And then in terms of occupancy should we expect some I guess seasonality in Q1I just know it tends to be when some of the re tenant Dean.

John Massocca: Okay. In terms of occupancy, should we expect some, I guess, seasonality in Q1? I just know it tends to be when some of the retenanting in the in-place portfolio is in full swing. Just kind of curious what the expectations are on a super short-term basis for occupancy.

So we keep the in place cash flow or reduce the risk and then you know, bring it along alongside either. In this case, we did the same thing with Lakeside 2 where we waited for the HV to come online started to spend just before the HV came online, then started retention while the HV, you know, was coming out of the ground. So we tried to time these things the best so we can get the best IRS.

In the in place portfolio was in full swing as just kind of curious what the expectations are in a super short term basis for occupancy.

Okay.

I think it goes the same way the last couple of years, we are more active and taking back space because.

Um and then in terms of occupancy, should we expect some, I guess seasonality in in 1 Q. I just know, it tends to be when some of the returning.

Dave Holeman: I think, you know, it goes the same way. The last couple of years, we were more active in taking back space because it was the right time to do it in the portfolio, and there was, I think, again, a significant upside with improving the revenue on some of the poor-performing tenants. I see that less so, but it might still be, you know, the end of the year is just the season of leasing and how things get executed. At the end of the year always seems to have a, you know, a heavier uplift. That's because of the leasing activity that's taking place in the Q1 and Q2.

Dave Holeman: I think it goes the same way. The last couple of years, we were more active in taking back space because it was the right time to do it in the portfolio, and there was, I think, again, a significant upside with improving the revenue on some of the poor-performing tenants. I see that less so, but it might still be, you know, the end of the year is just the season of leasing and how things get executed. At the end of the year always seems to have a heavier uplift. That's because of the leasing activity that's taking place in the Q1 and Q2.We know what it's gonna look like towards the end of the year because of the timing. Just as saying, leasing just has a seasonal factor to it.

It was the right time to do on the portfolio and there were I think again, a significant upside with improving the revenue on some of the poorer performing tenants I see that less so that it might still be the end of the year. It's just the season of leasing and how things get executed at the end of the euro seems to have up.

In the in place, portfolio is in full swing. So just kind of curious what the expectations are on a super short-term basis for occupancy.

Heavier uplift.

But that's because of the leasing activity that's taken place in the first and second quarter.

So we know when it's going to look like towards the end of the year because of the timing, but just in the same it's a season.

Dave Holeman: We know what it's gonna look like towards the end of the year because of the timing. Just as saying, leasing just has a seasonal factor to it.

Leasing just hasn't seasonal factor to it.

I think, uh, you know, this goes the same way, the last couple of years, we were more active in taking back space because, um, it was the right time to do in the portfolio. And there was I I think again, a significant upside with improving the revenue on some of the poor performing, tenants, I see that less. So, but it might still be, you know, at the end of the year it's just the season of Leasing and how things get executed at the end of the year. Always seems to have a, you know, a heavier uplift. Um,

Okay.

I appreciate the color that's it for me Thank you John.

But that's because of the leasing activity that's taking place in the first and second quarter.

John Massocca: Okay. appreciate the color. That's it for me. Thank you.

I would like to turn the floor of what your teeth Goldman for closing remarks.

Dave Holeman: Thanks, John.

So we know what it's going to look like towards the end of the year because of the timing, but it just is a it's a season leasing just has a seasonal factor to it.

Thank God. This is Dave. Thank you guys again for joining us on the call today.

Operator: I would like to turn the floor over to Dave Holeman for closing remarks.

Okay. Um, appreciate the color. That's it for me. Thank you. Thanks John.

Dave Holeman: This is Dave. Thank you guys again for joining us on the call today. We're very pleased with the progress and performance of the business and the strength of our markets and tenants. I would tell you, I think we're off to a great start in 2026, we look forward to seeing many of you over the coming months. With that, I think this concludes our call. Thank you, everyone. Have a great day.

Very pleased with the progress and performance of the business.

And the strength of our markets and tenants I would tell you I think we're off to a great start in 2006, and we look forward to seeing many of you over the coming months.

With that I think this concludes our call and thank everyone and have a great day.

This concludes today's teleconference. You may disconnect your lines at this time and we thank you for your participation.

Operator: This concludes today's teleconference. You may disconnect your lines at this time. We thank you for your participation.

Thank you. And this is Dave. Thank you guys again for joining us on the call today. Uh, we're we're very pleased with the progress and performance of the business and, and the strength of our markets and tenants. I would tell you, I think we're off to a great start in 26 and we look forward to to seeing many of you over the coming months with that. I think this concludes our call and thank everyone and have a great day.

This is what today's teleconference. You may disconnect your line at this time and we thank you for your participation.

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