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Achieved record annual new leasing volume of nearly 5,000,000 square feet, leveraging high demand to negotiate superior lease structures and higher rent escalators.
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Executed a significant capital recycling program, selling $622,000,000 of noncore assets to reduce power center exposure by 400 basis points in favor of grocery and lifestyle centers.
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Utilized a yield arbitrage strategy by selling lower-growth assets at tight private market yields and repurchasing $300,000,000 of stock at a 9% core FFO yield.
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Improved the portfolio’s organic growth profile by shedding 21 watchlist anchor boxes and increasing embedded rent bumps to 180 basis points.
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Advanced the One Loudoun mixed-use expansion, targeting high-wealth demographics with a diversified mix of retail, office, hotel, and luxury multifamily units.
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Capitalized on robust anchor demand to drive better lease terms, including reduced fixed options, limited use restrictions, and more favorable cotenancy clauses.
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2026 guidance assumes a same-property NOI growth midpoint of 2.75%, with performance accelerating in the second half as the signed-not-open pipeline commences.
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Management is targeting a long-term goal of 200 basis points in embedded portfolio escalators, up from the current 180 basis points.
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Strategic 1031 exchange activity is planned for the first half of 2026 to shield gains from 2025 dispositions while further derisking the portfolio.
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The company maintains a flexible balance sheet with a net debt to EBITDA of 4.9 times, providing capacity for opportunistic acquisitions or further share repurchases.
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Guidance includes a 100 basis point bad debt reserve, reflecting a prudent approach to potential retail volatility and specific watchlist tenants like The Container Store.
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Interest expense is projected as a $0.03 tailwind in 2026 due to lower credit line balances and increased capitalized interest from development projects.
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Recurring but unpredictable items, such as termination fees and land sale gains, represent a $0.04 headwind compared to the historical outlier levels of 2025.
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The convergence of NAREIT and core FFO guidance reflects the normalization of non-cash merger-related items, such as debt marks and lease intangibles.
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The disposition of City Center is currently in progress with an expected value in the mid-fifties millions, following a remarketing effort to address tenant issues.
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