- Jim Taylor highlighted the fundamental and accelerating transformation of the portfolio, emphasizing leasing, reinvestment, and capital recycling as key drivers of growth.
- The company is executing a robust value-add plan, with a pipeline of $370 million underway and several hundred million identified for future projects.
- Recent projects include The Davis Collection, BarnPlazo, Wynwood Village, and LaCenterra, which are expected to generate high returns and drive traffic and occupancy growth.
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- Macerich acquired Crabtree Mall in June 2025 for approximately $290 million, adding 1.3 million square feet in Raleigh-Durham, NC.
- The acquisition is expected to be accretive to the 2028 FFO targets and enhances the company's presence in a high-growth, market-dominant region.
- Management plans to reinvigorate leasing momentum, increase occupancy from 74% to near 90%, and unlock embedded NOI growth upside.
- Crabtree's NOI is projected to increase from $32 million to over $40 million pro forma, driven by leasing and capital improvements.
- The company sees significant potential in remerchandising and capitalizing on the mall's strategic location, with early leasing momentum already strong.
- This move reflects a strategic shift towards active repositioning and value creation in core markets.
- The company has sold approximately $338 million worth of hotel assets since the pandemic began, with additional sales under contract for $36 million.
- Proceeds from recent sales have been primarily used to fund share repurchases, demonstrating a focus on shareholder returns.
- The company completed the sale of 2 hotels for about $21 million and entered agreements for the sale of a full-service hotel in Houston for $16 million.
- Asset sales are strategically aimed at optimizing portfolio concentration and reducing capital expenditure needs, with some assets sold at sub-6% cap rates.
- The company is actively testing the market for larger transactions, indicating a flexible and opportunistic disposition strategy.
- Proceeds from asset sales are also used to fund acquisitions, such as the upcoming Nashville hotel, and to maintain balance sheet strength.
- FCPT emphasizes its focus on real estate and creditworthy tenants, maintaining high portfolio quality without sacrificing volume.
- Portfolio diversification has increased from 418 properties in 2015 to 1,260 across 165 brands in 2025, reducing reliance on casual dining to 66% of rents.
- The portfolio is focused on essential retail and services, with sectors like automotive, medical retail, and quick service, creating a defensive and tariff-resistant profile.
- Veris Residential has executed or completed approximately $450 million of non-strategic asset sales year-to-date, surpassing the initial target of $300-$500 million by 2026.
- Recent sales include Signature Place in New Jersey for $85 million and 145 Front Street in Worcester for $122 million, both at a cap rate of 5.1%.
- Additional binding contracts for $180 million in sales are expected to close soon, supporting the goal to reduce leverage to below 9x by 2026.
- The asset sales are primarily aimed at deleveraging the balance sheet and reducing debt costs, with a focus on smaller assets and land.
- Full control of 10 anchor spaces vacated by Party City and JOANN's as of Q2 2025.
- Six of the 10 anchor spaces leased with new tenants including Burlington, Boot Barns, Bassett Furniture, Slick City Action Park, and Bob's Discount Furniture.
- Targeting a 40% to 60% positive cash leasing spread on these anchor spaces.
- Overall leasing pipeline of $4.6 million, representing 4.6% of in-place cash rents, supporting earnings growth into 2026.
- RMR has focused on deleveraging through asset sales and refinancings.
- Share prices of DHC and ILPT increased substantially year-to-date.
- Share price improvements led to potential incentive fees exceeding $17 million for RMR.
- Active asset management and sector fundamentals contributed to strong performance.
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