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Federal Realty Investment Trust (NYSE:FRT)
Q2 2020 Earnings Call
Aug 6, 2020, 10:00 a.m. ET

Contents:

  • Prepared Remarks
  • Questions and Answers
  • Call Participants

Prepared Remarks:

Operator

Greetings, and welcome to the Federal Realty Investment Trust Second Quarter 2020 Earnings Call. [Operator Instructions]

It is now my pleasure to introduce your host, Mr. Mike Ennes, Senior Vice President. Thank you. You may begin.

Mike Ennes -- Senior Vice President, Mixed-Use Initiatives and Corporate Communications

Good morning. Thank you for joining us today for Federal Realty's Second Quarter 2020 Earnings Conference Call. Joining me on the call are Don Wood, Dan G.,Jeff Berkes, Wendy Seher, Dawn Becker and Melissa Solis. They will be available to take your questions at the conclusion of our prepared remarks. A reminder that certain matters discussed on this call may be deemed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements include any annualized or projected information as well as statements referring to expected or anticipated events or results. Although Federal Realty believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, Federal Realty's future operations and its actual performance may differ materially from the information in our forward-looking statements, and we can give no assurance that these expectations can be attained. The earnings release and supplemental reporting package that we issued yesterday, our annual report filed on Form 10-K and our other financial disclosure documents provide a more in-depth discussion of risk factors that may affect our financial condition and results of our operations. We've also posted on the website a slide deck that has more detailed information on the impact of the COVID-19 pandemic on our business to date and various actions we've taken in response to COVID 19. These documents are available on our website. Given the number of participants on the call, we kindly ask that you limit your questions to one or two per person during the Q&A portion of our call. If you have additional questions, please feel free to jump back in the queue.

And with that, I will turn the call over to Dan G. to begin our discussion of our second quarter results. Dan?

Dan Guglielmone -- Executive Vice President, Chief Financial Officer and Treasurer

Thank you, Mike, and good morning, everyone. We're going to change things up for this quarter's call, and I will kick things off before handing it off to Don. There's a first for everything. I will take you through the results for the quarter with an initial focus on the major impact facing Federal and every company in the retail sector, collectibility of rental income and the reserves we are taking due to the impact of COVID-19. Our approach at Federal to collectibility and revenue recognition has historically and consistently been more conservative than the balance of the retail sector. To provide clarity on that point, let me refer you to our most recent 10-Q, which includes our disclosed policies around revenue recognition and accounts receivable on pages eight and nine. And I'm reading when collection of substantially all lease payments during the lease term is not considered probable, total lease revenue is limited to the lesser of revenue recognized under accrual accounting, or cash received. If leases currently classified as probable are subsequently reclassified as not probable, any outstanding lease receivables including straight-line rent receivables would be written off with our corresponding decrease in rental income. Now what that means from a practical perspective is when we move a tenant from accrual accounting to cash accounting, we do not view the rent owed to us as necessarily uncollectible. It just means that the probability of collection of the contractual revenues under the entire term of the lease is below the threshold of what we deem as probable. We will continue to fight to collect every penny of rent due from that particular tenant for that particular space.

It is simply based on our judgment, a decision to recognize revenue for those tenants when the cash is actually received in accordance with the relevant accounting standard as opposed to recognizing the revenue on an accrual basis when the cash is yet to be received. So for the second quarter, our FFO of $0.77 per share was meaningfully impacted by a collectibility adjustment for the quarter of $55.2 million or $0.73 per share. This collectibility adjustment can be broken down into two components. The first component, $45.8 million for uncollected rents from tenants that, one, we already have on a cash basis, primarily most of our restaurants; and two, tenants that we switched from accrual to cash accounting over the course of the second quarter due to the impact of COVID-19 on their business. The majority of that second group is comprised of tenants in the fitness and entertainment categories, but also includes tenants who declared bankruptcy during the quarter or others we deemed to be below the probable threshold. Additionally, there was a $9.4 million write-off of the straight-line rent receivable essentially associated with tenants in that second group I just mentioned. Other drivers, which impacted the quarter include $0.08 of drag due to the impact of COVID-19 on our hotel joint ventures, parking revenues and percentage rent and $0.07 of drag due to the higher interest expense, given the incremental liquidity and balance sheet strength we are carrying during the pandemic. This was offset by $0.05 of positives from lower expenses at both the property and corporate level. As a result, including the collectibility adjustments, this totals a net $0.83 of COVID-19 related impacts for the quarter.

I'm going to stop here and hand the reins over to Don for his remarks, I will be back, however, to close things out before Q&A.

Donald Wood -- President and Chief Executive Officer

Thanks, Dan. Good morning, everybody. I certainly hope all of you and your families are doing well on these crazy times. And I do hope that Dan's remarks were helpful in understanding the accounting conventions that we applied this quarter on a tenant-by-tenant and a category by category basis as well as the in-depth and detailed supplemental statistical disclosures that we made in our 8-K on our website. As Dan said, you just have to keep in mind that no matter what the accounting, nothing changes with respect to the vigor that we'll go after the rent, that's due to us by right. I don't envy the jobs of the investment analyst community in parsing through the many judgmental decisions that every company needs to make about their future income stream during this pandemic, frankly, it all comes down to the estimated probability of a tenant being able and willing to honor its lease commitment over its remaining term, which often spans five, seven, even 10 years. I mean, think about that. Making the judgment today that it is probable that a fitness tenant, big or small, will fulfill its obligations for the next 10 years, probable, 75%, 80%. That's a high bar. Obviously, those judgments are made with the best information available today, which as you all know, could not be more cloudy at this stage of the pandemic. But what I want to talk to you about this morning is the future. On what we see happening today and what we're betting on happening tomorrow. And let's start with liquidity and reiterate what we said on the May call and at the NAREIT investor conference in June. We remain confident in our ability to weather this pandemic and come out the other side an even stronger and further differentiating company. That is the key premise to every decision we're making. We project having approximately $1.3 billion in cash and unused credit line available to us six months from now.

On February 1, 2021, even when and assuming that the declaration and payment of our next two full quarterly dividends, which could be declared in August and November and paid in October and January. Even assuming the continued and unabated construction at the partially completed projects at Santana West, Assembly Row, Pike & Rose and CocoWalk, even assuming the collection of rents only marginally better than the 76% plus that we collect in the last month of July and assuming no asset sales or equity issuance during that period. With all of those assumptions, we still wind up with $1.3 billion worth of cash on February 1, 2021. And obviously, we're going to look at these and other ways to improve on that liquidity position in the second half of this year, but a point is simply that we have great flexibility, even if we can't. So let me move to our construction in process, where the completed lease-up timing of the office portion of the large mixed-use development is less clear than the retail or residential components because of the pandemic. While the 375,000 square foot Santana West office building is in the early stages of construction and won't be ready for occupation until 2022. And the 212,000 square foot Pike & Rose office building is nearly complete today. 40,000 square feet serve as Federal Royalty's new headquarters beginning next Monday. And benefits Advisor one digital took most of another floor with a lease signed in March as did a couple of smaller tenants. We still have 150,000 feet to be leased there. And in Assembly Row, where Puma will anchor that 275,000 square foot office building beginning in late 2021, 125,000 square feet remains to be leased. The long-term impacts of the pandemics work from home mandates have created uncertainty in office leasing, and so timing is hard to predict. Yet having said that, it's our view, it's the best and most desirable product on the market.

All three of these buildings are state of the art new construction with enhanced clean air systems in affluent suburban communities close to job centers and most importantly, are integrated into the fully amenitized mixed-use environments that business leaders say is essential. And by the way, during this incredibly uncertain time, we signed nearly 100,000 square feet of new and renewed office deals in the second quarter. That's in addition to the 277,000 feet of retail deals that I'll talk about in a bit. Okay, where? Well, at Willow Lawn Shopping Center in Richmond, where security company simply safe, took all of the 58,000 feet of available office space that Virginia Commonwealth University previously vacated at 28% more rent. At CocoWalk, where our office compone is now 4% leased with the latest signing for 13,000 square feet by Florida Law firm, Weinberg Wheeler Hudgens at pro forma rents. And at Avedro, where our comprehensive retail amenity base assures a historically low office turnover rate in that community for us. Basically, we think that our office offering, all of which are an integral part of our mixed-use communities have been and will be the product of choice among business leaders on the other side of this pandemic. So what else gives us the confidence to continue to operate as we have. Frankly, it all comes down to our conviction. Not only that first ring in that first ring suburban location of our real estate, the sweet spot, in our view, but also in the dominant open air heavily amenitized product type and environments that we've created in these locations over the last decade or more. Consider that during the most disrupted quarter in this country's history, we still signed 47 leases for 277,000 square feet of space for 11% more rent than the previous tenant was paying in the same space. And three of those deals were for strong credit grocers at really well-located non grocery-anchored shopping centers, Lidl for Stein Mart at 29th plays in Charlottesville, Virginia.

Whole Foods for Bed Bath & Beyond and Buybuy Baby at Huntington Shopping center in Long Island; and a third, great credit grocer for Barnes & Noble at Willow Grove in suburban Philly. Consider further that there have been 15 notable chapter 11 bankruptcies filings between April and July of the pandemic that have affected us. They are: J. Crew, named Markets, True Religion, creative hair dressers its hair cuttery and related brands. Tuesday morning, Lapanga Titian, 24-hour Fitness, GNC, Chuck e. Cheese, Lucky, Brooks Brothers, Serla Tab, Muji, Ascena and Taylor brands, men's Wearhouse. Combined, they represent nearly 650,000 square feet of space and 110 locations. Yet only 110,000 square feet and 28 of those locations have been identified by those firms for closure on their initial list. That means that 83% of that square footage and 75% of those stores are at this point, expected to remain open by those merchants on the other side of bankruptcy. Tech of the 11 J.Crew concepts that we have in our portfolio, none we're on the closure list. None. Now who knows how that ultimately turns out and under what terms, but it sure is a pretty strong indicator of the obvious desirability of our real estate. Since then, Lord & Taylor filed. And as many of you know, occupies the east side of our Balkin Wood shopping center in suburban Philadelphia. Getting this store back unlocks one of the best 6-acre future development sites in our entire portfolio. And future desirability of retail space is really the most permanent question that needs to be asked and analyzed today.

Demand simply has to exceed supply to create value in this business, and yet we entered this country crisis as a country in an over retail position, and we're definitely exacerbating that oversupplied position because of the pandemic. Obviously, not everybody can come out of winter here. Vacancy is going up, and I expect it to peak in the first half of next year. We're likely to be in the 80s by then. And yet of all the things that worry me as a result of this pandemic, and there are plenty, filling that space with great retailers and restaurants at good economics is not one of them. I know that our property is positioning in those first ring suburbs of major metropolitan areas will be more desirable post COVID. I know that the decades of focus on creating comfortable and attractive open air places at those centers will further enhance their desirability. Consider that nearly every discussion we've had or are having with brokers and prospective tenants in every major market we do business in. The prospective deal is premised around the tenant improving their real estate locations, improving not only the location, but their co tenancies, improving their environment and most importantly, in some respects, improving their landlord. Tenants want to be with landlords that have money, investable financial wherewithal, vision, execution prowess and a pedigree of partnership with them. Long-term customer friendly service improvements, like a coordinated customer pickup program matter today. They matter a lot. All of these considerations are more important now and will certainly be on the other side of this than ever before, and we're set up for it. So that's what I have for my prepared remarks.

Let me turn it back over to Dan for some final remarks, and we'll be happy to entertain your questions after that.

Dan Guglielmone -- Executive Vice President, Chief Financial Officer and Treasurer

Thank you, Don. Just jumping back into details from the quarter. With respect to our tenant activity across the portfolio, we made great progress in light of the fact that most of markets in which we operate, we're the first to shut down and effectively the last to begin reopening. Due to this fact, the percentage of tenants that were open as a percentage of ABR was only 47% at May one and 54% at June 1. As reopenings accelerated in June and July, as of July 31, 92% of our retail tenants are now open. As a result, our cash collection has shown strong momentum tracking those reopenings. Cash collection for the second quarter finished at 68% as we made continued progress with our tenants on unpaid rent. Collected rent for April ended up at 65%, up from 53% at May 1. May was 66%, up from 54% at June 1. And June was 72% for a blended collection rate of 68% for the quarter. July collections further accelerated to stand at 76% at July 31, and August collections are off to a promising start. While only one day of collections, August 1, 2020 collections were roughly 85% of August 1, 2019 levels. And we're 60% higher than July 1, 2020 levels. Of the 32% of uncollected rent for the second quarter, roughly $68 million our $46 million collectibility adjustment accounted for 2/3 of that amount. With respect to executed deferral agreements, we've taken a very tactical approach with a portfolio of only roughly 100 properties, we are able to treat every negotiation on a tenant-by-tenant and a space-by-space basis. $21 million of rent have been deferred for the second quarter under executed agreements with our tenants. This represents 31% of uncollected second quarter rent and 10% of total bills 2Q rent. Of that amount, almost 2/3 or $13 million is with accrual based or probable tenants. And negotiations continue. As we did last quarter, we have provided new and additional disclosure relating to the impact of COVID-19.

A summary of collectibility and accounts receivable is provided on page 10 of our 8-K financial supplement and a new investor presentation, which incorporates an update for COVID-19 can be found for a link on our investor website. Now just to revisit the balance sheet and liquidity. During last quarter's call, in May, we had just closed on a $400 million unsecured term loan with a one year maturity and a 1-year extension option into 2022. This provides us with pro forma liquidity of 1.4 this provided us with a pro forma liquidity of $1.4 billion in cash on hand and available credit capacity at that moment. Following the May call, we immediately raised an additional $700 million in the bond market in two tranches with 7-plus years of blended maturity and a 3.3% effective yield. As a result, at June 30 we have almost $2 billion in liquidity with $980 million of available cash and an undrawn $1 billion credit facility. We remain well positioned to manage through the challenging environment we currently face like we have done time and time again over our 58 year history. Deleveraging the balance sheet will continue to be a priority as we look to opportunistically issue equity as well as sell assets and/or raise joint venture capital, leveraging the quality of our best-in-class asset base.

As you saw yesterday, our board made the decision to declare a regular cash dividend of $1.06 per share payable on October 15. Given decades of maintaining a fortress balance sheet and having the ability to build significant liquidity, a significant liquidity position and having even in the most challenging of capital markets, we felt it was appropriate to lean into this strength and capital position and declare a modestly increased dividend this quarter and extend our increasing annual dividend record for a consecutive 53rd year. Given our high margins at the property level, cash collections and store openings showing great momentum and collections comfortably in excess of our breakeven collection levels, coupled with the quality and productivity of current leasing discussions with our tenants and the implicit demand for our real estate that, that provides, all drive drove the confidence and the strength of our portfolio performance coming out of this environment. As a result, based on the information we have today, we believe we should be able to support an annualized $4.24 dividend from adjusted FFO on an ongoing basis post toted. However, as we stated previously, that perspective could change in the coming quarters as the length and the ultimate impact of the pandemic on our business and our tenants business become more visible. And know that the management team and our Board of Directors will be extremely disciplined in setting our dividend policy moving forward.

And with that, operator, please open the line for questions.

Operator

[Operator Instructions] Our first question comes from the line of Craig Schmidt with Bank of America. Please proceed with your question.

Craig Schmidt -- Analyst

Thank you. My question, I just wondering what Federal can do in the short-term to increase traffic and sort of remove the caution from shoppers? It seems like your centers were places that people wanted to congregate, and now you had to fight against that. I'm just wondering in terms of new services, anything structural, marketing that you can do to get people to be more comfortable with shopping your centers?

Donald Wood -- President and Chief Executive Officer

I'll tell you, Craig, and I appreciate that question a lot because if you could be around our centers certainly the mixed-use centers. And even the more lifestyle other centers that we have, you would be blown away by the traffic. And because they are open air, because they are part of the community in which people already are living in. And frankly, because of the markets that we're in, you see mass, mass everywhere. People being extremely diligent with what they're doing. And specifically in the markets that we're in, which were closed first and opened up really very recently in terms of that. What I'm most thrilled about is that their comfort with our places. Now we are also, I think, very early in putting out almost completely across the portfolio, the pickup which allowed for a landlord coordinated effort for tenants to effectively or for consumers to pick up goods from merchants. That landlord coordinated piece goes right to the heart of your question. That's what's necessary. And I can tell you, no matter how much it's being used or not being used based on any particular shopping center, you know what really helps. It really helps prospective tenants because those tenants say, this landlord gives a crop and is in it with us. And that notion of partnership throughout this, I honestly think is going to be one of the most critical parts of who wins, if you will, on the other side of this. And that's what we're executing on.

Craig Schmidt -- Analyst

Great. And then just on maybe on the longer term focus, what are some of the tenants you would like to add that are new to the merchandise mix that you have at your centers?

Donald Wood -- President and Chief Executive Officer

Well, that's a TBD. One of the things that I think as you kind of think about longer-term here. And I made a point about the tenants who were really struggling and the fact that they want to stay in our centers generally. And that's the case. And in the short term, we're going to want them to stay in our centers. What failing tenants are not who we want over the long-term to create value in our shopping centers. We do want to see who emerges here. And I can't give you specific names. If I gave the specific names, it would sound very much like the lifestyle type of tenants that the wares of the world that we've been talking about in the past, it's not about that. It's about over the next year or two, the opportunistic money that gets behind new concepts or reinvigorates old concepts that choose the best real estate in the marketplace. That's what we're seeing, Craig. The conversations that Wendy Seher or that and on the West Coast or Stobel here on the East Coast are having are all about how do we get better real estate. And who's going to be in there with us? And what do you guys do to make this all work together? Frankly, they're playing right to our strengths. And so the combination of all those things, not one piece of it. Is what, in our view, gives us the confidence that we will be a more differentiated company, not less differentiated on the other side of this.

Craig Schmidt -- Analyst

Thank you.

Operator

Thank you. Our next question comes from the line of Daniel Santos with Piper Sandler. Please proceed with your question.

Daniel Santos -- Analyst

Good morning, thanks for taking my questions. My first one is on the dividend. How does the increased dividend aligned with taxable income for the year?

Donald Wood -- President and Chief Executive Officer

So it is I'll let Melissa ask this or Dan to add this as they want. The notion, and I'd like you to think about this first is our dividend, OK? This was the last dividend for 2020 that counts in taxable income for 2020. Our November dividend will be paid in January. So that will be the first one for 2021. And that's a little bit different than other companies. So I want to give you that perspective. Certainly, with respect, therefore, to the roughly $320 million of dividends that were paid this year, the fiscal 2020 that is in excess by something like $40 million of our taxable income and what that would be, OK? Now first of all, it's August 5, and a lot has to happen between now and the end of the year from a taxable income perspective. Some of it could be a surprising good. Some of it's surprising bad, but we've got a lot of flexibility there. So did we pay more than we had to pay in 2020? Sure, we did. And the reason for that, and I'm glad you asked because I really want to get into this a little bit, is that we built this company to be able to power through recessions. And when I say the company, not just the balance sheet, the quality of the assets, the diversity of the real estate. This is a recession, albeit a very unusual one. I got it. We went into this with one of the lowest payout ratios dividend payout ratio is going in. So certainly, we can pay it. Then you got to ask, well, why would we pay it if we don't have to. And at the end of the day, it's all about our belief in the outlook and where we're going. It's all about our belief in effectively not only being able to get getting back to not paying more than we have to as we did in 2020. But more importantly, growing and creating value. And so there is I would have to be a whole lot more pessimistic about the future than I am today for us to have cut that dividend. And everybody always says they're long-term and focus, let me tell you, we're long-term and focus. We know what has to happen on the other side of this. And so strongly be a little long-winded about that, Dan, but I'm pretty darn passionate about this company's ability to come out of this crisis, really strong. So that's why. And it's a little more than your taxable income question, but it all ties together.

Daniel Santos -- Analyst

I appreciate the answer, the passionate answer. My second question is, I was wondering if you could give some color on leasing demand and phase of reopening and some of your traditional suburban shopping centers versus your more sort of infill assets?

Donald Wood -- President and Chief Executive Officer

Yes. Let me give you two people. Let's have Wendy talk about that. For more of our traditional shopping centers and maybe on the West Coast in terms of some of the street retail stuff the mix use stuff.

Wendy A. Seher -- Executive Vice President, Eastern Region President

Thank you, Dan. As I look at our kind of our pipeline that we have, going. I look at a couple of different things. And one of the things we're focused on, obviously, is what are the deals that were pre COVID. That we still have that are now picking up momentum, and we see them coming to fruition to executed leases. So that seems very strong. What I'm also looking at, and this is what I'm encouraged by. Is that we have a lot more deals in the pipeline and deals going to lease negotiations that were during COVID and now post COVID. So that makes me feel very good about our pipeline. And when I look at the diversity of the deals and the properties that we have, specifically on the East Coast, it's fairly distributed well between our traditional grocery anchors to our lifestyle to our mixed use.

Dan Guglielmone -- Executive Vice President, Chief Financial Officer and Treasurer

Yes. And Dan, I'd echo that out here on the West Coast. Very impressed by kind of how tenants have behaved since getting through April and May when a lot of them are really trying to figure out where their business was headed. It seemed like a little bit of a corner was turned in June and the volume of serious discussions picked up. And activity on LOI and lease negotiations picked up. As Wendy said, we have a pretty robust pipeline of those discussions and negotiations going on right now. And it is broad-based, not only in our more traditional community centers, but also in our mixed-use and lifestyle properties. And what we're seeing in the latter really is two things: one, continued interest to expand their fleet within our portfolio from tenants that we've done deals with before as well as a lot of new conversations from tenants that don't have a lot of legacy issues, but understand that if they are going to open a handful of stores opening them in the best possible locations is critical. And discussions with those tenants in both groups have picked up and are progressing well over the last couple of months. So too soon to tell, obviously, if all the deals that are in the pipeline get done, I'm sure you will drop out, but we're pretty impressed with the discussion so far. And hopefully, that shows up in the results in a couple of quarters.

Donald Wood -- President and Chief Executive Officer

I want to add one thing to both of those comments. I don't want you and maybe I'll throw a little cold water on it. I don't want you to think we are pollyannish and don't understand the severity of what's going on in the country. Of course, we do. Of course, we don't have great predictability of when things turn and really what that means. Obviously, the timing of the vaccine, all the stuff that, obviously, we don't know. So all we can do is make business decisions today based on what it is that we know. And I all that Wendy's conversation and Jeff's conversation and ours has been about is we see a path. We see a path forward. We know what to do to try to be able to execute to get there. There's enough raw material that suggests that there's a good probability that, that can happen. Again, who knows? But today, which is why you see the results you see in the second quarter, you book keep based on what you know today, and then you work for tomorrow.

Daniel Santos -- Analyst

Got it. Thank you. I appreciate the thoughtful responses.

Operator

Thank you. Our next question comes from the line of Handel St. Juste with Mizuho Securities. Please proceed with your question.

Handel St. Juste -- Analyst

Sorry, just getting myself off mute. I wanted to follow-up on that a little bit. The last question by Daniel here. I want to get a bit more color on the conversations with the tenants you're having today, how they compare free versus pre pandemic from a demand willingness to sign deals and deal turns perspective? And then what are you hearing in these conversations with tenants it they make space decisions? Are they seeking value? Are they more biased to the location, the first ranked suburbs that you talked about, asset type? What are the things that seem to matter most as they think about spacing in a post-COVID world?

Wendy A. Seher -- Executive Vice President, Eastern Region President

I think that what we're hearing a lot of is that retailers, some retailers are going to make fewer new openings, right? So they're going to make short, they're going to make decisions based on, in my view, a criteria that has just doubled. So every box is going to have to be checked. So when we are thinking about so when they're thinking about do they need to be in strong centers that have great landlords that invest in their properties that have co tenants that are meet who their customers are and then where they can ensure the ability to do stronger sales. That is going to be a must. And with that criteria, we feel like we're very well positioned. Because of the ability to have strong occupancy, strong sales and a landlord that has a strong balance sheet that's going to continue to invest and look toward the future. So that has been sort of the we're not having as many discussions as I would like to have, but the ones that we are, they want to upgrade their real estate.

Handel St. Juste -- Analyst

Are you getting the sense that you're losing any leases due to price to rent or perhaps there's a search for value that may be making certain tenants more client to seek secondary locations as they think about the cost variable?

Wendy A. Seher -- Executive Vice President, Eastern Region President

It's a good question. I think based on what I what we just talked about, which is that it's so important that these locations come out strong. That what we've seen is that tenants are willing to pay more to have that insurance that they need, that the location that they either relocate or they open hits the gates strong right from opening. So we found that they will pay more to be in the right locations.

Donald Wood -- President and Chief Executive Officer

Imagine this, Haendel, just think about this for a second, right? If you're looking to do deals right now, you're certainly looking for value, right, for deals, that's, frankly, not much different than it's ever been. But the big thing that Wendy is talking about that's so critical is you don't really know who your cotenancy is going to be. You really don't know today if you're getting a cheap deal who you're going to be doing business next to? What that shopping center is going to feel like, look, there is a big risk to signing for any for any anchor or even mini anchor, a 15-year deal, when you don't have that visibility, the additional rent to be in the dominant centers seems to pale in comparison to the sales being able to underwrite what you think you're going to do in business.

Handel St. Juste -- Analyst

Got it. And my second question is on Abesato indicate realizing indicator. 10% of modest

Donald Wood -- President and Chief Executive Officer

Sorry, take your math to like an what you say.

Handel St. Juste -- Analyst

A question is on the leasing spread. The new leasing spreads have been consistently in the 10% range here. I'm curious if your view is that would clearly, it's a lagging indicator, but what bottoms for occupancy or new leasing spreads?

Donald Wood -- President and Chief Executive Officer

I don't know. I think they kind of go together. With us at least, and we're certainly a smaller company than some of the big guys in terms of GLA. And so a few deals make those leasing spread be what they are. And so you'll see volatility in that. The strength in the second quarter was a couple of deals and the single biggest one was taking very old at and beyond BuybuyBaby space at Huntington, which is a great shopping center in terms of location and trading up for Whole foods at a big rent. So I mean, that moved the needle in this quarter. Hopefully, every quarter, there is a few of those. Sometimes there are, sometimes there's not. But the what we're working hard to do is to maintain occupancy. And that does mean we'll defer or abate or change contracts more readily certainly on the restaurant side, the idea of a restaurant, where you're going to defer your money, and they're going to have to pay it back next year. I mean that's a full arent in most situations, except for a large, well capitalized company, right? I mean, if you were running a restaurant, would you take your last few hundred thousand dollars of savings and try to open back up only to know you're going to pay it all to your landlord in next year? No. I mean, there has to be a realization, an honesty about assessing the current situation and then know that you'll make your money with that occupancy with the deals that give you a chance to make it back and with new deals because tenants are looking at well occupied shopping centers. That's our MO in terms of how we're approaching this. So you're certainly going to see lower vacancy or higher vacancy, rather, a lower number there. And you're certainly going to see pressure on rents in certain places. But overall, you got to feel really good about the demand drivers of a portfolio like this.

Handel St. Juste -- Analyst

Thank you.

Operator

Thank you. Our next questions comes from the line of Christy McElroy with Citi. Please proceed with your question.

Christy McElroy -- Analyst

Hi, thank you. Good morning. Don, just a follow-up on those comments. You talked about your willingness to defer or abate and the potential pressure on rents. If I think about the categories where you're seeing those below 50% collection levels, and you talked about the fitness, experiential, restaurants, full price apparel. These categories comprise a good portion of your write-off. How should we think about sort of the rent levels that many of those tenants can now pay given their reduced revenues, right? Like it seems like a lot of these problems aren't going away until we have a vaccine. How do collections rebound for those tenants without some sort of reset to their rent levels? Currently, right? Is it a matter of just releasing that space? Or is it working with them to get to the right rent level, given the restaurants and experiential are part of what makes your centers what they are today.

Donald Wood -- President and Chief Executive Officer

No question about it, Christine, it's interesting. I'm going to start with the more obvious ones. Restaurants are not so obvious. Restaurants, I'm pretty darn positive, feel pretty good about frankly, in terms of not only their importance to our centers, but their ability to generate business and pay us rent on a percentage basis, it will be a number of them going forward. But again, in our places, I think we can make money that way. I do think the harder ones, our theaters and fitness centers. I do think that. And the reason I think that, in fact, I'm actually going to take a little tangent as you expect me to, Christy. But everybody keeps saying our second quarter was conservative. Even Dan said in his remarks, we're conservative. I got to tell you, I don't see it that way. And let me tell you why. I mean, first of all, the punch and gut ought to be book kept in the period that it's been incurred. That's the second quarter. And so if you sit there and say today that theaters or fitness operators have figured out what their business plan is on the other side of this and what rent they can pay us, I would tell you, really, to your point, I'm not sure what a movie theater's ability to pay the rents that are in place or a fitness center's ability to pay the rents that are in place over the next decade, which is what you're being asked to say in accounting by straight-lining that stuff. I don't think you can. I don't think that's conservative. I think that's real with them and so sitting and saying, OK, that piece of our income, which is a few percent. All right. I know, I don't know what theaters and fitness is core experiential is too so there 6% there that I agree with you. We do not have the visibility, restaurants are so different, different in terms of each one of them, what they are with their owners financial position looks like, what they're willing to do etc. And frankly so critical to how the entire place works that we are absolutely working with those important restaurants. I mean, we identified this on March 80 that was going to be a critical group for us to effectively go. So those are more individual answers to your questions. I'm sorry to tell you, I'm not sure the answer on the theaters and on fitness, but I think that's the only honest answer, that's possible today

Christy McElroy -- Analyst

Thank you. And then in at the end, you talked about the drag associated with the liquidity are maintaining right now given the reasons that you took last quarter. Don, you talked about the, the 1.3 billion in cash and the importance of having that liquidity by February, I know that you don't know what will happen right with collections and occupancy, but is all that played out sort of over the next 6-12 and longer months, how do you think about the balance sheet management aspect of that on a go-forward basis and maintaining that level of liquidity

Donald Wood -- President and Chief Executive Officer

Yeah, I, hey look, I think we've spent years and years building the credibility. We have and I think it's evident that we were able to on in the midst up all the uncertainty of early May and was able to raise the capital that we did over $1 billion from our banks. And so our access to capital continues. I think that we will, like we've done in the past show balance and I think we are going to be opportunistic with regards to keeping leverage kind of in line with kind of our long-term goals, our long-term metrics. Yeah. Our metrics are going to be impacted. Our net debt-to-EBITDA will go up. Our coverage ratios will go down as we work through over the next few quarters. But we will be opportunistic, whether it be through asset sales or joint venture capital or even issuing equity when we see opportunities in the market. We will keep a diversified source of the spectrum of capital sources available to us. And as we work through it, we'll avail ourselves to kind of the all of those sources as we move forward. But our intention is to kind of take advantage of the market as it's available, while keeping our long-term focus on our our leverage profile in line with historic levels.

Dan Guglielmone -- Executive Vice President, Chief Financial Officer and Treasurer

I'll say one more thing to you, Christy, on this. You know that a very long-term problem that we always have to deal with is with asset sales, it's covering tax gain. And we have the 1031 very thing, and it's hard. And the idea of looking at that as a potential source of a piece of our capital is on the table for us right now, which I think is an interesting additional tool in the toolbox that we didn't have as easily before.

Christy McElroy -- Analyst

Okay, thanks a lot.

Operator

Thank you. So our next question comes from the line of Vince Tibone with Green Street Advisors. Please proceed with your question.

Vince Tibone -- Analyst

Good morning. Can you discuss a little more detail just what types of joint venture structures could you see most probable the source of capital? I mean, I'm trying to get at is almost how would you weigh selling an interest in an individual component of one of the big three projects where maybe you can get stronger pricing today than retail versus having interest aligned in an entire mixed use property?

Donald Wood -- President and Chief Executive Officer

Vince, I don't know. That's a hard one to answer because it depends on a specific deal and the specific circumstance. I mean, you know how much I think you know how strongly I believe in the integration of those uses at our at the big mixed use properties. It's important now is that different for a stand-alone office building across the street from Santana Row? Maybe. Right? I mean, it's just it's not as integrated as the office buildings that have retail under them and are part of it. So we could look at that differently, for example. I'm not saying we will, not saying we are, but that's I'm trying to give you the level of detail and the considerations that have to be thought through. Because there's not a direct answer to your JV question. I would really have a hard time at Assembly Row effectively selling off an office building or a residential building, that was part and parcel of our product project. It was much rather if it came then, you needed to look at it. We would look at it as a passive partner. That bought a percentage of the whole thing. So it depends. I don't know, JB, if you want to add anything more to that, that's kind of how I see it, though.

Dan Guglielmone -- Executive Vice President, Chief Financial Officer and Treasurer

Yes. I don't think there's too much to add. Vince, one other thing, obviously, would be looking at a portfolio of our more stable, slower growth non mixed-use assets, and does it make sense to bring somebody into that in some sort of way. All things we're thinking about, like Don said, nothing really to talk about at this juncture and haven't made any decisions or, quite frankly, any real progress other than kicking it around internally here.

Vince Tibone -- Analyst

And then shifting gears a little bit. I'm curious, has the least dynamic of leasing negotiations shifted at all in recent months with e-commerce, getting another leg up with COVID. How much do 4-wall 4-wall occupancy cost ratios matter anymore, given the benefits of having of a brick-and-mortar store and online sales.

Donald Wood -- President and Chief Executive Officer

You're right on it, man, and I've been preaching on this for a while. I mean, the 4-wall occupancy cost matter? Of course, it matters. Does it matter as to the level that it used to in a lot of businesses and and so when you sit and think about it, all the stuff that Wendy talked about earlier on this call, and Jeff talked about earlier on this call, in terms of the considerations of what makes a business profitable. Obviously, including the online business, the ability to pick up goods in the store. I'm telling you, man, this notion of what we're doing with respect to the pickup. And having a tenant or sorry, a landlord coordinated effort here is really big, and it's big in what you're asking about. And that is what are the tenants asking about in lease negotiations? What are the differentiators that matter? We always knew it was the location, obviously. But more and more, it's about the co tenancy. It's about those other services. It's about that tenant being comfortable that the landlord is working part and parcel with them to make them successful in total, for their businesses. It's a more holistic approach.

Vince Tibone -- Analyst

Thank you for that.

Operator

Thank you. Our next question comes from the line of Nick Yulico with Scotiabank. Please proceed with your question.

Greg McGinniss -- Analyst

Hi. This is Greg McGinniss on with Nick. I just had a few questions on the tenant bankruptcies. And I understand the expectation is for the majority of those stores to remain open. Just curious with total exposure to those 15 bankrupt tenancies. And if they've all been taken to a cash basis. And then also curious on how much of an impact those tenants had on Q2 collectibility.

Donald Wood -- President and Chief Executive Officer

Yes. Roughly the exposure, it's total exposure to all 15 names that we had on that list was roughly in the, call it, the 3%, a little over 3% of our total revenues. So not a huge number. All of the tenants on that list have been taken to cash basis with the exception of one because it just happened right at the end and that's men's warehouse or tailored brands.

Greg McGinniss -- Analyst

And then what was the impact on the collectibility for Q2 from those tenants?

Donald Wood -- President and Chief Executive Officer

We don't know right here. We get back to you.

Greg McGinniss -- Analyst

Okay. And then, I guess, just a follow-up question on kind of the restaurants. And Don, I appreciate comments you gave that you can't really predict the percent rent trends. But I believe that you previously mentioned abating rents for your best restaurants, I think it was the top 60, if I recall correctly. We were just wondering how that abatement program may have evolved since you spoke about it, what that impact was in Q2 and if all those tenants are on a percent rent basis now. %

Donald Wood -- President and Chief Executive Officer

No. Certainly, not all those tenants are on a percentage trend basis. That's still that's still the exception rather than the rule, Greg. I don't have a number for you all the way through here. I as you correctly point out, the 60 tenants that 60 restaurants that we had identified initially as critical to the property. We worked with early. That has continued and grown through the portfolio as adds in certain of the situations, it's useless. And so we're not working with them. We're simply holding the line and trying to get paid contractually with whatever they've got left because they're not going to make it. So it really gets down to one by one on a one by one basis. And next time you can travel and we can move around. Let me walk you through a Pike & Rose or Befesa Ro or Santana Row certainly. And kind of just show you the broader issue in terms of how this stuff works. I know you're trying to put numbers in a model and make percentages work and somehow tied to something in the second quarter that I could care less about any longer. But nonetheless, the real key is kind of understanding how those deals are going to financially work going forward got it? And more importantly, what they're going to do for other tenants in that shopping center going forward. I don't know, Dan, if you've got anything specific for for his question.

Dan Guglielmone -- Executive Vice President, Chief Financial Officer and Treasurer

Yes. No, I think you answer that. Just to get back to your previous question, roughly of the $55 million adjustment, roughly about 10%, $5 million or $6 million was associated with the bankrupt tenants.

Operator

Thank you. Our next question comes from the line of Mike Mueller with JPMorgan. Please proceed with your question.

Mike Mueller -- Analyst

Yes, hi. I guess where tenants haven't paid rent and you don't have deferral agreements in place. What portion are you in back and forth discussions with versus really having no clarity on a resolution?

Donald Wood -- President and Chief Executive Officer

Yes. Well, I think, yes, call it, 30% of our unpaid rent, we have deferral agreements with. We probably have another 20% kind of in conversations. And handshake agreements on even more with that. So we're making progress. Negotiations are ongoing. We're trying to be really, really tactical and strategic with regards to those conversations. And so it's a bit of a moving target. But we feel good about the progress we're making in kind of resolving some of the unpaid rent and coming up with solutions. And in some situations, we're kind of viewing it as, hey, look, you have a contract, you need to pay it. And so we'll fight that out. But that's, I think, in process at the moment, Mike.

Mike Mueller -- Analyst

Got it. Okay. And out of curiosity, how is parking and hotel income been trending in the third quarter compared to the second?

Donald Wood -- President and Chief Executive Officer

Yes, that's a good question. I don't know the answer to that. The might the hotels the two hotels were closed for most of the second quarter, obviously. Have opened up now are still trending at something like 20% occupancy, 30% line or so occupancy. So certainly not making any money. That's for sure. And parking revenue, interestingly, is coming back and put and I'm using that based on what I know and visually see, at Pike & Rose, at Santana Row, at Bethesda Row, etc., because the traffic is on. So back to where it was, of course, now, but trending in the right direction.

Mike Mueller -- Analyst

Okay. That was it. Thank you.

Operator

Thank you. Next question comes from the line of Ki Bin Kim with Truist. Please proceed with your question.

Ki Bin Kim -- Analyst

Good morning. So in regards to the 21% of the reserves that you took, I'm sure there's quite a different varying range of that of meaning that 75% threshold or not. What percent do you think roughly were tenants that were already living on the edge or kind of a structural decline pre-Covid, that no matter how many deferrals you give poly won't come out of it. Okay. And I guess what the remaining bucket of tenants that were probably pretty good were not paying rent for a few months, really helps them, and they can come out of it OK.

Donald Wood -- President and Chief Executive Officer

Yes. Well, I don't think we have answers specific answers where we bifurcated kind of into those kind of buckets? Yes, sure. There's a bunch that won't make it. There's a bunch that we think we can work with to get them through it, but I don't have a percentage, specific percentage of what fall into each of those buckets. I think but Ki Bin, I mean, the bottom line is, this was from the beginning. We are not negotiating with tenants that we don't believe will make it. Right. If we don't think we're looking at our best chance for success. And sometimes the best chance is to simply default the tenant parquet, try to evict I mean sometimes those are the best answers. And so we're using generally, when you're talking about a tenant, the 15 tenants that filed bankruptcy. There wasn't one surprise on those 15 tenants that filed for bankruptcy. So we didn't sit there and abate or defer rent with those tenants in any meaningful way. Why? Because it wouldn't help with respect to what they're going to do. And the same applies to smaller tenants. So obviously, I don't know the percentage differences, but I can tell you philosophically how we approach each of those guys. So I don't know if that's helpful to or not.

Ki Bin Kim -- Analyst

And how would you describe how apartment operators are behaving around your markets because you can be very disciplined. You have great assets and you have a great operating platform. But if the surrounding private operators aren't behaving kind of rationally and undercutting rents, getting more TIs, some things are out of your control. So how do you think about that?

Wendy A. Seher -- Executive Vice President, Eastern Region President

Are you talking about the small shop tenants and how they're behaving?

Ki Bin Kim -- Analyst

No, no, no. The share that are owned by private owners.

Wendy A. Seher -- Executive Vice President, Eastern Region President

One. Yes. I think as we get post COVID, we've always been we were under over retail before. And we are definitely going to be more over retailed now. So there's going to be a lot of low-cost options out there. But again, as to my prior point, I think you'll have a very small subset of tenants that just go for a low-cost option. And the majority of the tenants who really need to be opening stores that are productive and robust in terms of sales are going to the critical factors of creating that successful operation is going to be what we have to offer in terms of occupancy, in terms of co tenancy, in terms of convenience, in terms of the location and are investing in the property. So I think that there will be there's always been lower cost options, but I don't see that as a deterrent in our going forward.

Donald Wood -- President and Chief Executive Officer

The one thing I would say to you. I'm sorry, man. The one thing I would say to you keep in, as you know, it's hard to imagine from my perspective that, that has not been priced in the stock. We're all 40%, right, from six months ago. And if you go if you look going forward, will there be rent pressures? Of course, there will be rent pressures. We're a 40%. Do you think these properties are worth 40% less than they were six months ago, with a $1 billion assembly row be sold for $600 million today because of those concerns, not at all. It's been over it's been over I get it. I understand the uncertainty and why. But I kind of think that's priced in even if there is and there will be pricing pressure from lower cost operators going forward.

Ki Bin Kim -- Analyst

Okay, thanks.

Operator

Thank you. Our next question comes from the line of Linda Tsai with Jefferies. Please proceed with your question.

Linda Tsai -- Analyst

Hi, thanks. The 3% revenue impact from the 16 bankruptcies, what would be the occupancy impact from that?

Donald Wood -- President and Chief Executive Officer

Yes, the occupancy well, we don't think that we're going to lose that many of them, candidly, but if we said 28 to 110 in the first or right right. So it's probably 1%, from the closures that we kind of expect and now. And most of those have happened yet so no.

Linda Tsai -- Analyst

And then to the comment that the first half of 2020 may reach high 80% occupancy. The merchandising categories that end up going away, would you look to backfill with retail uses or look to pivot and diverse away to the extent that some of those spaces are flexible enough to do so.

Donald Wood -- President and Chief Executive Officer

Linda, one of the things I think that's one of our strengths is that we really look at stuff from a real estate perspective. And so having the expertise to be able to convert and redevelop and repurpose is something that I think is a real benefit to us. So we don't look at it. We look at it economically and trying to figure out what the highest and best use of that piece of real estate is. So whether it's a second floor theater. The amount of Hemato fitness and second floor, the second floor space that we've already taken out and created a high-value office in is pretty interesting certainly at Santana. And with respect to the ability to have properties that now with more vacancy can be turned into residential and retail, more of a mixed use property. We look at that stuff that way. So it very much depends on the property, but we can do all those things.

Linda Tsai -- Analyst

Thanks.

Operator

Thank you. Our next question comes from the line of Floris Van Dijkum with Boenning and Scattergood. Please proceed with your question. Good morning, guys. Actually, Compass Point, but just wanted to one question, I guess. On the some of the opportunities that you're going to get as a result of bankruptcies. And you mentioned this, Don, I think earlier in your comments about the Lord & Taylor and How will you balance the incremental capital spend that will require with the potential to create value and to grow your NOI going forward. Do you think about that differently today than you would six months ago?

Donald Wood -- President and Chief Executive Officer

Yes. That's a very good question, Floris. I mean, look, the uncertainty of capital means that the bar is higher. You happen to pick one in Lord & Taylor at where, I mean, I've been dying to do something on that piece of land for the better part of 15 years there. It's just an underutilized great piece of land. Now what COVID just did was made lower Merian township more important than lower was pre COVID. So I'm so the answer is always going to start with the real estate. It's always going to start with the ability to create value on that real estate. That's an easier one. For some of them that are less easier, yes, they have a higher hurdle that they've got to fight for. But for us, it's not only that initial ability to redevelop. It's what is it that we see from the long-term growth. And I think I know you're familiar with Darian. I think you'll see what we're doing at Darian and has been enhanced by COVID. Not hurt by COVID because of where we are. So I think we'd start with a leg up on that stuff.

Floris Van Dijkum -- Analyst

Thanks, Scott.

Operator

Thank you. Our final question comes from the line of Alexander Goldfarb with Piper Sandler. Please proceed with your question.

Alexander Goldfarb -- Analyst

Good morning and thank you for taking the question. On the restaurant front, certainly, I hope Lebanese one of the restaurants that survives, that place is great. So Don, just a question on the dividend, how you think about it. In answering a bunch of the questions, there's obviously a lot of unknown. You guys are have a lot of capital that you want to spend on projects like Marion or like places that you think will really reward investors. So the decision to increase the dividend, was that based more on just the strength of Federal's balance sheet or the real-time improvements that you're seeing? Or is it just your general belief that there will be a vaccine that 2021 will be a much better year, and therefore, don't look at this year and what's happening, you look forward. And with all that said, you guys feel comfortable that you can maintain that above taxable income payout?

Donald Wood -- President and Chief Executive Officer

Well, let's first of all, Alex, I'm so glad you got a question in as the last question because I was worried for this call. I was missing you greatly. So it's good to talk you. With respect to and I don't have an answer on taverna exactly yet, except we've gotten two new concepts from them that just opened. So that's good. Getting that aside. I kind of I've spent a lot of time on the dividend because it's not just one or two or three things. It really is the myriad of everything. And so when the question came down about capital raising a little bit earlier. And Dan was answering what how we look at the balance sheet going forward and how we're going to effectively finance there is I'd be lying to you if I didn't say to you that we have a level of confidence in our ability to raise money from a from a wide variety of sources. Whether that's equity or debt or joint ventures or asset sales or whatever, because that all comes not only from our history of being able to do that. But at the end of the day, the conviction that this real estate is the best real estate out there is just real. So we're going to have, in our view, more opportunities than most to be able to raise capital. That's an important component of what's happening here. Also, there's no doubt, as I talked about, at the property level, if you were with us and you were working at Federal and you were meeting as I do with Wendy every day or every other day at the least.

And with Jeff and with Jon, you would have a good hands on sense for the desirability of that real estate and the deals that are coming through and can come through to on a long-term basis to be able to get that done. And that would give you another level of confidence. So there will be equity raises on the other side of this. This company has effectively been built to be able to provide an equity investor a return that comes from appreciation as well as a dividend. And it's a critical component to it in our estimation for the type of investors that we want. Because those aren't long-term investors. And so the combination of those and five or six or seven other things suggest to us that at this point in time, we should continue the dividend. Now the raise, the $3 million incremental cost that it cost us by going up $0.01, that's everything. That's the record. Right, I mean, gosh, if we're going to pay $80 million, the notion of and ruining the record, we shouldn't do that. So the incremental three, that's based on our history. But that's it. It's the three that's in terms of the rate. The actual payment is on everything I was talking about previously.

Alexander Goldfarb -- Analyst

Okay. And then the second question, Don, next year the point in El Segundo, DXP and Ouster JV for that triangle. Was that something that you had considered that maybe would be a good something that you would consider. I don't know if you were involved in that at all, but was that something that you guys ever looked at or given everything else that was on your plate, you're like, look, it's across the train tracks. It's or separated whatever, and it just we have more that we don't need to get involved in that.

Donald Wood -- President and Chief Executive Officer

Yes. It's a real complicated one, and Jeff is on the phone, he can certainly answer, but we've talked about that. I just to on the point, I don't know, at least I have a Sentis with Fergus, and we've sit there and said, how are we going to figure out what to do on that and every time we looked at it, the costs and moving tracks and time and all that is just of more than we want.

Dan Guglielmone -- Executive Vice President, Chief Financial Officer and Treasurer

Yes. Actually, just to weigh in quickly, Don and Alex, it's on the air product site, which is just east of the point on Rosecrans. Where all the tanks used to be when we originally opened the point. So we've talked a lot to continental development about doing stuff with them. That project, when it's built, and they're not ready to build it yet given what's going on in the market. But when it's built will integrate very nicely with the point and actually, we think, drive a lot of daytime demand for our restaurants and shops and services at the point. So we're happy to see them do it. But it is 100% office, and I think there is, and I alluded to a little bit in the in the release, say, longer term, bigger view from both of those parties on how they work together, that we just didn't really fit into. So great relationship with them, great developer, really happy to see what they're doing, but just not no fit for federal.

Alexander Goldfarb -- Analyst

Okay, thank you.

Operator

Thank you. We have reached the end of our question-and-answer session. I'd like to turn the call back over to Mike Ennes for any closing remarks.

Mike Ennes -- Senior Vice President, Mixed-Use Initiatives and Corporate Communications

Thank you for joining us today.

Operator

[Operator Closing Remarks]

Questions and Answers:

Duration: 75 minutes

Call participants:

Mike Ennes -- Senior Vice President, Mixed-Use Initiatives and Corporate Communications

Dan Guglielmone -- Executive Vice President, Chief Financial Officer and Treasurer

Donald Wood -- President and Chief Executive Officer

Wendy A. Seher -- Executive Vice President, Eastern Region President

Craig Schmidt -- Bank of America -- Analyst

Daniel Santos -- Piper Sandler -- Analyst

Handel St. Juste -- Mizuho Securities -- Analyst

Christy McElroy -- Citi -- Analyst

Vince Tibone -- Green Street Advisors -- Analyst

Greg McGinniss -- Scotiabank -- Analyst

Mike Mueller -- JPMorgan -- Analyst

Ki Bin Kim -- Truist -- Analyst

Linda Tsai -- Jefferies -- Analyst

Floris Van Dijkum -- Boenning and Scattergood -- Analyst

Alexander Goldfarb -- Piper Sandler -- Analyst

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