Greetings, welcome to the Federal Realty Investment Trust first quarter 2021 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 during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Leah Brady. Good morning. Thank you for joining us today for Federal Realty's first quarter 2021 earnings conference call. Joining me on the call are Don Wood, Dan Gee, 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. Forward-looking statements include any annualized or projected information, as well as statements referring to expected or anticipated events or results, including guidance. 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 operations. We've also provided some additional information for you in our investor presentation, which is 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, and feel free to jump back in the queue if you have additional questions. With that, I will turn the call over to Don Wood to begin the discussion of our first quarter results. Don? Thanks, Leah. Good afternoon, everybody. Good morning. What a difference a couple of months make. The natural positive annual sentiment of spring following winter, coupled with a productive vaccine rollout, stimulus money, and an end-in-sight mentality, has really gone a long way in validating our optimism for a strong 2022 and 2023. First quarter FFO per share of $1.17 was sequentially better than the 2020 fourth quarter of $1.14, a positive surprise for us, and the result of far fewer tenant failures than anticipated during the quarter, and far better cash recoveries than anticipated. As a result, we're confident enough to update our 2022 earnings guidance and provide some clarity on the next three quarters of 2021. Dan will cover that in a few minutes. Pent-up consumer demand is real. We see it in virtually all of our properties in all of our markets, despite government-imposed restrictions that still persist in our markets. When coupled with government stimulus cash, it's really powerful. PPP and other COVID-related programs that many of our tenants have taken advantage of have served an important role in buying time and getting both current and deferred rent paid. The $29 billion Restaurant Revitalization Fund, earmarked specifically for restaurants and similar places of business as part of the massive COVID relief bill, will undoubtedly also create a strong tailwind for that retail category. Will the GYMS Act that, if authorized, will allow the Small Business Administration to make COVID-related grants to privately owned fitness facilities. These programs, among others, are particularly good news for Federal's lifestyle-oriented properties, which are recovering very nicely. It's quickly become a very optimistic time in our business. Now, as you would expect from me, a warning about overexuberance this year is in order, as many retailers, particularly smaller ones, along with theaters and gyms, are in a weakened state, and while buoyed by temporary stimulus, need more growth in their sales than they're currently generating to be viable long-term businesses. Having said that, they'll certainly get the opportunity to succeed because traffic is back in large numbers across the board. Perhaps the greatest indication of a bright future is the continuation of exceptionally strong leasing volumes, including first quarter deals for over a 500.000 sq ft of comparable space. 35% more deals than last year's largely pre-COVID first quarter for 9% more GLA. Actually, 24% more GLA than the average of our first quarter production over the last five years. By any measure, we're doing a lot of leasing. The fact that it was also done at 9% higher rents than the previous tenants were paying for the same space bodes extremely well for 2022 and beyond when those deals are earnings contributors. The rate and volume of new deals as opposed to renewals was particularly impressive. 54 new deals for more than 220,000 sq ft at 18% more rent than the previous tenant was paying. What's particularly encouraging to me is how broad-based our leasing continues to be. In the first quarter, we did grocery and drugstore deals with Giant, Whole Foods, and CVS. We did box deals with Dick's and Bed Bath. We did fitness deals with Crunch and Planet Fitness. We did lifestyle deals with CB2, American Eagle, Madewell, Athleta, Blue Bottle Coffee, and a couple of dozen restaurants and specialty service-oriented retailers. Strong demand all across the board, particularly in California. In fact, let me take some time today to focus in on California, because it really is a microcosm of our portfolio, particularly our non-essential lifestyle product, and in my opinion, a leading indicator into the future of the Bethesda Rows, the Tysons Rows, the Assembly Rows in our portfolio. Whether good or bad, things always seem to come first to this huge and complex market. The governor there has previously announced that all COVID restrictions will be removed next month, which is great news. We did 50% more new deals in California in the first quarter than we did in the fourth quarter, which itself was strong. As you know, we're heavily invested in and around Silicon Valley in the north, and in the greater Los Angeles area in the south, and are fully committed to investing in California in the future. Tenant demand and consumer traffic are among the strongest anywhere in our portfolio, and 2021 should be an all-time record for us in terms of the number of new retail leases we expect to do there. It's really hard to short great real estate in California despite the headlines. Let me start with San Jose in Silicon Valley, which has become a beneficiary of urban to suburban migration from San Francisco to the north. Santana Row car traffic, as measured by our parking systems, rose 69% in April compared with January, and is fast approaching pre-COVID levels. Residential occupancy is back up over 95% after dipping to a COVID low point of 91% in the middle of last year. As you may have seen late last month, Santana Row was the recipient of the first large Silicon Valley COVID-era office lease signing, as Fortune 500 cloud-led software company NetApp decided to relocate their headquarters to Santana Row in 700 Santana Row. The 300,000 sq ft building, not yet populated, but previously leased to Splunk. Their stated reason? To better facilitate a winning employee experience in a more connected space. In other words, state-of-the-art facilities in a fully amenitized environment that makes retaining employees and hiring great talent easier. No lost economics to us versus the Splunk deal, but two more years of term and a better diversified tenant base. By the way, another candidate for additional office space at Santana as their Silicon Valley footprint grows. Splunk, of course, remains fully committed to Santana Row at 500 Santana Row. Across the street at Santana West, our 375,000 sq ft spec office building under construction remains unleased, and has certainly been set back in terms of timing of lease-up with the pause in overall office leasing during COVID. We remain, and in fact, are more optimistic about its leasing prospects than we've been since COVID hit, and are encouraged by the office-centric back-to-work comments made by the Silicon Valley tone-setters like Google, Amazon, Apple, Netflix, et cetera. These and others are all hiring in the South Bay and are showing a heightened desire for newly constructed office space with walkable amenities and ample parking. In Southern California, our Primestor portfolio, which caters to a largely Latino population in Los Angeles, remains among the top performing group of shopping centers among all Federal centers nationwide in terms of rent collection and property operating income compared with pre-COVID levels. Big assets like Plaza El Segundo and The Point are recovering nicely and serve the beach cities of Manhattan, Hermosa, and Redondo Beaches, places which are even more attractive to live in than they were pre-COVID. I guess the somewhat obvious conclusion here is that California is as big and complex an economy as any region can be, actually bigger and more complex than most countries. As with every major market, varies greatly within the submarkets, where the supply and demand characteristics of the specific real estate dictate performance. We've got some great real estate there. All right. A few other proactive comments before turning it over to Dan. While always a key part of our business plan, we've turned up the heat on the number and the scope of shopping center redevelopments and repositionings that are or are about to be underway. A combined capital budget in excess of $75 million over 17 projects aimed at ensuring relevant, best-in-class community centric centers in a post-COVID environment. More gathering areas, more outdoor seating, more designated curbside pickup spots, better landscaping, covered walkways. You get the idea. Everything aimed at ensuring our properties are the consolidators in their given submarket. In terms of our developments, we're really looking forward to showing off the new CocoWalk when investors are back to traveling regularly. Today, tenants continue to open where the retail space is 98% and office space 82% under lease or executed LOI. The initial market acceptance of this revitalized center at Coconut Grove has been phenomenal, and should only get better over the next 12 months as more and more retailers open their doors. Heading north to Darien, Connecticut, we're very bullish about our mixed-use neighborhood that's well under construction here, especially given its perfect location for a hybrid New York City work model. For those of you who live near or are familiar with our project, you should start to be able to get a sense of what that mixed-use development is going to feel like as construction and leasing move forward as anticipated. Office leasing activity has picked up markedly this past quarter at 909 Rose, Pike & Rose, where 75% of both POI and GLA at a 219,000 sq ft office building is either under lease or executed LOI. Not only activity, but deal-making feels so much more productive than it did just a few weeks ago. At Assembly Row, PUMA is just a couple of months away from opening their new U.S. headquarters and welcoming employees back to work, and separately, we'll begin to market our residential project there in earnest this month. Like in Pike & Rose, office leasing activity has picked up here too, not to the same extent. The Boston metropolitan area is poised for recovery, but clearly lags behind what feels the others by what feels like several weeks or a month. Okay. From developments and redevelopment to acquisitions. We closed on our first acquisition of 2021 last week in the form of Chesterbrook Shopping Center in the affluent first-ring D.C. suburb of McLean, Virginia. We paid $26 million in initial 5 cap for an 80% controlling interest in this 83% leased Safeway anchored center. With a market repositioning planned and under-market in-place rents, we expect strong short-term growth and significant value add. We're also under contract and in our due diligence period, several other acquisitions that, absent negative surprises, will close later in the year. I'm not ready to talk further about them at this point, but more to come here over the next few months. Okay. That's about all I have for my prepared remarks today. Let me turn it over to Dan, and we'll be happy to entertain your questions after that. Thank you, Don. Good afternoon, everyone. Good evening. To echo Don's initial comments, we have been the beneficiary of the broad-based recovery that the entire open-air retail real estate industry has experienced in the first quarter. We significantly outperformed the quarter reporting FFO per share of $1.17, up 3% sequentially from 4Q, well ahead of our internal expectations. We went from the dark days of December and January, where government-mandated shutdowns in our markets impacted over 90% of Federal's assets, we experienced weaker consumer traffic and collections than prior months. To 90 days later, where after another round of PPP supporting our tenants, successful vaccine rollout, a reopening of our markets all make things seem somewhat sustainable. Given this increased stability, we were able to beat our internal forecast by higher revenues and POI broadly from higher collections than forecast, both in the current period and from prior periods as well. Less fallout from small shop tenants than expected, higher term fees and percentage rent than forecast, offset by higher property level expenses primarily due to snow. Positive trend in COVID-19 collectibility reserves continues as we had just $14.8 million in the quarter, down 20% sequentially versus 4Q. We expect that progress to continue over the course of the year. $10 million of that amount is driven by our strategic decision to be more accommodative with our tenants. More on that in a moment. We continue to improve on collections, achieving 90% for the quarter. Steady progress despite weakness in January due to the aforementioned shutdowns. Our strategic decision to be more accommodative to our tenants differentiates us from many of our peers. In our disclosure, you'll see negotiated abatements in the form of temporary percentage rent and other arrangements totaling $10 million or about 5% of billed rent for the quarter. That accounts for roughly 50% of our uncollected rent. Those agreements are scheduled to burn off over the balance of the year and into 2022. Combined collections deferrals and abatements total 96%, leaving about 4% of our billed monthly rents unresolved relative to the steady state pre-COVID 1%-2% level. Another area where we outperformed our forecast is occupancy. Our tenants have demonstrated surprising resiliency for a combination of better than expected renewal activity and fewer tenant failures. Our lease occupancy metric stands at 91.8% at quarter end, and our occupied metric dipped below 90% to 89.5%. Both stronger levels than we predicted to start the year. Our lease to occupied spread has increased 230 basis points and represents roughly $20 million of [DVR] upside in the future. Given the strong pace of leasing activity, my gut tells me that spread should grow in the coming quarters. While we still expect continued pressure on our occupancy over the next quarter or two, we do not expect the trough to be as deep as previously feared as continued leasing activity at the volumes we have achieved over the last three quarters, plus our strong forward leasing pipeline should set us up for a more pronounced growth in 2022. To the balance sheet and an update on liquidity. We ended the first quarter with $1.8 billion of total available capital, comprised of $780 million of cash and an undrawn $1 billion revolver. We amended our term loan in April, pushing the maturity out to 2024 with the option to extend through 2026. We reduced the spread from 135 to 80 basis points over LIBOR and paid down the loan balance to leave $300 million outstanding. We completed the sale for $20 million of our Graham Park Plaza land parcel to a regionally based town home developer. Please note that we do have a participation interest here, which could provide some additional upside given the strength of the surrounding D.C. housing market. We have further solidified our well-laddered maturity schedule with only $125 million of debt maturing between now and mid-2023, all which is secured and is earmarked for repayment from cash on hand. This will increase our unencumbered pool to 92% of EBITDA. Lastly, as we have done programmatically every year since 2011, we sold common equity through our ATM program. $124 million at a blended share price of $105 to start the year. Our remaining to spend on our $1.2 billion in-process development pipeline stands at just over $360 million. As we have throughout the past year, we sit with significant dry powder. On to guidance for 2021 and 2022. Please keep in mind before I start that there is still a high degree of uncertainty in our forecast given the continued impact of the pandemic on our business. With that being said, we are providing 2021 guidance in the range of $4.54 to $4.70 per share. Despite a strong first quarter, some of that outperformance is not expected to be recurring. Let me be a bit more helpful. Think of 2Q roughly flat to 1Q at $1.15 to $1.20 per share. The second half of the year will be negatively impacted primarily from the delivery of our large residential project at Assembly Row due to the negative POI during lease-up as well as reduced capitalized interest. As a result, figure the third quarter at roughly $1.10-$1.15 and the fourth quarter back towards the first half's run rate of $1.15-$1.20, which gets you to the midpoint of our range at $4.62 per share, a $0.10 increase to the 2021 guidepost we provided on last quarter's call. Assumptions behind this guidance. Comparable growth of roughly 2% as we expect some choppiness over the next quarter or two, but we do not expect to have term fees in 2021 at the same levels of 2020 or 2019, which were both north of $14 million. Please note that comparable growth as a metric continues to have limited utility in this environment. Collectibility metrics should improve over the course of the year but will not return to pre-COVID levels until sometime in 2022. As discussed, we expect lower occupancy levels in the next quarter or two before stabilizing later in the year, but remain optimistic that it will not be as bad as previously feared. Targeting a trough in 88% range for our occupied percentage with the lease percentage remaining above 90%. G&A will average roughly $11 million-$12 million per quarter. On the capital side, we project spend on development and redevelopment of roughly $350 million-$400 million. Contributions from our large development projects will be modestly negative in 2021 as POI from CocoWalk's lease-up will be more than offset by bringing online the phase IIIs of both Pike & Rose and Assembly Row, including the aforementioned resi building, which as I mentioned, are initially dilutive during lease-up. We project another $150 million of opportunistic equity issuance on our ATM over the course of the year. As our custom, this guidance assumes no acquisitions or dispositions over the balance of 2021. We will adjust those as we go. However, a recently acquired Chesterbrook shopping center demographically strong with McLean, Virginia is included in these numbers. For 2022, we are providing a range of $5.05-$5.25, which represents double-digit FFO growth in 2022. This is being driven by lower COVID-19 collection challenges as deferrals are repaid and abatement agreements burn off. The expectation of growing occupancy levels back into the low 90%s and stronger contributions from our development pipeline as leasing activity more meaningfully translates to POI. More detail on 2022 as we get further into the year. With that operator, please open up the line for questions. Our first question is with Samir Khanal with Evercore ISI. Please proceed with your question. Good afternoon, everyone. Hey, Dan, can you provide some color on the guidance for the year? What are you assuming to get to the low end here, the $4.54? Well, I think there's a fair amount of uncertainty still as we're I think relying upon better performance from PPP money and so forth. Let's wait and see how well our tenants do later in the year to see how well they perform without PPP money and so forth. I think that the expectations that cash collections generally kind of are consistent with where we are. We have more weakness in occupancy where we're probably at the lower end of the range, closer to 88% is a driver there. It's also how does continued lease-up perform over the course of the year. Okay. Got it. I guess, Don, for my second question is on transactions. How do you think about your acquisition strategy today sort of on the other side of COVID? Do you find yourself targeting kind of the non-gateway markets given the migration trends we've been seeing? It's sort of the same as what you've done. Are you targeting sort of coastal markets at this point? Yeah, no, Samir, it's a great question. There's a number of things that have become really clear during COVID from my perspective. That is the migration that is so talked about is largely from the city to the first ring suburbs. When I see what is happening in the places that we're at, I know that we're going to continue to invest in those places for all the reasons that we felt good about them for all those years. The first thing is, you should understand that Federal is very committed to the markets that we're in for future acquisitions. The second is, it's an interesting concept. I've talked in the past about Arizona, I've talked in the past about south and west acquisitions. You know what that's mostly about is the reality that for stuff that we want, and that will not change, it is the high-quality stuff that has both leasing and redevelopment potential. We need a few more ponds to fish in, if you will, because we are in just seven or eight markets. It is pretty clear that markets like Phoenix and Scottsdale, markets potentially like Dallas, maybe Atlanta, we'll see, certainly South Florida, have the similar characteristics to those markets that have worked real well for us. The stuff that we've got tied up that I can't give you too much on, I can tell you that one of those assets are in an existing market that we're in. One of those markets is a new one, in terms of the Southwest, as you might imagine. I hope we get both of them over the transom there. Really what that's about is when you invested in Federal, you invest in Federal to look for those markets with high barriers to entry, lots of jobs, great education. That includes the ones we're in, and yeah, it includes a few new ones, potentially, over the next several years. Kind of think about it that way. Thanks so much. Our next question is with Derek Johnson from Deutsche Bank. Please proceed with your question. Hi, everyone. Thank you. It's no secret that you have the highest ABR among your property type or peers. Would rent rolling a bit lower actually be that bad of a thing, given the significant spread to peers and of course, acknowledging the quality? I guess the question is, how do you look at balancing occupancy and rent growth in this emerging post-COVID environment? Well, it's a great question, Derek. As you think about it, the conversation about rents has to be talked about in the same conversation as productivity. When you think about what the occupancy cost is for a particular retailer, that retailer is looking to make money and create value. That's going to be very dependent upon what it is that they do in top line, either on-site or in their total business, as well as the cost structure throughout the whole business. I know what I just said is obvious, but it feels like we sometimes so focus on the absolute rent number, we don't focus on the business that effectively is there that is creating value for that particular company's owners and shareholders. From a rent perspective, I can tell you, I feel pretty darn good that we will actually have enhanced demand. We have seen enhanced demand at our properties. That doesn't mean you won't make accommodations, if you will, during COVID. We certainly will and have demonstrated that we'll do that probably to a greater extent than others are willing to do that. That's only because we have great faith in our properties going forward. We're always going to try to get the best economic deal that we can that works for that particular tenant. The key is to find the right tenants, to find those tenants that are those that can do the volumes, those that can not just pay the highest rents, that can do the volumes to create the synergies within a shopping center that make the whole effectively impacted by each of the parts. I don't know how to answer your question in terms of, is it so bad if rents roll down? I don't think about it that way. We think about it as from a shopping center perspective, how do we make the overall total sales of that shopping center go up? Because if that happens, whether, again, it's online or a combination of online or in-store, if that happens, rent's a byproduct of that. It's not the leading indicator. When you go for it for the leading indicator, it feels to me like you're competing in a business based on being the cheapest guy. That's not a business I want to have anything to do with running. That's no fun. I've got to be able to be the guy that you want to come to because you can make the most money. If all you're looking at is cheap rent to be able to do that, I think it's pretty myopic. Thanks, Don. Very helpful. Hey, I'll pass the baton. Thank you. Rhea, are you there? Our next question is with Alexander Goldfarb with Piper Sandler. Please proceed with your question. Hey, good evening. Two questions. First, Don, there've been a number of stories, articles, et cetera, on labor shortages caused by basically people who would, I guess, staff restaurants are paid more to sit at home with the extended unemployment than actually taking jobs. Across your portfolio, are any of your sort of lifestyle tenants, your experiential tenants who are heavy on the labor front as part of their offering, are any of those tenants expressing to you an issue with the ability to hire labor? Across your tenants, they're not seeing that impact? Oh, no. Well, first of all, there's two questions there, Alex. First is, are they expressing it to us? No, not particularly. I don't know why they would. That's not the same question. Are they experiencing problems in getting labor? The answer to that is obviously yes. I don't need to know that as a landlord because it's not that particularly germane to me as a landlord in the short period during COVID, but it's absolutely impacting. I bet you most people who've either been to a restaurant, not even a restaurant, to a store, and kind of seen the understaffing that persists right now and in some cases, the quality of the labor force, it's a problem. I would not candy coat that one bit. It's good to be the landlord, effectively, because we're talking about commitments for the long term. I do not expect this to be a persistent problem in terms of being able to find it. Right now, with unemployment where it is, with the state of mind that kind of the country has been in during this, I absolutely believe that there are numerous businesses, not just restaurants, that are struggling to find qualified help. Okay. The second question is, you laid out guidance for this year and guidance for next year. I don't think we were expecting the 2022, but Don, knowing you over the years, you don't lay out anything unless you are absolutely certain that you could achieve it, which then suggests that your real 2022 number is above the $5.25 that you laid out at the top end. Just help us walk through why we shouldn't believe the real number is better than the range that you laid out. Well, I guess the basic reason is your logic is flawed. Number one, I'm certainly not laying something out because whatever your words were there, absolutely positive. Are you seriously, dude? Here's where we are. We've got lots of accommodative deals that will be burning off. We know that when they burn off, they will return to rent. Hopefully, those tenants will be able to pay that full rent and continue to do that. We know that certainly we've got development projects that are being delivered. Of course, when you deliver a big residential building, there's dilution associated with it. We all know that. That's how it works on your way to creating a bunch of value there. We know that the volume of leasing that we've already done and rolling into what income stream that's going to produce is pretty predictable. Kind of like I said on the last call, Alex, 2022 for us is in many respects more predictable than it is in 2021 for any particular period. I think that still hangs out there. Now to the, again, here comes the bridge from those comments to, therefore we need to blow through the numbers of 2022 that we've laid out. I don't know how to get there. We tried to put out a range there as best we see it today based on those things going away. There's the accommodations going away, the developments coming on, their impacts, positive or negative, associated with it, and the leasing that is being done, those three primary things. We get comfortable that for that period of time, we should be in that range. Lots of things could go wrong from there, and a few things could go right. You're right. Let me tell you, we're going to be doing all we can to blow through those numbers, but please don't take that as a de facto given that can happen because I don't have that much of a crystal ball. I don't know if that's helpful or not, but just the way you characterized it didn't suggest the way I feel. Well, no, it's a positive for you, right? You guys tend in pre-COVID, had a tendency to beat and raises. That was the hallmark for you guys. It's based over time of your track record, which is kudos to you, right? All right. Look, I appreciate that, and you can bet that's what we will try to do all the way through. I just didn't want you to take it as far as you did with respect to the undoubtedly this is what's going to happen because you'd be a whole lot better than I am or any of us are if you could be able to be that precise. Okay. Thank you. Thank you. Our next question is with Katy McConnell from Citi. Please proceed with your question. Great. Thank you. Well, first of all, we really appreciate the added disclosure on both 2021 and 2022 guidance. Just digging into the drivers a little more, can you provide some goalposts around how much development completion and lease-up is contributing to the range each year? I assume is that one of the main drivers of the wider range in 2022 in particular? You're focused on 2022 or 2021? 2021, the contributions from development are going to be actually negative as we had highlighted. What we're focused on is on 2022. We've got primary drivers being the two big buildings at Assembly. They will begin to contribute in 2022, but will not fully contribute until 2023. CocoWalk should begin to stabilize in 2022, and hit a full run rate at some point over the course of the year, as should, at some point, the building here at Pike & Rose. I think that there should be probably contribution in and around an additional $10 million of additional incremental relative to 2021 contribution over the course of the year. You know, Katy, your question is dead right. If you think about us delivering Assembly's an easy one to understand, right? We're going to deliver this year a big residential building. The pace of lease-up, how you get through 500 units, is going to determine, in some respects, how quickly the dilution burns off when you start being accretive, what kind of rents we're getting, et cetera. There's a lot of question around how that's going to work. I don't know that we're going to be doing 20 to 30 units a month, or we're going to be able to do 40 or 45 units a month, and at what rent. If you kind of roll that through a model, just from that big project, you've certainly got range. Our range for 2022 is way beyond that. It really has to include some basic assumptions on lease-up of the portfolio. As you know, as Dan said, we'll be at 88% or 89% later this year. We've got to get that back up to 92% or 93%. The pace by which that happens is going to very much determine that. I do feel great, frankly, about not only the direction that we're headed, but because of the volume that we're doing and because of the progress we're making on those developments, that while we can't be precise with respect to exactly how that income stream's going to come on, we certainly know what the direction of it is, and within a range that I actually think is pretty tight given the fact that we're nine to 18 months out. I think it's pretty tight. All of those things considering, I think can give you more visibility than we've been able to give you since the beginning of the pandemic. Hey, Don Wood, it's Michael Bilerman. I too wanted to thank you for giving us a lot of the details on the guidance and the actual numbers. Are you going to jump down my throat if I ask you to put that in the supplemental each quarter? Michael, that's a bait and switch. You had Katy start and ask a question, and then you jumped right in there. If I knew that, we would've put you at the end of the line, for Pete's sake. Oh, geez. I thought we were friends. Mike, I'm just kidding, for Pete's sake. No, you can certainly ask that. That is certainly something that Dan Gee and Melissa Solis and the financial side of this company will certainly come to a conclusion with the help of our general counsel as to what should go in there. I don't have anything to say with respect to that today, Michael. Well, it would be great. That way, there is no confusion over the numbers on these conference calls. A 10 could quickly be heard of as a 16 or something. My question was, you talked on the call earlier, and you focused on California, and you spent a lot of time talking about Santana Row and Primestor. Yeah. Was the focus more so on what you have today, or do you want to highlight California as an area, as a country, that you wanted to deploy incremental capital outside of Santana Row and Primestor? I just wanted to know sort of the background to it. No, that's very fair. The short answer is both. I hope we are making incrementally new investments in California. You know why we brought that up and I spent so much time on that? Jeff Berkes and I have been going back and forth on I'll send out an article to him that I read. He'll say, "It's only telling half the story," and yell at me. We sit there and debate how important California is as a market today and where it's going to be tomorrow. What are we really seeing with respect to leasing demand? Is that changing? Is everybody moving to Texas? How is this all really playing out? We really came down to this very good understanding that the headlines are far more exaggerated than effectively the supply and demand characteristics of the markets that we're in, that we can certainly talk about with knowledge because we're out there doing those leases. The ability to find other places where we would like to continue to invest. We do have another one that we're looking at really closely in Southern California, that I hope we can get over to pull over the transom, because I think the long-term opportunity is amazing. I wanted to go through that really as a headline buster if you will. I do think it's a great microcosm and a predictor of what you will see as the Massachusetts economy opens back up. It is interesting, if you look at weather, as you head north, you can say, okay, Pike & Rose is behind Florida, but ahead of Boston. Boston is behind Pike & Rose, but we can see where it's going relative to California. The warmer it gets, the nicer the weather. By far, it seems to be the biggest predictor of traffic levels and sales. Okay. Thanks for the color, Don. Thank you, Michael. We are friends. I know. Take care. Our next question is with Greg McGinniss with Scotiabank. Please proceed with your question. Hey, good evening. First, Don, on development in maybe residential more specifically. I understand there's some uncertainties on the speed of residential lease-up at Assembly Row. Just curious what the expected stabilized yield is there. Then also, how do you feel about starting additional residential development at this time, and when might you break ground on future development phases? Greg, that's fair. The stabilized yield, I don't feel differently about. Might it take another year to get there? Sure. The best part of residential, and I'm sure you hear it on every residential call is that it's the same thing as the worst part of residential, they're one-year leases. A little bit less, a little bit more. It's not like you build something in a great market, but at the wrong time, and you're stuck in purgatory forever, as happens on the retail side, and certainly happens on the office side. See, I know today it is, as we've talked about and as you've intimated here, it is our toughest market from a residential perspective to be able to make progress in, and that is where we're opening up a new project. There is less predictability in terms of that timing and where we go. I do believe we'll be where we said we'd be upon stabilization, even if that stabilization is later than obviously it would've been pre-COVID. We'll have to see. We'll have to play that out. In terms of investing in residential in other places, sure we will. I feel very good about that at our mixed-use property. Again, not standalone, but where they are at our mixed-use properties. The real question there is what are we going to do? Are we going to be able to make the numbers work with construction prices, which are absolutely, at this point in time, out of control. Whether that is a long-term phenomena or a short-term phenomena is to be seen. Clearly, supply chain of materials has been completely disrupted in the last year globally, and that impacts prices. We have to see where that'll go. At Bala Cynwyd, for example, in our shopping center there outside of Philadelphia in Lower Merion Township, we're leasing up our small project, and we really want to do our small project there as a precursor to see what kind of demand we would have for a larger project that would include residential on the Lord & Taylor site that is there. One of the best pieces of land in the whole Federal portfolio. I am extremely bullish on the initial demand, even during COVID, of the small project that we did there, and on the township and the design process of what we're building. We're an economic company. It comes down to can we make money, and can we add value? To the extent we can with residential on our existing properties, we will still do that. Okay. One for Dan here. On the accommodative tenant agreements that you were talking about, just curious what the total magnitude and cadence of those agreements are going to be as they burn off, I guess, later this year and into 2022. What types of tenants were those provided to? Primarily, we've talked about this on calls before. We've made accommodative agreements with a fair amount of restaurants operating during COVID time, kind of doing a greater of fixed rent that's less than their contractual rent for a temporary period of time, or a percentage of sales. Look, we'll see how well they burn off, in particular because it depends on whether or not we get the upside of the percentage rent. It should burn off over time ratably. Those accommodative agreements are not all $10 million of abatements that we had during the quarter. That should burn off ratably probably over the next, I would say, 12 to 18 months. Okay. These are not new agreements, it's just continuation of ones that were already in place? Yes. Correct. Okay. Thank you. Thanks for the time. Our next question is with Juan Sanabria, with BMO Capital Markets. Please proceed with your question. Hi. Thanks for the time. I was just hoping if you could give us a little color on the leased versus occupancy spread. You kind of talked about a $20 million number, and how much of that is truly additive versus kind of musical chairs in between tenants or space, and how you think the timing of that in terms of coming online. That's primarily is additive. Not a lot of musical chairs, not a lot of moving around of tenants. It's additive. Great. Second half of 2021. Could you say that one more time, sorry? Yeah, Juan, just I think, you'll see that starting in the second half of 2021 and 2022, in terms of the timing. Great, thank you. Then on the leasing side, you had a huge number on the leasing spread for new deals, 18%. Anything unusual in the numbers in the quarter that kind of skewed that, or is that kind of how you're thinking about future volumes for the balance of the year maybe? No, I don't know how it'll come out from the rest of the year, but I can tell you there's always a few deals in there that are especially good, including a couple that we had, this time up at Assembly Row. I think that's kind of what you see with us. There's always a couple of good ones in there, and there might be a quarter where we got a couple of bad ones in there. Overall, I kind of like the trajectory that you see. Thank you. Our next question is with Craig Schmidt with Bank of America. Please proceed with your question. Yeah. Thank you. I wanted to talk, the increase in the leasing volume. I know you talked to a lot of new leases, but are they more essential or are they more discretionary? Are you seeing new names to your portfolio, or are these people that have properties and are looking to expand in your portfolio? Yeah. Let me start on that. I'd love either Jeff or Wendy to add on to my point or to my comments. A couple of things, Craig. The thing that keeps striking me throughout this process is how broad-based the leasing has been. I've been looking for places to say, okay, here's a category that is very active right now, and this other category is not doing deals. I'm not seeing that. I'm seeing this broad-based. What I know is the number of deals that you're seeing at some of the non-essential, the lifestyle type projects are particularly good. I think that's a factor or a notion of I believe there is a groundswell that is becoming more and more accepted that these first-tier suburbs with places that can be more than just your shopping center, that are effectively an integral part of your life, are the place to be. What we're really trying to do, and seeing some really good success there, is getting new leases from tenants that are new to market, and we've seen that in a large way at Santana. I know Jeff can talk more about that. We've seen that in a huge way on the Pike & Rose, Village at Shirlington, first row of suburbs outside of Washington, D.C. for new food concepts, certainly for some gym concepts that have been newly capitalized along the way, and even apparel. This is about as broad as it's been. We certainly have grocery deals in there, a CVS deal in there along the way. I'm most excited, to tell you the truth, not about the boxes. The boxes are fine, they've got a lot of leverage, they're the national companies that'll pay the rent, isn't that exciting? It's really exciting when you're killed by COVID. Not particularly exciting going forward because there's not a lot of growth in it. It is kind of what it is. I'm excited by these small shop potentials at consolidating places that are either mixed use or dominant in the dominant shopping centers in their markets. That's where I think there'll be value to add significantly over the next few years. Jeff or Wendy? Craig always asks the best questions. I know. Craig, I appreciate the question because truth be told, with the amount of activity that we've had this quarter and what's bubbling up, I was a little eager to jump in terms of leasing. I appreciate it. Very true. Broad-based is what certainly we're seeing all over the East. Not just the lifestyle centers certainly, but our community centers, our neighborhood centers, our power centers. As Don says, we maintain a strong, steady, and healthy level of anchor activity, which has been very good and supportive and kind of continuous. The spike has been on the smaller shops. All the way from the mom-and-pops, from Taco Bamba, which is a coveted taco player in Northern Virginia that just signed a deal with us in Congressional, in Rockville, to Athleta, to Room & Board, to American Eagle, to Gregorys Coffee, who's joining us in Long Island. New names. In addition, we have strong tenants like a Starbucks. We're doing several deals with them where they're taking their focus on these first-ring suburbs, and they're investing, and we're investing in creating some opportunities for them that would also maintain and provide a drive-through. That's kind of what we've done for the quarter. In conjunction with that, what I'm also pretty excited about is what I see in the pipeline. That is, again, broad-based, all the way across our property formats, and robust. Not just in renewals but in net new deals. I'm very encouraged by what I'm seeing lately. Yeah. Craig, really, same on the West Coast, whether it's up at Santana within the Primestor portfolio or some of our other Southern California properties, both on the new deal and renewal side. Both in, let's call it, the more traditional neighborhood and community center type small shop, like Wendy's talking about, or the more, let's call it, lifestyle-oriented tenant like we'll see at The Point where we did an Evereve deal, or up at Santana where we've done a number of new-to-market clothing retailer deals, which we've mentioned on prior calls, and restaurants. We have a restaurant under construction, first unit out of San Francisco. We have another restaurant under construction that's new to market. Notable chef. It's the fourth restaurant that he's opening, first one in California. Yeah, really encouraged, not only by what we've accomplished so far in, let's call it, the last three quarters or so coming as we've started to come out of COVID. If you look at the pipeline of deals that are being negotiated right now, it's very strong. Couldn't be happier about that. Great. Thanks for the detail on that. I guess just one other thing, the big difference for me between fourth quarter and first quarter has been the change on the impact from government restrictions. I think January was described earlier in the call as a dark day, then we look at your ABR open at 98% in April 30th. How much of February and March were closer to that April performance versus the January performance? That's a great question. Overall, it's a pretty straight line. Again, I kind of think the straight line that took you from January to April, it's heavily weather dependent too. Look, the issue is, if you say, what do I worry about? The government stimulus has clearly been helpful. There will be more to come. That's clearly helpful. For businesses to be long-term viable, those government restrictions have to go away, and those businesses have to see if they can survive long term. That, to me, is still a question mark, right? You can't have a business that's 25% open paying rent because the stimulus is allowing them to pay rent. Once the stimulus goes away, you can't make any money at 25% or 50%. That's what is yet to be seen. The encouraging side of that, Craig, it's happened all the way through, is the traffic that has come out has been impressive. If these people have the opportunity to buy and to eat and to spend, I believe they will. At least those retailers will not have much of an excuse if those folks are there and the government restrictions are gone to be able to make money in their businesses. Okay. There's one quick one. Just given the acceleration of the business, when might Federal be able to cover their dividend with operating cash flow? You should expect 2022. I'm not sure which quarter yet in 2022, whether the third or the fourth quarter, but later in 2022 is where we hope to be there. Great. Thank you. Our next question is with Haendel St. Juste with Mizuho. Please proceed with your question. Hey. Thank you. Good evening out there. First one's a bit of a follow-up on question on leasing. The blended rents in the quarter up 9%. I'm curious how that compared your mixed use versus more food-anchored stores. Also, what's your sense of how that plays out, that dynamic, that spread perhaps given the demand and pricing trend you're seeing in the mixed use and grocery-anchored portfolios? Thanks. Haendel, you may have to do the second part first. In the first part of your question, we did better in the mixed-use properties in terms of the new deals moving forward than we did in the more basic shopping centers, the essential stuff. That's kind of in line with what I was talking about a few minutes ago. The second part of your question, I just didn't get. I don't think Daniel did either. Sure. No, I was getting at sort of what you were seeing within those two segments today comparatively to the 9% overall for the portfolio. What's your sense of how that plays out over the near term, given the demand and pricing trends you're seeing in each piece of the portfolio? Yeah. Well, listen, I do have a point of view on that. When you say near term, I'm not sure if we're talking about the next three quarters or so, because the answer from my perspective then is I don't know. It'll depend, as I said earlier on the call, to the particular deals that got done in a particular quarter, as it kind of always does. Longer term, I would expect to see better growth from the 25% non-essential part of the company than I would the 75%. The 75% is critical to not only the stability of the company but some level of growth, so that the remaining 25 kind of takes that and builds on it. That's how we look at it and see it over the next, let's say, three years. I don't know, Jeff or Wendy, if you want to add anything to that. No, I think you've got it, Don. Okay, fair enough. A question then maybe for you, Dan. Can you talk about the restaurant and movie theater rents, how they trended in April, and what that implies for your full year 2021 guide? Maybe also remind us what percentage of the outstanding reserves is tied to those two industries? Thanks. Yeah. I didn't quite get your question, Haendel St. Juste. It's a little low. I asked if you could talk about the restaurant and movie theater rents, how they trend in April, and what that implies for the full year 2021 guide. Also, if you could remind us what percentage of the outstanding reserves are tied to those two industries. I would say our reserves, probably about 40% of the reserves. Just getting a specific number, I don't have it. May want to do that. We may need to take this offline. I'm happy to answer it. I'll open a phone call, Haendel St. Juste. That's a detail we didn't prepare for. Got it. Maybe I could substitute in a different second question. I don't know if I missed it, can you guys disclose the cap rate on the grocery center you acquired in Virginia, and maybe some thoughts on the long-term opportunity and returns there? Thanks. Five going in. You should expect that to be at least a six and three quarters and maybe a seven within just a few years. Got it. Is that from occupancy or occupancy plus rents? Yes and yes. Primarily rent. To the extent we get to re-merchandise this shopping center, which we very much expect to do to be able to provide McLean, Virginia with the kind of product that we'd like it to, it should be a great addition. You've been to Wildwood in Bethesda, right? Yeah. McLean needs one. Got it. All right. All right. Wonderful. That's it for me. Thank you. Our next question is with Mike Mueller with JPMorgan. Please proceed with your question. Yeah. Hi, two of them here. First, Dan, I think you talked about prior period rent collections that were in the number of benefit this quarter. Can you throw out what that number was? Then also, I know you don't put acquisitions in guidance for 2021 or 2022, but can you help us think about the cash on hand, you're raising incremental equity. You talked about $350-$400 development spend this year. How significant could acquisitions be? To the extent they're not, what could development spend look like in 2022? Just thinking about burning through the cash. Yeah, sure. I'll do the two questions together. I'll take the first one quickly. We had about $8 million of prior period rent. We had projected some prior period rents to be paid. That was a bit more than we expected. We've had prior period rents in the second quarter and the third quarter. Well, the third quarter and fourth quarter of last year and so forth. It's hard to predict kind of what that level will be on a go-forward basis this year. That's a little bit also of some of the variability what we're expecting, how much prior period rent we had to do through collecting. On the second piece, with regards to the cash, look, we've got spend that we're expecting this year. We've got some opportunities from an acquisition perspective in the quarter. We had $800 million in an undrawn line of credit. I mean, we've got plenty of dry powder, and I think we really can be pretty tactical with regards to how we deploy that capital. That's not a concern for us at the moment in terms of how we pay for the opportunities that we'll see over the course of the next 12-18 months. Mike, we got about $170 million left after this year on the existing developments that are underway now. I think, I don't know, it's about $250 million or so left for this year on our existing, maybe $300. Yeah. If you think about $450 or some kind of number like that to finish up the existing developments that we have. Again, the $800 million of cash on the balance sheet. The acquisitions that we're looking at don't buck in this. I simply don't really want to give you a size of that right now, because I don't want people to know which assets we're looking at right now. Got it. Effectively, in two different markets, nothing crazy big. Don't think that. Certainly enough that the asset handles. Let me leave it at that if I can, so I don't get in trouble with Dan or Berkes. Yeah, no. That's good. That's helpful. Thanks. Yep. Our next question is with Ki Bin Kim with [Truist]. Please proceed with your question. Thanks. It'll be quick here. You already discussed some of the tenant demand you're seeing and how it's broad-based. I'm just curious, high-level, are you getting the types of tenants that you want, the credit quality that you want? How high on the pedestal is merchandising mix in an environment like this when you have inventory to sell? Ki Bin, that is the secret sauce of a business, right? Our business. How we balance occupancy with merchandising mix, with the credit of that particular tenant. The way we look at it, first of all, gosh, you're never going to convince me that merchandising is not among the most important things to do in a retail environment. We all know that even after the pandemic, there's too many choices for places to shop out there. We've got to be the one of choice if we're going to have any possibility of pushing rents, which we want to do. Just like the $75 million that we're spending on redevelopment projects, which are all about much more than new rooms and parking lots. These are about places to hang so that you can be there in the morning, at night, for long-term periods, for short-term periods, to use this as part of your life. If you do that, the biggest part of that is getting the right tenants that let you have that type of lifestyle. What we've seen is great demand from a very broad, wide variety of tenants like that. I think Jeff Berkes talked about them. Now, when you're talking about restaurants, is the credit great in a restaurant? No. Is the fact that 110,000 restaurants in the country went away during COVID a positive? Yes, because supply and demand is reaching a much better balance in that very important category for the type of assets that we have. Frankly, we're doubling down on restaurants. I love it. I love the idea of being the consolidator to have a place where those key gathering places have those choices. When you go out and spend your time, I think you would agree. You may worry about who's going to fill a theater box if that business doesn't work three years from now, five years from now. I think we've proven, I think the country's proven, that restaurants, outdoor dining, is here to stay. We've got the places for that particular group. We also have the places, and we've been seeing it in terms of those digitally native brands that want only a few places to make sure that their brand is appropriately reflected. We've gotten more than our fair share of that, certainly at The Row property. I think going back to where we started, it's not that there's a lot of choice, if you will, for any particular tenant. It is that the best tenants do seem to be coming, and we get a shot at them. If we get a shot at them, we get a shot at creating the best place, and that's how we can push rents and create value. From my perspective, very encouraged by what we've seen over the last nine months, frankly, in terms of our places and demand at our places. Hey, Great call for answer. Ki Bin, it's Jeff. Just to kind of add on to what Don's saying. One thing, we've discussed this on past calls, I think. One thing that's different about this crisis than 2009, 2010, or even if you dial back to the tech bubble bursting in Silicon Valley right when we were delivering the first phase of Santana Row, is there is a ridiculous amount of capital on the sidelines. Whether it's money to fund new restaurants or new restaurant concepts, it certainly wasn't around when we delivered Santana Row back in the day, which is why we had to invest in those restaurants ourselves. We're seeing this time, just completely different availability of capital for new business and new business formation, particularly in the restaurant category. We're also seeing it in the fitness, and I would call it the healthcare and wellness segment, where we've seen a few new concepts come that are very well-backed, very well financially backed. A couple fitness operators that didn't have legacy issues for whatever reason, that have invested a ridiculous amount of equity capital in the fitness sector. Really a lot different from that perspective than prior downturns. We're not relaxing our credit quality standards at all. Quite frankly, we haven't needed to. Thanks for that very colorful answer. Just one quick one. Are there any changes to some of the leasing language that gives kind of some more outs? Wendy, do you want to take that? Whether that be sales based. In terms of our contracts, it depends. If we're talking about tenants that we have that have a proven history with us and strong sales, and we see them as a key fundamental of the places and the environments that we want to continue to build upon with that foundation, we, as Dan had said, we had mentioned that we can be creative, provided that it's going to benefit the tenant, and that we're going to be able to share in that upside as well. As it relates to other tenants going forward, new coming in, it depends on the center, and it depends on the concept. We sometimes don't mind, depending upon the capital allocation, and if it's very limited or zero, where we can make an opportunity for a tenant. They can try us, we can try them, and see how that marriage works. We maintain controls over the shopping center. That can oftentimes be a win-win. It really depends. I'm sounding like I'm not answering you, but it really depends on the operator, and it also depends. What we're seeing more today than we've seen in the past is if we have choices, right? If we have choices between two great operators, and that happens, and it's happening more often than not now. All those factors come into play as we continue to kind of emerge post-COVID. Okay. Thank you. Our next question is with Linda Tsai with Jefferies. Please proceed with your question. Hi. Just to clarify, $8 million of prior period rents in 1Q, were those from both deferrals and cash basis tenants paying back? It's cash basis. Okay. Tenants paying back. Got it. Within guidance, there's some assumption, some level of that baked in as well. Exactly. A low range for the lower end, yeah. Maybe we continue on. We've seen in the third, fourth, and this quarter, reasonable prior period rent collections. We don't expect that to continue at the pace that we've had. We expect that certainly to burn off. We have different assumptions in there. Yeah, we don't expect $8 million every quarter for the balance of the year. That should shrink to a much smaller number by the fourth quarter. Thanks. Your comment on Bala Cynwyd as a precursor to gauge demand for larger residential projects. How is progress at Bala Cynwyd versus expectations? Let me answer that, Linda, really the right way. Everything stopped in terms of demand between April of 2020 and November, December of 2020. From that perspective, we're behind, as you would expect us to be. What I was talking about is now you look at this spring and what's happening there in February and March and April, better than we expected. Clearly a trough, and now, like the rest of the country, I guess, this renewed ability to come out and make decisions, including living decisions. We should be leased up fully there within the next few months. Thanks. Our next question is from Floris van Dijkum with Compass Point. Please proceed with your question. Thanks, guys, for taking my question. I hope David Simon was listening to your comments earlier, Don, about productive real estate generating high rents. I think that's part of his spiel as well. Wanted to ask about the past due rent collection, $8 million. It's a $0.11 impact this quarter. Obviously, again, you've baked in some of that going down the road. Could you quantify all of the past due rent from existing tenants that you have in your portfolio, and how much potential there is of that that you haven't collected? Well, we've got a receivable of how big? About $80 million. We certainly do not expect to collect $80 million. Yeah, that's what the receivable is. The gross receivable. That's not in our forecast, of course. Yeah, it's a portion of that. A small portion, so it's like 20% of that. Is that sort of the ballpark what I'm hearing? Is that the right assumption for past due rents to be collected, or is it higher? No. I don't have that number kind of offhand. What I guess I could do is follow up with you offline. Okay. A follow-up question maybe. Obviously the ATM issuance, I think you did $87 million during the quarter and some post the quarter. I think you mentioned on the call $124 million in total. Maybe talk about the average price, and maybe the implications for where your share price is relative to your NAV as well. Yeah. Hey, look, within my comments, we transact sold stock. $105 $105. $88 million of that was in the cash market. $36 million of that was in the forward market. Honestly, I think we're in and around kind of our estimate for NAV. Hey, look, that's a moving target for us. Floris, the one thing about us that I guess I know you know about us, but I hope you appreciate that about us, is that we try to do some every year. Effectively, obviously, we're not going to do it down at levels that are significantly dilutive. In every year, as a REIT, we want to stay very active in acquisitions, developments, and property improvement plans. We want to stay very active at being able to lease to the best tenants. We want to stay very active in making sure that the dividend gets paid. This company believes in the future and a long-term future. When you do that, you want to issue equity in modest amounts, but each year in each period as you can. Doing it at $105, I think we're worth more than that. I think you think we're worth more than that. I think everybody thinks we're worth more than that. Effectively, in being in that range to be able to utilize the ATM to create some level of equity inclusion, we think is prudent and is, on balance, an important part of the overall capital plan. Thanks, Don. Appreciate it. Our next question is with Chris Lucas with Capital One Securities. Please proceed with your question. Okay, good evening, everybody. Sorry for the long call, but I do have a couple of quick questions. Don, first, congratulations on Chesterbrook. Hard to find an asset that actually improves your demographics, but you did it. Thanks, Chris. The other comment I would make is that that could've used a Federal [touch] when I was in high school, just think about it. Exactly. That's why I think you should be really happy, or you will be really happy when you see the growth that we generate from it. I think it's a low bar. I would agree. One thing that I did want to talk a little bit about is just on the apartment lease rate. Nice improvement since the fourth quarter. Just curious, was that just snap back in demand, or did you have to do any significant incentivizing to drive that improved activity? A significant incentivizing up in Boston. Very little activity at all in California, which is snapping back beautifully, and the same here at Pike & Rose. In fact, the leader, by the way, among those three in terms of rent growth and, or lack of rent diminution is Pike & Rose. Okay. Don, two quick ones for you. I'd be remiss if I didn't ask what lease term fees were for the quarter. Yeah. They were flat to last year, about $2.8 million in each of those first quarter of 2020 and first quarter of 2021. And then I know you- That was above what we had- Go back. That was above what we had forecast. Right. I was going to say. In your guidance for this year, have you upped your expectations for lease term fees? No. Look, I think that we've got a range. At the high end of the range and at the low end of the range, it's kind of our average over the last 10, 15 years. Figure that. Okay. We're not anticipating getting to $14 million in any of those cases. Okay. Last question from me. Can you kind of give us a little more color on sort of the ins and outs of what Splunk is, the sort of timing of Splunk's sort of, I guess, lease term fee versus, or how they're making up the difference between sort of when NetApp starts paying you rent or however that works. Can you kind of go through some of the timing issues and what I'm assuming it's a net neutral, but just can you kind of walk through the timing of the transaction there? You bet. Jeff, can you take that? Yeah. Chris, I think Don said this in his opening comments, but we're made whole, and there's no lapse in rent payment between when the Splunk stops and NetApp starts. Made whole from that perspective. Jeff, I appreciate- Basically, Chris- Yeah, go ahead. I was just going to say, basically, the make whole was in a cash payment, effectively, or now. That we had a straight line receivable that we had to write off. Those things kind of netted effectively. We added two years of term at a big number. Okay. That's a second-quarter transaction, so less straight line, more cash. That's not a bad thing. Say that one more time, just make sure I got that. It's a second quarter event, right? Yes. True. Yeah. The net is less straight line, but more cash, which is a good thing. Yes, correct. Yeah. 2Q is correct. Okay. Thank you. That's all I had. Appreciate it. Thanks, Chris. Ladies and gentlemen, we have reached the end of the question- and- answer session. I would like to turn the call back to Leah Brady for closing remarks. Thanks, everyone, for joining us today. We look forward to seeing you at Nareit, and please reach out to schedule a meeting. Thanks. This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.