Greetings, and welcome to the RPT Realty Fourth 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, Vin Chao, Managing Director of Finance and Investments. Please proceed. Good morning, and thank you for joining us for RPT's Fourth Quarter 2021 Earnings Conference Call. At this time, management would like me to inform you that certain statements made during this conference call which are not historical may be deemed forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Additionally, statements made during the call are made as of the date of this call. Listeners to any replay should understand that the passage of time by itself will diminish the quality of the statements made. Although we believe that the expectations reflected in any forward-looking statements are based on reasonable assumptions, factors and risks could cause actual results to differ from expectations. Certain of these risk factors are described as risk factors in our annual report on Form 10-K for the fiscal year ended December 31st, 2021 that will be filed later today and in our earnings release for the fourth quarter 2021. Certain of these statements made on today's call also involve non-GAAP financial measures. Listeners are directed to our fourth quarter 2021 and third quarter 2021 press releases, which include definitions of those non-GAAP measures and reconciliations to the nearest GAAP measures and which are available on our website in the Investors section. I'd like to now turn the call over to President and CEO Brian Harper, and CFO Mike Fitzmaurice for their opening remarks. After which, we will open the call for questions. Thanks, Vin. Good morning, and thank you for joining our call today. 2021 was a transformational year for RPT across all areas of our business, and we are in better position today than we ever have been in RPT's history to grow earnings and create value for our shAreholders. Compared to 2020, we expect to grow 2022 operating FFO by a robust 32%, primarily driven by strong operating performance, accretive acquisitions, and fee income. We created another growth lever in our fund business with the formation of our net lease platform to take advantage of dislocations between multi-tenant and single-tenant valuations and to enhance our management fee income stream. Through our data-driven approach, we were the top buyer of open air shopping centers in 2021, with Boston becoming our third largest market in less than a year, vastly improving our geographic footprint and portfolio quality. We leased more space than we have in any year since 2016, and we reported our fourth consecutive year of new lease spreads of 20% or more. We significantly upgraded our tenancy by replacing weaker credits with top investment grade rated tenants in many cases, while our signed not commenced backlog continues to accelerate. We assessed all types of capital, including equity, debt, and joint venture capital totaling $1.1 billion, while addressing a significant amount of our debt maturities through 2024. As was the case since our current senior management team joined RPT over three years ago, our actions in 2021 were done through the lens of setting up RPT for bottom-line earnings growth and NAV growth over the next few years that we believe will lead the sector. Starting with investments. Through our strategic investment platforms, we got an early start on the acquisition front, and we were able to successfully close on almost $550 million of gross multi-tenant acquisitions in 2021. The timing of our acquisitions could not have been better as we used the COVID-induced downturn to curate a portfolio of 10 high quality assets in strong markets at attractive cap rates. Based on today's market comps and our performance against underwriting, we think these assets would trade about 70 basis points tighter than where we bought them, highlighting the opportunistic timing of buying in this short window before cap rates compress considerably. In addition, we believe we have a competitive advantage that our data science approach provides us when evaluating acquisitions. Over the past several months, we have invested in talent and technology to assess risks, analyze evolving trends, and to better project the future success of a property. In the long run, this data-driven approach will optimize our capital allocation decision-making. Clearly, it happened in 2021. Let me put the benefits of our 2021 acquisitions into perspective. In just one year, we increased our exposure to the vibrant and growing markets of Boston, Atlanta, Tampa, and Nashville by 12% while reducing our exposure to Chicago, Detroit, and Cincinnati by 8%. Keep in mind, this was done on an earnings accretive basis with our net acquisition activities, including joint venture fees and preferred income, contributing about $0.08 of operating FFO growth in 2021. Our 2021 acquisitions were also high quality, featuring strong grocer anchor tenants such as Wegmans and Whole Foods with sales performance of $775 per sq ft. We expect these acquisitions to generate well above trend annual NOI growth of approximately 6% over the next three years, primarily driven by leases signed or in advanced negotiation that have yet to commence totaling $1.6 million in ABR and estimated recovery income. During the fourth quarter, we closed on the acquisition of Highland Lakes in Tampa for $15 million. The current occupancy is just 51%, but during underwriting, we were able to secure a new lease with a premier double A-rated grocer to replace the former Stein Mart box, which will increase occupancy to over 95% upon commencement of the new lease. This is a great example of the kind of value creation opportunities that we are looking for when we can buy vacancy and utilize our strong leasing platform to generate a 150 basis point spread between the stabilized yield of the center and current market cap rates. We also closed on the Dedham Shopping Center in Boston through our grocery-focused joint venture platform. This is a great infill property that sits inside the Boston 128 loop and is anchored by a high volume Stop & Shop that ranked amongst the top 2% of U.S. shopping centers for traffic in 2020. TJX and DICK'S also do extremely well here. The center features strong demographics with 3 mile household income of $136,000 and population density of 109,000 and is a great addition to our Boston portfolio. We already have a signed lease with a 25,000 sq ft marquee retailer that we look forward to announcing soon. Looking forward, we expect to remain active on the investment front. Our industry-leading acquisition volume in 2021 has led to increased deal flow. Now, although cap rates have compressed, our three investment platforms provide us with a competitive advantage through enhanced yields. We have a deep acquisition pipeline with a variety of opportunities, ranging from portfolio deals where we can allocate properties across our platforms, to larger centers where we can enhance returns by selling parcels to our net lease joint venture. We're also looking at smaller grocery-anchored centers and more granular opportunities in high income infill suburbs where existing metros we already have scale. For instance, we are looking at some smaller opportunities outside Cambridge, Massachusetts, where we could curate a portfolio over time with well above portfolio average incomes and densities. These properties are currently owned by mom and pops, where we could realize significant NOI growth. We're also looking at a high barrier to entry center north of Boston that has two high-performing grocers with tenant sales that would be in the top 5% of our portfolio, and where we could enhance our yield by selling out parcels to the net lease joint venture. In our net lease platform, we closed on $191 million of single-tenant net lease properties in 2021. We now see opportunities to acquire multi-tenant centers outside of RPT's target markets like we did with our Mountain Valley acquisition. The inclusion of multi-tenant properties increases the platform's pipeline while preserving the ability to realize multi to single tenant arbitrage opportunities. We expect Tyler and his team to be very busy this year. As we discussed last quarter, the froth we are seeing is also allowing us to revisit potential asset recycling opportunities where we can redeploy proceeds from slower growth markets into higher and better uses, like we did with our Market Plaza and Webster Place sales in Chicago, which is a weaker market in our scoring model. Regarding Webster, after evaluating a multitude of densification and leasing scenarios, we concluded that we could realize the vast majority of the expected value without any development or leasing risk by selling it and deploying the proceeds into higher risk-adjusted return opportunities. At Market Plaza, we simply felt that we had harvested the NOI upside in the asset, and selling it at a 5.6% cap rate was the best interest of our shareholders. In both cases, the data and our expected IRRs governed our decisions, and we are pleased with the execution. Given the disconnect between public and private market values, dispositions are an attractive source of capital that also allows us to further reshape and improve our portfolio quality. As Mike will detail later, we have embedded about $100 million of dispositions in non-core markets in our 2022 outlook, which will be match funded with about $125 million of projected acquisitions. Turning to leasing. While no one wishes COVID happened, the pandemic has reinforced the importance of brick-and-mortar to the overall retail distribution channel and has fueled a renaissance of tenant demand. We are currently in the midst of the strongest leasing environment that I have ever seen in my career. Demand is broad-based across all property types, geographies, and tenant categories. During the quarter, we signed 385,000 sq ft at nearly $20 per sq ft, representing a 25% increase over our portfolio average. For the year, we signed 1.7 million sq ft of leases, which is the highest annual level since 2016 and validates our high quality in-demand portfolio. We continue to unlock the embeddeD growth potential in the portfolio, as evidenced by the robust 33% new lease and 9% blended spread we achieved. Our strong leasing performance during the year and in the fourth quarter drove our Signed Not Opened backlog to $6.9 million. In addition to our growing SNO pool, we are also in advanced negotiations with grocers, exciting fast casual concepts, boutique fitness, wholesale clubs and more on leases totaling $3.3 million in incremental ABR and estimated recovery income. Equally important to locking in attractive economics are the quality improvements we were able to achieve by replacing weaker credit tenants for stronger ones. We were also able to increase our ABR from centers with a grocer to 71% from 65% in 2019. Overall, our tenancy continues to get stronger. We are turning AirTime Trampoline & Game Park, Shoppers Food Warehouse, Lane Bryant, and Stein Mart into a double A-rated grocer, Giant Eagle, REI, Sephora, Burlington, and Ferguson. As you can see on page 17 of our Investor Deck on our website, the rent for these new tenants is about double what they are replacing, and cap rate compression for these assets is about 50-75 basis points, both metrics representing significant value creation. As leases come online, you will see that our top tenancy will begin to change more materially as signed leases commence. Including signed leases and one in advanced negotiation, the previously mentioned premier investment grade grocer is expected to become a top five tenant upon rent commencement. We also continue to think creatively about the highest and best use of our properties to maximize value. We recently executed an agreement with DeBartolo Development. Upon completion of certain closing conditions, including obtaining entitlements, we will enter into a joint venture with them to build a roughly 300-unit multi-family property on undeveloped land next to our Parkway Shops in Jacksonville, Florida. We will contribute the land and $500,000 for a 50% equity stake in the venture. Sticking with development, we are working on an exciting redevelopment plan at Marketplace at Delray, which sits in the highly desirable Delray Beach submarket of Miami. We are seeing robust tenant demand here given the quality of the real estate and the strength of the market. We are also set to break ground in a few weeks at our Crossroads property in the Miami market. Here we are demolishing the existing Publix store and building them a new, larger prototype to better serve their customers. Total cost is $4.4 million with expected return on cost of 6%-8%. Please see page 21 of our supplemental for further detail. Finally, we have also identified an opportunity at our Hunters Square asset in Oakland County, Michigan, where we expect to redevelop the north side of the center. We have strong interest from a major investment-grade rated grocer to anchor the project for us. We expect to share more details on the scope, cost, yields, and timing over the next quarter or two. As we look forward in 2022, we will be very active on all capital allocation fronts. Acquisitions across all three of our investment platforms, opportunistic dispositions, and continued investment in leasing and development, all of which will drive future earnings and NAV growth. With that, I'll turn the call over to Mike to review our quarterly results and provide color on our 2022 outlook. Thanks, Brian, and good morning, everyone. Today, I will discuss our fourth quarter of 2021 operating and financial results in more detail, recap our financing activities for the year, and end with commentary to help everyone understand the growth drivers for our 2022 earnings outlook. Fourth quarter operating FFO per share of $0.25 was down $0.02 from last quarter, primarily due to higher than expected G&A due to our above target performance against our short term incentive plan, partially offset by NOI from acquisitions. For the year, we reported operating FFO per share of $0.95, a 22% increase over 2020's results, and about $0.01 above the high end of our guidance range, primarily driven by higher same property NOI. Collections continued to improve with 99% of fourth quarter rent collected, up from 98% of third quarter rent collected as reported on our third quarter call. Collection of deferrals continues to exceed our expectations. To date, all material tenants are in compliance with their rent relief agreements, and we only have about $2.5 million of deferred rent net of reserves yet to be collected. As Brian mentioned, we had a strong finish to the year as operating fundamentals for our portfolio continued to strengthen. We signed 44 comparable leases, totaling 230,000 sq ft at a blended re-leasing spread of 13%, including a 73% new lease spread and a 7% renewal spread. Our new lease spread is at its highest quarterly level since the second quarter of 2018, while renewal spreads have steadily increased for the seventh consecutive quarter. As we look ahead in 2022, we expect our new leasing spreads to continue to be in the double digits, demonstrating the continued mark to market opportunity in our portfolio. Our lease rate ended the quarter at 93.1%, up about 60 basis points from last quarter. Our small shop lease percentage is up to 85%, a 100 basis point sequential increase in the quarter, demonstrating progress to our long-term goal of 91%-92%. Key categories of demand include boutique fitness, fast casual, and service. We ended the year with a signed not opened backlog, including leases in advance, lease negotiations of $10.2 million or $11 per share of operating FFO. In terms of cadence, the annual incremental benefit is $4 per share in 2022, $5 in 2023, and $2 in 2024. Clearly, this is providing a visible tailwind to earnings, setting us up for strong growth over the next few years. This, of course, is absent any incremental growth from our external investment platforms. Turning to the balance sheet and liquidity. It was a very busy quarter on the capital markets front. As one of our core tenets to our balance sheet strategy, we continue to proactively and opportunistically address near-term debt maturities. During the quarter and prior to the jump in interest rates, we raised $130 million in nine- and 10-year private placement bonds at a blended rate of 3.75% to replay 2023 and 2024 debt maturities, adding about a year of duration to our balance sheet and leaving only about 20% of maturing debt through 2024, with no maturities in 2022. In addition, we closed on $80 million of mortgage debt within our grocery-anchored joint venture with GIC. We are very pleased with the weighted average tenor of nine years and an interest rate of under 3%. On the disposition front, we sold two non-core assets in Chicago market for just under $60 million at a weighted average cap rate of under 4%. As a result, we ended the year with $14 million of cash and nearly full availability on our revolver, leaving us with total liquidity of approximately $329 million. We continue to manage leverage very carefully. We ended the fourth quarter with net debt to annualized adjusted EBITDA of 6.8x, flat from last quarter. However, including our signed-not-commenced backlog of $10.2 million that I referenced earlier, our leverage would be 6.3x. We continue to expect our leverage to fall towards our target range of 5.5x-6.5x as we drive occupancy towards a stabilized 95% occupancy level and continue to capture our embedded mark-to-market opportunity. We will also look for opportunities to accelerate this trajectory through various capital allocation options. Moving on to our initial 2022 outlook. We are establishing our guidance range of $1-$1.05 per share, representing 8% growth at the midpoint and 11% growth at the high end. Let's begin with the internal drivers. Same-property NOI growth is expected to be 3%-5%, which excludes net impact bad debt reversals in 2021 related to prior periods. This growth is primarily driven by occupancy, which we expect to increase to approximately 91.5%-92% by the end of the year. Our same-property NOI outlook in 2022 embeds about 100 basis points of bad debt as a percentage of same-property NOI. Regarding G&A expense, as I mentioned last quarter, we expect it to be ±$34 million or $8.5 million per quarter. It's important to note that we do not forecast spec termination revenue or future reversals of prior period reserves, which in total contributed $0.03 per share in 2021. Let's now move to the external drivers. External assumptions underpinning our 2022 operating FFO guidance range are comprised of acquisitions, fee income, and dispositions. We are assuming ±$125 million of acquisitions that we expect to close during the second and third quarters of this year. In terms of dispositions, we have embedded about ±$100 million, which is expected to close ratably over the course of 2022. Fee and preferred income related to our joint venture platforms is expected to be up approximately $0.02 over 2021 due to the annualization of acquisitions in our grocery-anchored and net lease investment platforms. As we look out over the coming years, we expect to generate an additional $5 of FFO annually upon full deployment of committed capital between our joint venture platforms. As for the shape of operating FFO, we expect it to decelerate in the first half of the year and re-accelerate in the second half of the year. The deceleration is a result of the planned remerchandising of a handful of anchor spaces that already have signed backfills, in addition to disposition timing. The re-acceleration in the second half is a result of the sign-not-commenced coming online in addition to acquisition timing. With that, I will turn the call back to the operator to open the line for questions. At this time, we will be conducting a question and answer session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate that your line is in the question queue. You may press star two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment please while we poll for questions. Our first question comes from Derek Johnston with Deutsche Bank. Please proceed with your question. Hi, everyone. Thank you. Good morning. Brian, can you discuss the net acquisition and dispo guide? I mean, last year was very active with over $500 million between on-balance sheet, R2G, you know, RGMZ, and then RGMZ also had some meaningful contributions. You know, I was hoping you could expand on the net acquisition guide for 2022, you know, both on balance sheet and with partners, you know, especially since the initial guide is lower than last year's pace. Sure. Good morning, Derek. I wouldn't read anything into our acquisitions guidance. This is something we typically don't guide to. We didn't last year, and you saw those results. The $125 million represents just really what we have visibility on or basically what's in contract or awarded to us at this time. What can I tell you is the following. We are extremely focused on investments. We are as much an investments company as we are a leasing operations company. We have two investment deal pipeline meetings a week. We have three platforms to deploy, balance sheet, grocer JV, which we recently got a $500 million upsize in our fund business, which we have $1.1 billion to deploy. As I said earlier, we are looking at all product types now, from grocer to last mile/power credit centers, shadow anchor, and even infill street retail into our core markets. It's definitely competitive out there, but as we've shown with our decentralized approach, we are uncovering a lot of unique off-market opportunities where we can immediately add value similar to the Highland Lakes deal, where we signed the double- A investment-grade grocer simultaneously to close. I could say too, obviously, cap rates are compressing in all product types, but with our three platforms that we set up and spent a lot of time setting these up, we are seeing ways to create outsized yields with the moat we've created with those platforms. We're also seeing higher unlevered IRRs into the high single digits because of our ability to apply instant value creation with our deep Rolodex of tenants. You know, investments, Derek, is something I'm personally focused on and energized on all fronts. This, you know, especially coming off a large year of capital deployment. No, Brian, thank you. That's very, very helpful and insightful. All right. I guess the second question, I was hoping you could expand on the contribution and development agreement for the 300-unit multifamily at Parkway. I mean, first off, it seems like a good basis for a 50% equity in the JV. Is this a new growth avenue RPT is now tapping or more of a one-off deal? How do you view this opportunity set given your portfolio? Yeah, no, I mean, especially in Southeast and the Northeast markets, and even some in the Midwest, it is potentially a growth avenue with the selective partners. As I said, we are a retail company. We're not gonna be a residential company. We have a tremendous relationship with DeBartolo. They're based in Tampa and have done a number of deals throughout the country. Really, this was land that was raw. Going through the entitlement process as we are doing now, we saw this as a very unique and the highest way to drive the highest IRR possible. To kind of give you a framework on that, we're expecting high 20%s, maybe even a 30% levered IRR upon exit on this. That's even conservatively, especially in the cap rate compressing markets of multifamily. We're excited. We're flattered with the partnership and expect to grow with them and others, maybe even the public REITs on some unused land in our, you know, next to our centers. Excellent. Thank you, guys. Yep. Our next question comes from Todd Thomas with KeyBanc Capital. Please proceed with your question. Hi. Thanks. Good morning. First question, I just wanted to follow up, I guess, on, you know, the investment outlook. Sounds like there's a lot of opportunity out there across the spectrum of products that you're seeing. You have the additional $500 million commitment from GIC, but can you talk about the importance of RPT's equity cost of capital to the investment formula here? You issued stock, you know, a little equity at about $14 a share, a little under $14 a share. How sensitive are you to the stock price, which today is, you know, a little under $13? What does that mean for deal flow, particularly as cap rates in the private market have compressed? Sure, Todd. Appreciate the question. You know, first, I think, you know, from our own portfolio, you know, we have high quality assets that sit in our non-core markets that we can monetize. We were active late last year on that front with two assets in our Chicago market, where we sold together at a sub 4% cap rate, where we can absolutely redeploy it creatively into acquisitions. We're taking you know same page in that playbook this year with a few assets in non-core markets where we can get a very attractive yield and be able to redeploy into these better markets that you know Brian has described time and time again. From an equity standpoint, look, we're gonna be opportunistic. You saw us access the equity markets last year through our ATM program at pretty healthy prices. It really comes down to use for us. I mean, Brian's talked about it over and over again. I have talked about it over and over again, where the power of the platforms, we're able really to enhance our yields through the arbitrage opportunities that we have with the reparcelization between the platforms and management fee. Now, that's upward to almost 250 basis points of enhanced yield. Giving us the opportunity to raise equity at prices that make sense for us. We'll continue to be opportunistic on that front. Okay. Is there any capital raising activity embedded in the guidance? No. Okay. Mike, you talked about a deceleration in OFFO in the first half of the year, you know, related to some of the move-outs that, you know, it sounds like there's executed leases in place for. I think you previously talked about 600,000 or 700,000 of quarterly NOI that's coming offline. Where are we in that process? Is any of that NOI offline yet, or will that impact begin in 2022? Yeah, that impact really will begin in earnest in 2022. You're gonna see. You know, the best way to probably explain this, Todd, is give you the cadence for our occupancy. You're gonna see it decelerate in the first quarter near the 90% level and then re-accelerate from there up to the 91.5%-92% that we should end the year at. Because we're taking a pretty significant big box back in the first quarter. It's at a Baltimore asset where we took back a Shoppers Food Warehouse that was in occupancy at the end of last year and took it out. It's already terminated in the first quarter of this year, and that's where we're bringing in the Giant grocer to replace that. Obviously, a much better grocer than Shoppers. From there, it's gonna rapidly go up throughout the year as the same-store that commenced comes online. As I mentioned in my prepared remarks, it's about a $0.04 benefit from same-store that commenced in 2022. But the bigger benefit, which hopefully people are paying attention to is in 2023 of about a $0.05 benefit. Really nice tailwind going into 2024 and 2025. Okay. Just the last question maybe for Brian. On the leasing schedule, the new leasing was obviously very strong. The weighted average lease term 16 years stood out a little bit. It looks like lease term's been increasing a little bit. Are you having discussions with tenants that are interested in longer leases and locking in leases at this point? Is that something that you're starting to see a little bit more and more and having discussions? Absolutely. Oh. Absolutely. I mean, we do look at WALTs both obviously on the triple net side, but on the multi-tenant as well. I think too, what you're seeing with the longer WALTs are the grocery deals, the abundance of the grocery deals that we're doing. The Publix deals at Crossroads that really led the elevated leasing cost. Without that deal, you know, roughly TA would have been $40. That deal got Publix. We're demoing the box, building them a new, you know, flagship prototype, 20-year lease, and a very healthy yield between 6%-8%. Obviously some big favorable cap rate compressions of 80 bps conservatively. We saw where the Jamestown deal traded, and I would say this stacks right up there. We're excited about that as well. I would say the WALTs of what you're seeing are really our grocery deals, which have been averaging around 20 years. Okay. All right, great. Thank you. Yep. Thanks, Todd. Our next question comes from Craig Smith with Bank of America. Please proceed with your question. Yes, thanks. I wonder what your expectations for leasing volumes are in 2022, you know, given your 1.7 million sq ft in 2021 and Brian, your observation that this is one of the strongest leasing markets you've ever seen. Yeah, Craig, I expect it to be up there. I mean, just based on the pipeline and based on the deals we have visibility on, I expect it to be, you know, near or maybe even higher than last year. I mean, if you look at last year, I mean, the number of tenants of which we signed, but more importantly, the former tenants of what we replaced. I mean, we took out an AirTime Trampoline Park at Troy Marketplace outside of Troy, Michigan, replaced it with a double A-rated grocer. Crofton Center replaced Shoppers Food Warehouse to Giant Food. Town and Country, Stein Mart replaced it with REI, and we're finalizing a lease with Sephora. Winchester Center, Stein Mart to Burlington. Highland Lakes in Tampa, Stein Mart to the double A-rated grocer again. Front Range Village, Charming Charlie to Nike. Woodbury, Charming Charlie to lululemon. Providence, Lane Bryant to Ferguson. The beauty of this is it's double the rent of the former tenants at a much higher investment grade credit. We have a number of deals that will be signed even subsequent to this call today that are both large in size and of the same formats of which I talked about. Yeah, just to echo Brian's thoughts around the enhanced or the increased volumes that we do expect in 2022. Just as a reminder, we did execute about 1.6 million sq ft in 2021. We do expect that to increase to Brian's point about 2 million sq ft. So it's gonna be up considerably. Just to level set on the percentage of the plan that's done so far for 2022, Craig. So if you look at our new leasing plan and our renewal leasing plan, it's about 80% done. So we're feeling pretty convicted in those volumes. Great. Thank you. Concerning the compression of cap rates, how would you compare the large community center and power center compression to the grocery anchor compression? It's dropping considerably. I mean, we've been seeing trades in the larger formats in the fives now. I just saw one at a six handle in the Midwest. I think people are finally realizing great real estate is great real estate, and the cash flows on top of it are important. Especially with these larger format, the investment grade credit you get on these is finally kind of flowing through to certainly private buyers, but institutional now as well. We're seeing considerable cap rate compression in all format types. Great. Thank you. Yep. Our next question comes from Floris van Dijkum with Compass Point. Please proceed with your question. Hey, guys. Morning. Just wanted to get a sense of your. The midpoint of your guidance is about 3% same-store growth. What is your bad debt reserve assumption in that? Hey, good morning, Floris. The bad debt assumption is about 100 basis points of same property NOI, which equates to about $1.3 million-$1.4 million. To put that in context, you know, the pre-COVID levels for a different portfolio that we owned back in 2019 was about $800,000 per year. We're being a bit conservative on that front just given where we're at in the year. It feels a pretty good assumption at this point. Thanks, Mike. Maybe if you can also, I mean, clearly, you guys are, you know, you've signaled very clearly to the market that you're growing in certain markets and you know, reducing your exposure to some of your historical markets. As you look at the dispositions as well, the existing assets you have or you continue to own in particular in Detroit and Cincinnati, would they be suitable for some of your JV platforms, and could they go in there in some ways? Or would you be looking to source new acquisitions for those platforms? They could be both, Floris. I mean, we're looking at both angles. I mean, we have the levers to pull on both. We're seeing actually very good froth from investment appetite in Detroit right now. I think. There, it's been cooling in the state of Illinois and has kind of gone up to Detroit, and we're seeing good things in Minneapolis and even Cincinnati as well. We'll look at both angles and what we need to, you know, come up with is obviously the best cap rate for the shareholders. We got to run both parallel, but it's something we're exploring on both sides. Great. Thanks, Brian. Yep. Our next question comes from Haendel St. Juste with Mizuho. Please proceed with your question. Hey, good morning, guys. I guess first question, I don't know if I missed it or not, but did you mention, you mentioned the $125 million that you have under contract. Did you discuss the cap rate? Or maybe can you discuss the cap rate and type of assets that you have in that $125 million? I'm not gonna get into the cap rate until we close. I'll give you one is north of Boston, I said in my prepared remarks, where it's a dual anchor, very high volume dual anchor grocery center, extremely high volumes. It would be the top 5% of our current tenant sales across the country. Some others that we're looking at are more infill kind of Boston Street, mom and pop owners, where we can just drive tremendous unlevered IRRs. You know, we're looking at like high single digit IRRs, unlevered. It's pretty compelling and off market, I should say, too. We're excited on that. That 220 is just really what we have the visibility and what has been awarded, but expect more. Got it. Fair enough. A question on the signed but not yet open rents. I think you mentioned the $6.9 million that's signed, $3.3 million in discussion. I guess I'm first curious on if you're seeing any impact or concern on timelines for openings given supply chain, labor constraints. Then also, I guess I'm curious why some of this is taking so long. I think you mentioned a couple pennies into 2024. Some color on what you're kind of seeing in the timing of the pace. Thank you. Yes. Thankfully, if there's any worries with the tenants. I'm always worried about their business, but there hasn't been any delays as of yet at all on any of these openings or rent commencement dates slipping back. The delays are we're repositioning a lot of the portfolio with top-rated, best of the best investment grade tenants. A lot of these are grocers. We've driven, you know, our grocery percentage from 65% of ABR in 2019 to 71%. It's pretty impressive, but some of that takes time, and some of these tenants are opening late 2023, which will hit 2024. Really it's just moving tenants around and moving boxes around and demising that and getting them open in time for that. I would say most of this impact's gonna be 2023, and late into 2022, with a little bit of that as Mike displayed into 2024. Yeah. I mean, there's only one lease, you know, tied to the 2024 upside, handout. That's the lease that we just signed in the fourth quarter at the new acquisition that we acquired down in Tampa, Highland Lakes, where we're bringing in a double A investment-grade grocer to replace the Stein Mart there. That's the one that's taking a bit of time to come online, and it's only one deal. Got it. Appreciate the color. If I could, Brian, one more. I guess, as you kind of think about the stock price, the multiple here, I guess I'm curious what's at the top of your priorities this year, to help close that gap which remains fairly wide despite the pickup in acquisitions last year, the JVs and the favorable wind at your back from leasing demand and cap rates. Yeah, look, I can take some of the question here. Really the key drivers to getting our cost of capital down is really continuing to put wins on the board, right? I think operationally last year we had a really good year. I think this year is gonna be even better. I think the sign that commenced is very indicative of the leasing volumes that you know we expect over the next few years. I think we're experiencing one of the better same property NOI growth rates this year. We think that'll have some nice tailwinds into 2024 and 2025, and we'll continue to be very busy on the acquisition front. Brian, do you have Yeah. Haendel, I mean, this is all about getting back to 2019 levels. We're sector leading, and it's finally nice to be in an environment where we can actually compare apples to apples on NOI, compare apples to apples on occupancy, compare apples to apples on FFO growth without all this deferral stuff. We're on an equal platform now, where we are very expectant for great things. I think when I said that double-A investment-grade grocer being a top five tenant, that's a significant outlier for our peers. When we say these grocery initiatives going into power centers, I mean, we're seeing 250 basis points cap rate compression on stuff. There is massive value creation happening across the board and in new geographies too. We've reshaped the portfolio. Boston, number three, Tampa's moved up, Atlanta's moved up, and you've seen the CAGRs in our investment deck that we posted last night. I am about as excited as I've been in my career. Team's focused, team's energized, and we're hitting on all cylinders. Great, guys. Appreciate the time and the color. Yep. Our next question is from Tayo Okusanya with Credit Suisse. Please proceed with your question. Hi. Yes, good morning, everyone. The $125 million of acquisitions and guidance so far, could you just discuss, is that all happening at the funds business? Is any of that on balance sheet? No. That's balance sheet. That's balance sheet, so that's not without the fund at all. It's gonna be measured off. I would say, you know, of that, a little bit of spin-off on the arbitrage of the deal in North Boston. But for the most part, that's balance sheet. We're excited about the grocer JV. We have $500 million of recent upsides and $1.1 billion on the fund platform for the triple nets. But that 125 is mostly balance sheet. Gotcha. Okay. Thank you. Yep. Our next question is from Linda Tsai with Jefferies. Please proceed with your question. Hi. In terms of the $0.03 of prior period reserves, and I know it's a category that's not included in your FY 2022 guidance, what's the potential pool to draw from to the extent that there are more reversals in 2022? At this point, Linda, we really don't expect a surprise on the favorable side or the unfavorable side as we look out to 2022. Our reserve, our receivable right now stands at around $14 million, of which $12 million is reserved, and we have about $2.5 million or so that is yet to be collected. At this point, most of that reserve is tied to, you know, riskier cash flows for tenants that I don't think there's gonna be upside there or really downside at this point. Got it. Just on the strength of the new leasing, I saw there were six leases. TIs were a little high, but the leasing spread was also 73%. Could you talk about that? Yeah. I mean, really the outlier was the Publix deal, 20-year lease in Palm Beach. Without that deal, Linda, it would've been $40. That was a, you know, a $6 deal going to low $20s. Again, that is another favorable item for the company where we just have very, very good mark-to-market opportunities. I mean, really since the second quarter of 2018, our new lease comparable re-leasing spreads have averaged 30%, right? I think everybody just needs to understand that this mark-to-market is gonna happen and will continue to happen, and we'll extract a lot of value from that as well. Just one final question just on the transaction environment given increased competition and cap rate compression. Are private owners less inclined to sell because of compression, or are you seeing them put more assets on the market? I think it depends on who. It's broad. I mean, it's competitive. It's very competitive. We have people knocking on doors, boots on the ground, having calls with, you know, all the named institutional owners as well. But it's absolutely competitive. I think some private owners are looking to divest some of their retail. I think some private owners love the business and wanna hold it. It's a little bit of everything. Thank you. Yep. Our next question is from Mike Mueller with J.P. Morgan. Please proceed with your question. Hi, Mike. Just to clarify, when you talked about $0.04 of signed but not open coming on in 2022 and $0.05 in 2023, should we think of those as calendar year impacts or run rates coming on at some point during those years? Yeah, those are calendar year impacts, Mike. Got it. Okay. As it relates to the resi development sites, how many do you see in the portfolio today that you think could be actionable over the next few years? I mean, we have quite a bit. I mean, I don't wanna put a number, but it's several. We're looking at even some in Columbus, Ohio, at our Shops on Lane Avenue project where there's just huge demand. That's a Whole Foods anchored center right in Upper Arlington with you know tremendous demographics right next to Ohio State. I don't wanna put a number out there, but it's a business that we've been really focused on since I've got here. COVID put kind of more of a halt on that side, but we've kickstarted it back up with this Jacksonville deal and see a larger runway for that. Got it. Okay, that was it. Thank you. Thanks, Mike. Ladies and gentlemen, we have reached the end of the question and answer session, and I would like to turn the call back over to Brian Harper for closing remarks. Thank you, everybody. Really appreciate everybody's time. 2021 was a year of tremendous accomplishment for RPT. Our portfolio is stronger, our cash flows are more sustainable, our acquisition pipeline is full, and our balance sheet gives us the flexibility to adjust to changing market conditions. Our success in 2021 would not have been possible without the strong foundation that was laid in 2018, and I could not be happier with the progress we have made as a company over the past four years. We expect 2022 to be another year of growth, execution, and innovative thinking that will no doubt set us up for continued success in the years to come. Have a wonderful day. This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.