Q2 2026 Plaza Retail REIT Earnings Call

August 6, 2026

Speaker #1: Good morning. I would like to welcome you. Instructions will be provided at this time for you to queue up for questions. If anyone has any difficulties hearing the conference, please press *0 for operator assistance at any time.

Operator: Good morning. I would like to welcome everyone to the Plaza Retail REIT Q2 2026 Earnings Conference Call. At this time, all participants are in listen-only mode. Following the presentation, we will conduct a question and answer session. Instructions will be provided at the time for you to queue up for questions. If anyone has any difficulties hearing the conference, please press star zero for the operator assistance at any time. I would like to advise everyone that this conference is being recorded. I will now turn the conference over to Kim Strange, Plaza's General Counsel and Secretary. Please go ahead, Ms. Strange.

Speaker #1: everyone to the Plaza Retail Q2 2026 earnings conference call. At this time, all participants are in listen-only mode. Following the presentation, we will conduct a question-and-answer session.

Speaker #1: I would like to advise everyone that this conference is being recorded. I will now turn the conference over to Kim Strange, Plaza General Counsel and Secretary.

Speaker #1: Please go ahead, Ms. Strange.

Speaker #2: Thank you, operator. Good morning, everyone, and thank you for joining us on our Q2 2026 results conference call. Before we begin, we are obliged to advise you that in talking about our financial and operating performance, and in responding to questions today, we may make forward-looking statements, including statements concerning Plaza's objectives and strategies to achieve them, as well as statements with respect to our plans, estimates, and intentions, or covering anticipated future events, results, circumstances, or performance that are not historical facts.

Kim Strange: Thank you, operator. Good morning, everyone, and thank you for joining us on our Q2 2026 results conference call. Before we begin, we are obliged to advise you that in talking about our financial and operating performance, and in responding to questions today, we may make forward-looking statements, including statements concerning Plaza's objectives and strategies to achieve them. As well as statements with respect to our plans, estimates, and intentions, or covering anticipated future events, results, circumstances, or performance that are not historical facts. These statements are based on our current expectations and assumptions and are subject to risks and uncertainties that could cause our actual results to differ materially from the conclusions in these forward-looking statements.

Speaker #2: These statements are based on our current expectations and assumptions, and are subject to risks and uncertainties that could cause our actual results to differ materially from the conclusions in these forward-looking statements.

Speaker #2: Additional information on the risks that could impact our actual results and the expectations/assumptions that we applied in making these forward-looking statements can be found in Plaza's most recent annual information form for the year-end of December 31, 2025, and management's discussion and analysis for the second quarter ended June 30, 2026, which are available on our website at www.plaza.ca and on CedarPlus at www.cedarplus.ca.

Kim Strange: Additional information on the risks that could impact our actual results and the expectations, assumptions that we applied in making these forward-looking statements can be found in Plaza's most recent annual information form for the year ended 31 December 2025, and management's discussion and analysis for the Q2 ended 30 June 2026, which are available on our website at www.plaza.ca and on SEDAR+ at www.sedarplus.ca. We will also refer to non-GAAP financial measures widely used in the Canadian real estate industry, including FFO, AFFO, EBITDA, adjusted EBITDA, NOI, and same asset NOI. Plaza believes these financial measures provide useful information to both management and investors in measuring the financial performance and financial condition of the trust. These financial measures do not have any standardized definitions prescribed by IFRS and may not be comparable to similar titled measures reported by other real estate investment trusts or entities.

Speaker #2: We will also refer to non-GAAP financial measures widely used in the Canadian real estate industry, including FFO, AFFO, EBITDA, adjusted EBITDA, NOI, and same asset NOI.

Speaker #2: Plaza believes these financial measures provide useful information to both management and investors in measuring the financial performance and financial condition of the trust. These financial measures do not have any standardized definitions, prescribed by IFRS, and may not be comparable to similar titled measures reported by other real estate investment trusts or entities.

Kim Strange: These financial measures do not have any standardized definitions prescribed by IFRS and may not be comparable to similar titled measures reported by other real estate investment trusts or entities. They should be considered as supplemental in nature and not as a substitute for related financial information prepared in accordance with IFRS. For definitions of these financial measures and where to find reconciliations thereof, please refer to part seven of our MD&A for the Q2 ended 30 June 2026, under the heading Explanation of Non-GAAP Financial Measures. I will now turn the call over to Jason Parravano, Plaza's President and CEO. Jason.

Speaker #2: They should be considered as supplemental in nature, and not as a substitute for related financial information prepared in accordance with IFRS. For definitions of these financial measures, and where to find reconciliations thereof, please refer to Part 7 of our MD&A for the second quarter ended June 30, 2026, under the heading "Explanation of Non-GAAP Financial Measures." I will now turn the call over to Jason Paravano, Plaza's President and CEO.

Kim Strange: They should be considered as supplemental in nature and not as a substitute for related financial information prepared in accordance with IFRS. For definitions of these financial measures and where to find reconciliations thereof, please refer to part seven of our MD&A for the Q2 ended 30 June 2026, under the heading Explanation of Non-GAAP Financial Measures. I will now turn the call over to Jason Parravano, Plaza's President and CEO. Jason.

Speaker #2: Jason?

Speaker #3: Thank you, Kim, and good morning, everyone. As many of you will have seen, we issued a press release earlier this morning announcing that the special committee of our Board of Trustees has determined to conduct a formal review of strategic alternatives with the assistance of its financial advisor, TD Securities, and its legal advisor, Blake Castles & Graydon.

Jason Parravano: Thank you, Kim. Good morning, everyone. As many of you will have seen, we issued a press release earlier this morning announcing that the special committee of our board of trustees has determined to conduct a formal review of strategic alternatives with the assistance of its financial advisor, TD Securities, and its legal advisor, Blake, Cassels & Graydon. Please be advised that we will not be commenting on that announcement, the strategic review process, or any matters related thereto during today's call. Our remarks and responses to questions will be focused on Plaza's Q2 2026 operating and financial results. The momentum that we built through 2025 and into the Q1 has continued through the Q2. We delivered solid growth across the business in the H1 2026.

Speaker #3: Please be advised that we will not be commenting on that announcement. The strategic review process, or any matters related thereto, during today's call. Our remarks and responses to questions will be focused on Plaza's second quarter of 2026 operating and financial results.

Speaker #3: The momentum that we built through 2025 and into the first quarter has continued through the second quarter, and we delivered solid growth across the business in the first half of 2026.

Speaker #3: Even against the backdrop of cautious consumers, uneven economic signals, and still-elevated construction costs, our portfolio continues to perform as we would expect. That speaks to the durability of essential needs retail and to the consistency of our execution.

Jason Parravano: Even against the backdrop of cautious consumers, uneven economic signals, and still elevated construction costs, our portfolio continues to perform as we would expect. That speaks to the durability of essential needs retail and the consistency of our execution. At a high level, our strategy remains unchanged. That is intentional. We continue to focus on optimization and intensification within the existing portfolio, supported by a fully internalized operating platform that allows us to move quickly and allocate capital efficiently. Because our assets are concentrated in essential needs, value, and convenience retail, we continue to benefit from stable demand and predictable traffic patterns. That foundation is evident in our Q2 results. What is important is not simply the growth itself, but the quality of that growth.

Speaker #3: At a high level, our strategy remains unchanged. And that is intentional. We continue to focus on optimization and intensification within the existing portfolio, supported by a fully internalized operating platform that allows us to move quickly and allocate capital efficiently.

Speaker #3: Because our assets are concentrated in essential needs, value, and convenience retail, we continue to benefit from stable demand and predictable traffic patterns. That foundation is evident in our second quarter results.

Speaker #3: What is important is not simply the growth itself, but the quality of that growth. It is being driven by rent escalations and renewals, improved cost recoveries, and the intensifications, developments, and properties transferred to income-producing status.

Jason Parravano: It's being driven by rent escalations and renewals, improved cost recoveries, and the contributions from acquisitions, intensifications, developments, and properties transferred to income-producing status. In other words, we're seeing the results of work that has been underway across the platform for several quarters. Occupancy remains strong. Committed occupancy was 97.6% at the end of June. Those levels continue to reflect healthy tenant demand and the limited availability of well-located space across our markets. That demand, together with the contractual rent growth and continued leasing activity, gives us a solid base for sustainable NOI growth. On a year-to-date basis, the same themes are evident. Through the first six months of 2026, NOI increased 3.4% to CAD 38.7 million, and same asset NOI increased 2.3% to CAD 13.5 million.

Speaker #3: In other words, we're seeing the results of work that has been underway across the platform for several quarters. Occupancy, remains strong. Committed occupancy was 97.6% at the end of June.

Speaker #3: Those levels continue to reflect healthy tenant demand and the limited availability of well-located space across our markets. That demand together with the contractual rent growth and continued leasing activity gives us a solid base for sustainable NOI growth.

Speaker #3: On a year-to-date basis, the same themes are evident. Through the first six months of 2026, NOI increased 3.4% to 38.7 million, and same asset NOI increased 2.3% to 38.5 million.

Speaker #3: FFO increased 7.8% to 22.6 million, while AFFO increased 7.3% to 16.9 million. And excluding certain tiny differences, such as bonus accruals and severance, our FFO per unit would have increased by 8.3% and AFFO by 8%.

Jason Parravano: FFO increased 7.8% to CAD 22.6 million, while AFFO increased 7.3% to CAD 16.9 million. Excluding certain timing differences such as bonus accruals and severance, our FFO per unit would have increased by 8.3% and AFFO by 8%. Our year-to-date FFO and AFFO payout ratios improved 69.2% and 92.2%, respectively. Taken together, these results demonstrate that the structural changes made to the business over the past year are producing sustainable results and predictable growth. We also benefited from the incremental contribution of projects and properties that have moved into the income-producing portfolio. The improvement was supported by higher NOI from the same asset portfolio and from acquisitions, intensifications, and developments and properties transferred to that income-producing status, as well as lower administrative costs in the quarter. These gains more than offset the impact of properties sold before the related capital was redeployed.

Speaker #3: Our year-to-date FFO and AFFO payout ratios improved to 69.2% and 92.2%, respectively. Taken together, these results demonstrate that the structural changes made to the business over the past year are producing sustainable results and predictable growth.

Speaker #3: We also benefited from the incremental contribution of projects and properties that have moved into the income-producing portfolio. The improvement was supported by higher NOI from the same asset portfolio and from acquisitions intensifications and development and properties transferred to that income-producing status.

Jason Parravano: The improvement was supported by higher NOI from the same asset portfolio and from acquisitions, intensifications, and developments and properties transferred to that income-producing status, as well as lower administrative costs in the quarter. These gains more than offset the impact of properties sold before the related capital was redeployed.

Speaker #3: As well as lower administrative costs in the quarter. These gains more than offset the impact of properties sold before the related capital was redeployed.

Speaker #3: And on the capital side, our intensification, development, and consolidation initiatives continue to create incremental value from within the portfolio. Acquisitions and projects transferred to IPP during 2025 and 2026 represent approximately 3.3 million of annual stabilized NOI, with additional development and redevelopment activity expected to contribute as projects advance and tenants open.

Jason Parravano: On the capital side, our intensification, development, and consolidation initiatives continue to create incremental value from within the portfolio. Acquisitions and projects transferred to IPP during 2025 and 2026 represent approximately CAD 3.3 million of annual stabilized NOI, with additional development and redevelopment activity expected to contribute as projects advance and tenants open. There's a natural timing element to this work. We invest capital up front, and the full income contribution becomes visible as space is completed, leased, and stabilized. We are also continuing to take a deliberate approach to capital allocation. We have selectively sold mature non-core properties and recently redeployed the capital generated from those dispositions. At the same time, we continue to add square footage through developments, intensifications, and other strategic initiatives.

Speaker #3: There's an absolute timing element to this work. We invest capital upfront, and the full income contribution becomes visible as space is completed, leased, and stabilized.

Speaker #3: We are also continuing to take a deliberate approach to capital allocation. We have selectively sold mature, non-core properties and recently redeployed the capital generated from those dispositions, at the same time we continue to add square footage through development, intensifications, and other strategic initiatives.

Speaker #3: Our progress is not measured simply by the number of properties we own, but by the quality and scale of the real estate, the cash flow it generates, and the value created on a per-unit basis.

Jason Parravano: Our progress is not measured simply by the number of properties we own, but by the quality and scale of the real estate, the cash flow it generates, and the value created on a per-unit basis. Stepping back, the consistency of these results comes down to the structure of the portfolio. At 30 June, we had interest in 189 properties totaling approximately 8.8 million square feet across Canada, as well as additional lands held for development. The portfolio consists largely of open-air centers and standalone small-box retail properties, predominantly occupied by national tenants serving the essential needs, value, and convenience segments. Looking ahead, our priorities for the balance of 2026 remain clear. We'll continue executing on the optimization and intensification opportunities already in motion. We'll continue to capture contractual and market rent growth and continue allocating capital in a disciplined way toward the highest return opportunities in our pipeline.

Speaker #3: Stepping back, the consistency of these results comes down to the structure of the portfolio. At June 30, we had interest in 189 properties totaling approximately 8.8 million square feet across Canada.

Speaker #3: As well as additional lands held for development. The portfolio consists largely of open-air centers and standalone small box retail properties, predominantly occupied by national tenants serving the essential needs, value, and convenience segments.

Speaker #3: Looking ahead, our priorities for the balance of 2026 remain clear. We'll continue executing on the optimization and intensification opportunities already in motion, we'll continue to capture contractual and market rent growth, and continue allocating capital in a disciplined way toward the highest return opportunities in our pipeline.

Jason Parravano: We'll continue to capture contractual and market rent growth and continue allocating capital in a disciplined way toward the highest return opportunities in our pipeline. We do not need to take incremental risks to drive growth. The opportunity set within the existing portfolio remains significant. Our operating fundamentals are resilient, and we are well positioned to continue delivering stable, predictable performance and long-term value for unitholders. We are one of the few businesses out there who have sold properties, paid down debt, have not relied on sources of new equity, all while increasing our per-unit FFO, our NOI, and reducing our payout ratios. With that, I'll turn it over to Jim to take you through the financials in more detail.

Speaker #3: We do not need to take incremental risks to drive growth. The opportunities set within the existing portfolio remain significant, our operating fundamentals are resilient, and we are well-positioned to continue delivering stable, predictable performance and long-term value for unit holders.

Jason Parravano: We do not need to take incremental risks to drive growth. The opportunity set within the existing portfolio remains significant. Our operating fundamentals are resilient, and we are well positioned to continue delivering stable, predictable performance and long-term value for unitholders. We are one of the few businesses out there who have sold properties, paid down debt, have not relied on sources of new equity, all while increasing our per-unit FFO, our NOI, and reducing our payout ratios. With that, I'll turn it over to Jim to take you through the financials in more detail.

Speaker #3: We are one of the few businesses out there who have sold properties paid down debt, have not relied on sources of new equity, all while increasing our per-unit FFO, our NOI, and reducing our payout ratios.

Speaker #3: With that, I'll turn it over to Jim to take you through the financials in more detail.

Speaker #2: Thank you, Jason. Good morning, everyone. I will expand on a few of Jason's points and highlight certain results. As Jason mentioned, our same asset NOI growth year-to-date was 2.3%, with increased revenue from lease renewals contributing.

Jim Drake: Thank you, Jason. Good morning, everyone. I will expand on a few of Jason's points and highlight certain results. As Jason mentioned, our same asset NOI growth year to date was 2.3%, with increased revenue from lease renewals contributing. Lease renewal spreads were approximately 12% overall in the first year of the renewal, 13% using the average rent over the renewal term. Our new leasing spread, which shows the value of our optimization program, was nearly 51%. These increases will continue to contribute to revenue growth going forward. On the balance sheet, as a result of focused efforts, our debt ratios continue to improve. Debt to assets is down 210 bps versus Q2 last year, now at 48.8%, excluding land leases. Net debt to adjusted EBITDA was 8.7 times, 70 bps lower than Q2 last year, given EBITDA growth and debt reduction this year.

Speaker #2: Lease renewal spreads were approximately 12% overall in the first year of the renewal, 13% using the average rent over the renewal term. Our new leasing spread, which shows the value of our optimization program, was nearly 51%.

Speaker #2: These increases will continue to contribute to revenue growth going forward. On the balance sheet, as a result of focused efforts, our debt ratios continue to improve.

Speaker #2: Debt-to-assets is down 210 bps versus Q2 last year, now at 48.8%, excluding land leases. Net debt-to-adjusted EBITDA was 8.7 times, 70 bps lower than Q2 last year, given EBITDA growth and debt reduction this year.

Speaker #2: We continue to simplify our debt stack while managing interest expense last quarter, we replaced 12 million dollars of convertible debentures with a coupon of 5.95%, with mortgages at a weighted average rate just under 5%.

Jim Drake: We continue to simplify our debt stack while managing interest expense. Last quarter, we replaced CAD 12 million of convertible debentures with a coupon of 5.95%, with mortgages at a weighted average rate just under 5%. Subsequent to quarter end, we repaid CAD 2.7 million of mortgage bonds with a 5.5% interest rate. These efforts are working. In a higher interest rate environment, our interest expense for Q2 year to date was slightly lower than last year. We maintained a balanced mortgage maturity ladder with CAD 32 million of fixed-rate mortgages rolling over the remainder of the year at a weighted average rate of 3.8% and overall loan-to-value under 40%. We continue to see strong interest in our mortgage offerings, with current all-in rates in the mid-fours to low to mid-5% range.

Speaker #2: Subsequent to quarter-end, we repaid 2.7 million dollars of mortgage bonds with a 5.5% interest rate. These efforts are working, in a higher interest rate environment, our interest expense for Q2 year-to-date was slightly lower than last year.

Speaker #2: We maintain a balanced mortgage maturity ladder, with 32 million dollars of fixed-rate mortgages rolling over the remainder of the year, at a weighted average rate of 3.8%, and overall loan-to-value under 40%.

Speaker #2: We continue to see strong interest in our mortgage offerings, with current all-in rates in the mid-4s to low to mid-5% range. Finally, for the fair value of our investment properties, we took a $5 million write-up during the quarter, on new appraisals and minor cap rate compression.

Jim Drake: Finally, for the fair value of our investment properties, we took a CAD 5 million write-up during the quarter on new appraisals and minor cap rate compression. Our weighted average cap rate is now 6.78%. Those are the key points for the quarter. We will now open the lines for any questions. Operator?

Speaker #2: Our weighted average cap rate is now 6.78%. Those are the key points for the quarter. We will now open the lines for any questions.

Speaker #2: Operator?

Speaker #1: Thank you. Ladies and gentlemen, we will now conduct a question-and-answer session. If you have a question, please press the star key followed by 1 on your touch-tone phone.

Operator: Thank you. Ladies and gentlemen, we will now conduct a question-and-answer session. If you have a question, please press the star key followed by one on your touchtone phone. You will hear a one-tone prompt acknowledging your request. Your questions will be polled in the order they are received. If you would like to decline from the polling process, please press star. Please ensure you lift the handset if you are using a speakerphone before pressing any keys. One moment please, for your first question. Your first question comes from Mark Bostrom with Canaccord. Please go ahead.

Speaker #1: You will hear a one-tone prompt acknowledging your request. Your questions will be polled in the order they are received. If you would like to decline from the polling process, please press star.

Operator: Your questions will be polled in the order they are received. If you would like to decline from the polling process, please press star. Please ensure you lift the handset if you are using a speakerphone before pressing any keys. One moment please, for your first question. Your first question comes from Mark Bostrom with Canaccord. Please go ahead.

Speaker #1: Please ensure you lift the handset if you are using a speakerphone before pressing any keys. One moment, please, for your first question. Your first question comes from Mark Gostroud with Countercord.

Speaker #1: Please go ahead.

Speaker #3: Thanks, good morning, guys. Jason, maybe just looking at fundamentals, which clearly are strong in the leasing spreads, we're really good. Can you just talk a little bit more about how this has been maybe the primary markets you are as opposed to secondary markets?

Mark Bostrom: Thanks. Good morning, guys. Jason, maybe just looking at fundamentals, which clearly are strong and leasing spreads were really good. Can you just talk a little bit more about how this is in maybe the primary markets you are as opposed to secondary markets? Your portfolio is in some ways a little more diversified than some of the other retail REITs. How is that manifesting in different markets?

Mark Rothschild: Thanks. Good morning, guys. Jason, maybe just looking at fundamentals, which clearly are strong and leasing spreads were really good. Can you just talk a little bit more about how this is in maybe the primary markets you are as opposed to secondary markets? Your portfolio is in some ways a little more diversified than some of the other retail REITs. How is that manifesting in different markets?

Speaker #3: Your portfolio is in some ways a little more diversified than some of the other retail REITs, and how is that manifesting at different markets?

Speaker #4: Good morning, Mark. I would say that in the secondary markets, the barriers to entry are very high, and as a result, there's just not new space being built.

Jason Parravano: Good morning, Mark. I would say that with the secondary markets, the barriers to entry are very high. As a result, there's just not new space being built. Many of these markets are extremely captive as well. We're doing extremely well in our secondary markets. I would say the bulk of the portfolio is in those secondary markets. With respect to the primary markets, that would be a small part of our business and mostly isolated to single-tenant Shoppers Drug Mart properties.

Speaker #4: And many of these markets, are extremely captive as well. So we're doing extremely well in our secondary markets. And I would say the bulk of the portfolio is in those secondary markets.

Speaker #4: With respect to the primary markets, that would be a small part of our business, and mostly isolated to single-tenant shoppers, drug-market properties.

Speaker #3: Okay, great. And then maybe just on some of the joint ventures that you have, I know you've been working on it, you've spoken in the past about buying out partners.

Mark Bostrom: Okay, great. Maybe just on some of the joint ventures that you have, I know you've been working on it. You've spoken in the past about buying out partners. To what extent are you having more success in working with them on that? Is that something that we could see more of? Can you talk a little bit about when you have these discussions, how the IFRS cap rates compares to how you can actually get things done? Is that a price that normally is where things are set at?

Mark Rothschild: Okay, great. Maybe just on some of the joint ventures that you have, I know you've been working on it. You've spoken in the past about buying out partners. To what extent are you having more success in working with them on that? Is that something that we could see more of? Can you talk a little bit about when you have these discussions, how the IFRS cap rates compares to how you can actually get things done? Is that a price that normally is where things are set at?

Speaker #3: To what extent are you having more success in working with them on that? Is that something that you could we could see more of in can you talk a little bit about when you have these discussions, how the buyer for us cap rates compares to how you can actually get things done?

Speaker #3: Is that a price that normally is where things are set at?

Speaker #4: Yeah, either IFRS cap rates or freeze values. And technically speaking, those numbers should be the same, but obviously sometimes there's maybe a little bit more estimation with respect to IFRS numbers, as we fall within a range of cap rates as opposed to hiring an appraiser and them picking a specific cap rate.

Jason Parravano: Yeah. Either IFRS cap rates or appraised values. Technically speaking, those numbers should be the same. Obviously sometimes, there's maybe a little bit more estimation with respect to IFRS numbers, as we fall within a range of cap rates as opposed to hiring an appraiser and them picking a specific cap rate. The conversations are normally good. The value is not often really debated, and has not often been debated in the past. We've been pretty successful last year and the beginning of this year with respect to that. Yes, you can expect more of that in the future. You've seen a deliberate drop in our debt. That is in order to take advantage of these opportunities while maintaining the leverage ratios we're targeting.

Speaker #4: So the conversations are normally good. The value is not often really debated in the has not often been debated in the past. So we've been pretty successful last year in the beginning of this year with respect to that.

Speaker #4: And yes, you can expect more of that in the future. You've seen a deliberate drop in our debt. And that is in order to take advantage of these opportunities while maintaining the leverage ratios we're targeting.

Speaker #4: And you'll also see at the end of Q2, our liquidity is probably the best liquidity position we've been in the last five years.

Jason Parravano: You'll also see at the end of Q2, our liquidity is probably the best liquidity position we've been in the last five years.

Speaker #3: Okay, great. Thanks so much.

Mark Bostrom: Okay, great. Thanks so much.

Mark Rothschild: Okay, great. Thanks so much.

Speaker #4: Thank you, Mark.

Jason Parravano: Thank you, Mark.

Speaker #1: Thank you. Ladies and gentlemen, if there are any additional questions at this time, please press the star followed by the 1. As a reminder, if you are using a speakerphone, lift the handset before pressing the keys.

Operator: Thank you. Ladies and gentlemen, if there are any additional questions at this time, please press the star followed by the one. As a reminder, if you are using a speakerphone, lift the handset before pressing the keys. The next question comes from Jim Wilson with CIBC. Please go ahead.

Speaker #1: The next question comes from Jim Wilson with CIBC. Please go ahead.

Speaker #5: Morning, Jason.

Jim Wilson: Morning, Jason.

Speaker #4: Morning, Jim.

Jason Parravano: Morning, Jim.

Speaker #5: Jason, could you talk a little bit about the rent renewal profile?

Jim Wilson: Jason, just can you talk a little bit about the rent renewal profile?

Jason Parravano: In what sense?

Speaker #4: In one sentence.

Jim Wilson: Just what percentage of your properties are going to be up for renewal in the next, let's say, 24 months? That kind of a sense.

Speaker #5: What percentage of your properties are going to be up for renewal in the next, let's say, 24 months? That kind of sense.

Speaker #4: Yeah, sure. So we have around 264,000 square feet which is coming up for the remainder of 2026. Most of that is within our open-air centers.

Jason Parravano: Yeah, sure. We have around 264,000sq ft, which is coming up for the remainder of 2026. Most of that is within our open-air centers. I would say on average, Jim, we have anywhere between 700,000sq ft and 900,000sq ft that comes due on an annual basis. About 10% of the portfolio rolls every year. We're currently working on the remainder of 2026 and between the end of June and now, we've probably completed already more than close to half of what's remaining in 2026. We've already started working on 2027.

Speaker #4: And I would say on average, Jim, we have anywhere between 700,000 and 900,000 square feet that comes due on an annual basis. So about 10% of the portfolio rolls every year.

Speaker #4: We're currently working on the remainder of 2026, and between now—sorry, between the end of June and now—we've probably completed already more than, close to half of what's remaining in 2026.

Speaker #4: And we've already started working on 2027.

Jim Wilson: Okay. Thanks, Jason.

Speaker #5: Thanks, Jason.

Speaker #4: You're welcome.

Jason Parravano: You're welcome.

Speaker #1: Thank you. There are no more questions at this time. I would like to transfer the call over to Mr. Paravano for closing remarks. Please go ahead, sir.

Operator: Thank you. There are no more questions at this time. I would like to transfer the call over to Mr. Parravano for closing remarks. Please go ahead, sir.

Speaker #4: Well, thank you all for joining us today and your continued support and trust. We remain committed to creating long-term value for our unit holders, our tenants, and the communities they serve.

Jason Parravano: Well, thank you all for joining us today and your continued support and trust. We remain committed to creating long-term value for our unit holders, our tenants, and the communities they serve. We appreciate your time and look forward to the journey ahead. Take care and talk soon.

Speaker #4: We appreciate your time and look forward to the journey ahead. Take care and talk soon.

Operator: Thank you. Ladies and gentlemen, this concludes the conference call for today. Thank you for participating. Please disconnect your lines.

Q2 2026 Plaza Retail REIT Earnings Call

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