Grade History
| Quarter | Disclosure Quality | Financial Quality |
|---|---|---|
| Q1'25 → | B+ | B |
| Q2'25 → | A- | B+ |
| Q3'25 → | B+ | B |
| Q4'25 → | B+ | B- |
| Q1'26 → | A- | B+ |
Promise Ledger · All Quarters
| Marked | Promise | Status | |
|---|---|---|---|
| Q1'26 | ⏳ | $2B total disposition target $1.3B completed, additional $300-400M expected by year-end | pending |
| Q1'26 | ⏳ | Substantially complete new leasing objectives by year-end 2026 On track with 250 of 1,000 leases remaining, 125 in LOI stage | pending |
| Q1'26 | ⏳ | Go-forward NOI growth acceleration in 2026 vs 2025's 1.8% Tracking to at least 3% for full year 2026, Q1 at 1.2% with weather impact | pending |
| Q1'26 | ✅ | All 30 anchor stores committed under Path Forward plan All 30 committed as promised, 3 additional signings in Q1 | delivered |
| Q1'26 | ✅ | $100M SNO pipeline by 2025 year-end Delivered $107M vs $100M target, now $116M in Q1 | exceeded |
| Q1'26 | ✅ | Leasing speedometer at 70% by 2025 year-end Delivered 76% vs 70% target, now at 83% currently | exceeded |
| Q4'25 | ⏳ | Return to providing earnings guidance beginning in 2027 Reaffirmed this timeline | pending |
| Q4'25 | ⏳ | Path-Forward plan 3.0 update at REIT Week in June Reaffirmed this commitment for mid-2026 | pending |
| Q4'25 | ⏳ | Substantially complete $2B disposition program by end of 2026 At $1.3B completed, on track but management dropped specific end-2026 timeline reference | pending |
| Q4'25 | ✅ | $100-150M in outparcel/land sales for 2025 $130M sold or under contract vs $100-150M target | delivered |
| Q4'25 | ✅ | South Plains loan expected to be in technical default Actually secured 4-year extension at favorable 4.2% rate | exceeded |
| Q4'25 | ✅ | All 30 anchor replacements committed in Path-Forward plan All 30 now committed as promised | delivered |
| Q4'25 | ✅ | Leasing speedometer 70% by year-end 2025 Achieved 76% vs 70% target | exceeded |
| Q4'25 | ✅ | SNO pipeline target of $100M by year-end 2025 Delivered $107M vs $100M target | exceeded |
| Q3'25 | ✅ | Target leverage to be leverage neutral from Crabtree acquisition Used $50M ATM to achieve leverage neutrality as stated | delivered |
| Q3'25 | ⏳ | $2B disposition program substantially complete by end 2026 At $1.2B completed, with identified path to $1.4-1.5B range | pending |
| Q3'25 | ⏳ | Low-to-mid 6x leverage by 2028 Currently 7.76x, down from 8.7x at start but need continued progress | pending |
| Q3'25 | ✅ | 4 million square feet average leasing in 2025-2026 Already at 5.4M sq ft YTD, well ahead of annual target | exceeded |
| Q3'25 | ⏳ | $100M SNO pipeline by year-end At $99M today, on track to exceed target | pending |
| Q3'25 | ✅ | 70% completion on leasing speedometer by year-end 2025 Hit 70% in Q3, well ahead of year-end target | exceeded |
| Q2'25 | ⏳ | Low to mid-6x leverage range over next couple years Flat at 7.9x despite Crabtree acquisition | pending |
| Q2'25 | ⏳ | Substantial completion of Path Forward plan by mid-2026 Ahead on leasing, on track for timeline | pending |
| Q2'25 | ✅ | $100-150M outparcel sales for 2025 $100M sold or under contract already | delivered |
| Q2'25 | ✅ | 70% new deal completion by year-end 2025 At 65% in Q2, on pace to exceed 70% target | exceeded |
| Q2'25 | ✅ | $100M SNO pipeline by year-end 2025 At $87M in Q2, on track to exceed $100M target | exceeded |
| Q2'25 | ✅ | 4 million square feet average leasing target for 2025-2026 Hit 4.3M sq ft through Q2 alone - way ahead of pace | exceeded |
| Q1'25 | ✅ | Same-store NOI 'roughly flat for the next couple of years' Updated guidance to 3-4% growth in 2026 for go-forward portfolio - significant upgrade | delivered |
| Q1'25 | ⏳ | Substantially complete on disposition program by end of 2026 On track with $1.1B completed toward $2B target | pending |
| Q1'25 | ✅ | SNO pipeline $66M with $27M to be realized in 2025 Pipeline grew to $80M, $25M targeted for 2025 with $6M already realized | exceeded |
| Q1'25 | ⏳ | $100M to $150M outparcel sales in 2025 $77M completed or under contract, 77% of target achieved | pending |
| Q1'25 | ✅ | 70% new deal completion by year-end 2025 Already at 60% vs 39% last quarter, ahead of schedule | exceeded |
| Q1'25 | ⏳ | Targeting 4 million square feet of leasing in 2025 and 2026 Q1 delivered 2.6M sq ft, on track if pace continues | pending |
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