WRI
#Yes, <UNK>, good morning.
Back in the capital, when the capital markets were shut down in 2008 and 2009, we did three secured transactions with live companies to finance the Company and maturities going forward.
This was one of those transactions with a live company that we actually were able ---+ they approached us and we had conversations and were able to push the maturity out.
We actually elected 12 years instead of the typical 10.
And so, and obviously, we reduced the interest rate nicely from 7.5% to 4.5%, and I think they're ---+ on occasion, there are a couple of those, I will tell you, that we do not ---+ our secured debt, the level of secured debt is down dramatically from what it was five or seven years ago.
So there's a little opportunity there to do a little more of that, but I would tell you it is not huge.
We have not.
<UNK>, you are accurate.
That is the highest that we have recorded.
You know, it is interesting.
I would tell you, it is not easy and there is a lot of pushback on increasing rents that dramatically.
There have been some move-outs, and I think, on a case-by-case basis, we have elected to agree with the tenant that we're not going to extend their lease, and so that is just something that our guys on the ground are making their decision, again, on a case-by-case basis.
But, yes, that will increase, you know, the vacancy over a short period of time, but those spaces will be quickly re-leased and, again, that is a trade that we are willing to make today.
When you say we are projecting at the high end, I'm not real sure that, that is correct.
Hey, <UNK>.
This is <UNK>.
Yes, what you are seeing there are a significant number of commencements that we expect in the second half of 2016.
Cash.
Good morning, <UNK>.
You know, it is unlikely that we would get anybody to pay rent by the end of the year ---+ five months left.
By the time we get through entitlements, probably be well past their upgrading windows.
We have got a really great list of people that we are talking to, discount clothing, obviously, is going to be very, very hot.
You know, we are talking to a number of supermarkets, niche guys, hopefully it's 365 Sprouts kind of folks, and it could build some of those boxes pretty nicely.
Sporting goods, again, still in the mix ---+ REI, Dick's, Sportsman's Warehouse, all kind of potential.
Bed Bath & Beyond is obviously somebody who is willing to expand today, and I think it is opportunistic and we will take advantage of some of these things.
The other thing that we are really studying a number of cases is being able to divide these boxes up and create a little more BMR.
You know, people like Michaels, OSH, Carter's, Five Below, DSW, are all kind of in that mix looking at something where they can take a little more depth ---+ not all the depth, but a little more depth, and end up with a better mousetrap.
And then, of course, you've got the fitness guys, there is 24 Hour, LA Fitness, people like that, who ---+ and even some local gyms who are interested in these things.
So these are all of the things that we are weighing and we're working through, and again, most of these spaces, we just got back in the last couple of days.
We're going to take a long-term view of these opportunities and not rush into the first thing we see, and try to make sure that we do things that will create value for the shareholders over a long term.
Yes, <UNK>.
We talked a little bit earlier about the Bed Bath & Beyond and Cost Plus, where we put them into a supermarket.
Anytime you are putting these guys into these supermarket spaces, you tend to have a little bit higher cost, so those are two of those deals.
And then another deal we're, really, again, taking an opportunistic position, re-merchandising one of our centers in Austin ---+ Mueller ---+ and we are placing a furniture store with Total Wine, and we spent a little bit extra on that opportunity.
So those three things really drove it.
It would not surprise me as we look out for the next 6 to 12 months redoing some of these boxes that, that number would trend a little bit higher.
Thanks, <UNK>.
Thanks, Brandon, and thanks to everybody on the call.
We really appreciate the interest.
We will be around today if there's any more questions.
We are really happy with Palms and our team in Florida is happy to show off that great asset.
And, as time goes on, we will also determine if a more formal tour logistically makes sense.
Thanks so much for your interest.
Have a great weekend.
