“Starts for this year will be approximately $500 million.”

In context

“e of Klepierre stock price, which increased 11% in the first quarter. The first quarter also includes an after-tax loss of $0.05 per share related to Catalyst Brands restructuring costs. Turning to our development activity. At the end of the quarter, development projects were underway across all platforms, with our share of the net cost of $944 million to a blended yield of 9%. Approximately 40% of net costs are mixed use projects. We expect to begin construction on additional projects in the coming months, including a residential development at Brea Mall and new retail, dining and outdoor spaces at the Shops at Mission Viejo both in Orange County, California, as well as the redevelopment of a former department store at the Fashion Mall at Keystone in Indianapolis into dynamic mixed uses. Starts for this year will be approximately $500 million. Turning to the balance sheet. We were active in the first quarter where we completed 12 secured loan transactions totaling approximately $2.6 billion. The weighted average interest rate on these loans was 5.73%. At the end of the quarter, we had net-debt to EBITDA of 5.2 times and our fixed charge coverage ratio was incredibly strong at 4.6 times. And as David mentioned earlier, we are well positioned to allocate capital and be opportunistic through various economic cycles. Turning to the dividends. Today, we announced our dividend of $2.10 per share for the second quarter, a year-over-year increase of $0.10 or 5%. The dividend is payable on June 30th. Turning to guidance for '25. We are reaffirming our full year 2025 real estate FFO guidance range of $12.40 to $12.65 per share. As we sta”