“And finally, on to guidance for 2026, given our results for the first quarter and our current view for the remainder of the year, we are increasing our full year 2026 real estate FFO guidance to a range of $13.10 to $13.25 per share.”

In context

“nversion of approximately $174 million of outstanding bonds by exchanging 4.1 million shares of Kl pierre and EUR 79 million of cash. As part of that, we recognized a noncash non-FFO gain of $64 million in the quarter on the exchange of the n Kl pierre shares. Subsequent to the end of the quarter, we settled additional conversions of $374 million of the exchangeable bonds. Following the exchanges, there are approximately $188 million of bonds outstanding that will mature in November. We currently own approximately 59 million shares of n Kl pierre's common stock which represents approximately 20.7% ownership. At the end of the quarter, our balance sheet remains strong with net debt to EBITDA of 5.0x and a fixed charge coverage ratio of 4.6x, supporting our strategy and continued execution. And finally, on to guidance for 2026, given our results for the first quarter and our current view for the remainder of the year, we are increasing our full year 2026 real estate FFO guidance to a range of $13.10 to $13.25 per share. That compares to $12.73 per share last year of real estate FFO and is a 5% increase at the midpoint. Thank you. We are now available for your questions. Operator: [Operator Instructions] Our first question is from Samir Khanal with Bank of America. Samir Khanal: Eli, I guess, as it relates to retailer demand, you mentioned it's very strong, and I assume you have a lot of leverage on negotiations with the tenants here. Maybe talk about the pricing power you have in this environment. I know you spoke about addressing sort of upcoming expirations into '27? So talk about kind of that growth momentum over the next, let's call it, 12 months? Eli Simon: Sure. So first, we don't have any leverage over the retailers. The retailers can go a lot of places. They can open stores, not open stores, go o”