Richard Hightower
Barclays Bank PLC, Research Division

Okay. Good afternoon, everybody. Kind of as we get settled in here, I'm Rich Hightower, Senior REIT analyst on the Barclays team. Very delighted to have the Kimco management team here with me. I'll do some quick introductions get into some questions and then maybe we can open it up to audience participation after that. But immediately to my right, Conor Flynn, the CEO. Then we've got Glenn Cohen, Chief Financial Officer. We've got Ross Cooper, President and CIO. And then all the way at the end, Kathleen Thayer, Chief Accounting Officer.

So thank you again for being here, everybody. So Conor and I were sort of chatting a little bit about the state of the industry and really, frankly, how good the business is right now. And I think maybe it's a little bit underappreciated what's going on in shopping centers. And retail generally. So we'll just start there.

Richard Hightower
Barclays Bank PLC, Research Division

I think if I look at recent history, you're posting record new lease rents, blended leasing spreads, you're at near-peak occupancy, at this stage in the cycle, what really drives NOI from here?

Conor Flynn
CEO & Director

Yes. Thanks for having me today. Look at Kimco, we're really well positioned, I think, to take advantage of the supply and demand dynamics that are playing out today. When you look at the, the lack of new supply coming online, that's really sort of unique, I think, to the shopping center sector, where there's only 0.2% of