REGENCY CENTERS CORP — Call Transcript 2026

Please note, this conference is being recorded. I will now turn the conference over to your host, Christy McElroy. Please go ahead. Good morning, and welcome to Regency Centers' first quarter 2026 earnings conference call. Joining me today are Lisa Palmer, President and Chief Executive Officer; Mike Mas, Chief Financial Officer; Alan Roth, East Region President and Chief Operating Officer; and Nick Wibbenmeyer, West Region President and Chief Investment Officer. As a reminder, today's discussion may contain forward-looking statements about the company's views of future business and financial performance, including forward earnings guidance and future market conditions. These are based on the current beliefs and expectations of management and are subject to various risks and uncertainties. It is possible that actual results may differ materially from those suggested by these forward-looking statements we may make. Factors or risks that could cause actual results to differ materially from these statements may be included in our presentation today and are described in more detail in our filings with the SEC, specifically in our most recent form 10-K and 10-Q filings. In our discussion today, we will also reference certain non-GAAP financial measures. The comparable GAAP financial measures are included in this quarter's earnings materials, which are posted on our investor relations website. Please note that we have also posted a presentation on our website with additional information, including disclosures related to forward earnings guidance. Our caution on forward-looking statements also applies to these presentation materials. As a reminder, given the number of participants we have on the call today, we respectfully ask that you limit your questions to one. Please rejoin the queue if you have additional follow-up questions. Lisa. Thank you, Christy. Good morning, everyone, and thank you for joining us. We are off to an outstanding start to the year, building on the positive momentum from last year. In the first quarter, we delivered strong Same-Property NOI and earnings growth, driven by robust operating fundamentals and accretive capital allocation. Our results demonstrate the durability of our portfolio, the strength of our platform, and the execution of our team. Our tenants are performing well in our centers, supported by the resiliency and spending power of consumers in our strong suburban trade areas, as well as our focus on essential retail anchored by top-performing grocers. It is this combination of high-quality trade areas and our concentration of necessity-based, value-oriented, and convenience retail that positions our portfolio to perform consistently, even in uncertain macroeconomic environments. We also continue to see significant momentum across our investments platform. Our track record of success in ground-up development is one of Regency's greatest differentiators and is a key driver of our external growth strategy. In an environment with very little new retail supply, our ability to source, execute, and deliver high-quality developments across the country really sets Regency apart. Our project deliveries will translate into meaningful NOI contribution in 2026 and beyond, boosting total NOI growth and driving earnings and NAV accretion. As we look ahead, I'm really energized by our strong start to the year and by the opportunities in front of us. I want to reiterate just how distinct Regency's growth story is. Our portfolio of high-quality, grocery-anchored neighborhood and community centers located in some of the strongest trade areas in the country has consistently delivered durable cash flows across economic cycles. Our leading national development platform is creating meaningful value for shareholders at a time when few others can compete with our expertise, relationships, and proven results. Our strong balance sheet gives us flexibility and the capacity to be opportunistic with low cost and substantial access to capital. Most importantly, we have the best team in the business. With this foundation, Regency is exceptionally well-positioned to continue delivering strong and sustainable growth for our shareholders. Alan. Thank you, Lisa. Good morning, everyone. We delivered another excellent quarter to start the year following what was a record-breaking year for us in 2025. The fundamentals across our portfolio remain strong, and I couldn't be more proud of our team's execution. Tenant demand continues to be robust across nearly all categories and regions, spanning both anchor and shop space. Grocers, restaurants, health and wellness concepts, and off-price retailers are among the most active, but the breadth of engagement across our portfolio is really impressive. The availability of high-quality space is increasingly scarce, both at our centers and in our trade areas, and that dynamic is working in our favor. Our same property percent leased, which is approaching 97%, was up 10 basis points over the fourth quarter. A sequential uptick in Q1 is seasonally unusual, and it really speaks to the strength of the demand we're experiencing and to the durability of our occupancy. Leased occupancy is now close to our prior peak, though I am confident further upside is achievable, particularly in anchor leasing, where we continue to have meaningful engagement with leading national retailers. What is especially encouraging is the nature of our activity today. We continue having success proactively leasing occupied space, upgrading merchandising, bringing in new and vibrant concepts, and replacing outdated or underperforming uses. Our same property commenced rate also increased 20 basis points in the quarter as we made meaningful progress commencing tenants within our SNO pipeline. The pipeline continues to be a significant tailwind to future NOI growth, representing approximately $42 million of incremental base rent. We achieved robust cash re-leasing spreads in the first quarter and GAAP spreads were near a record high. These results reflect our ability to achieve compelling mark-to-market rent increases in addition to embedding meaningful contractual rent steps into our leases. That success is the basis for our ability to drive strong, sustainable rent growth within our portfolio over the long-term. Same-Property NOI growth of 4.4% the first quarter was reflective of the strong operating trends, along with the substantial progress we've made raising occupancy and completing redevelopment projects. In closing, the trends we are seeing in leasing activity, tenant sales, collections, and foot traffic remain very favorable. We are positioned for success and continued growth ahead, and I'm excited about what our team will accomplish. With that, I'll hand it over to Nick. Thank you, Alan, and good morning, everyone. We continue to have significant momentum within our investments platform, evident in an active first quarter of accretive investment activity. Our team is successfully executing on and delivering projects within our in-process pipeline, and we continued to source attractive new ground-up projects. During the first quarter, we completed $42 million of projects, including Oakley Shops at Laurel Fields, a Safeway-anchored neighborhood center we developed ground up in the Bay Area. Our team did an exceptional job bringing this project to fruition in less than 18 months, one of the quickest ground-up deliveries that I can recall. We also started another $73 million of new projects this quarter, including Crystal Brook Corner, a redevelopment on Long Island. We acquired this underutilized piece of real estate and are transforming it into a Whole Foods anchored neighborhood center. This project demonstrates our ability to look at acquisition opportunities through a differentiated lens, leveraging Regency's platform, our relationships, and our development expertise to drive near-term value creation. Our in-process pipeline now exceeds $600 million with exceptional leasing momentum and blended returns above 9%. The team has been executing these projects on time and on budget, which I want to emphasize is a direct result of the substantial risk mitigation we undertake before we break ground. Within our ground-up development platform, we continue to see remarkable results. An example includes Ellis Village in Northern California, which we started in the second half of 2025. The project is already 100% leased with an anticipated anchor opening later this year. Our SunVet and StoneBridge ground-up projects in the Northeast each celebrated Whole Foods openings during the first quarter, both with strong community reception. As Lisa discussed, ground-up development remains a substantial differentiator for Regency, and our brand as a developer has never been stronger. We are the only national developer of high-quality grocery anchor shopping centers at scale in an environment of otherwise limited new supply. Our teams are actively sourcing new projects, and we continue to have visibility to a potential of more than $1 billion of project starts over the next three years. Leading grocers across the country remain engaged and eager to expand with us, and shop tenants are excited to be part of our projects. Landowners trust us to deliver given our proven track record and the strength of our grocery relationships, particularly among master plan developers, where our retail projects are providing a significant amenity and value to their communities. This positive momentum continues to enhance our success, strategically positioning us to capitalize on additional opportunities. We are creating real value for shareholders at meaningful spreads to market cap rates. We are excited about the opportunities for continued growth in our investments platform. Mike? Thank you, Nick. Good morning, everyone. Regency delivered another strong quarter to start the year, a testament to our team's continued execution on our strategy and the favorable conditions of our markets. Same-property NOI growth was 4.4% in the first quarter, including 3.5% of base rent growth. Recall last quarter, we discussed that Q1 would be above and that Q2 would fall below our full year guidance range, with this quarter driven by the uneven nature of other income and next quarter driven by tough comp relative to last year's favorable expense reconciliation performance. Most importantly, base rent continues to grow at very healthy levels, benefiting from increasing rents, commencing our SNO pipeline, and delivering on our accretive redevelopment projects. Looking through the variables in first and second quarters, we are maintaining guidance for full year Same-Property NOI growth of 3.25%-3.75%, as well as for growth in Core Operating Earnings and Nareit FFO per share, each at 4.5% at the midpoint. We continue to expect total NOI growth north of 6%, reflecting meaningful contributions from ground-up development deliveries and the substantial acquisitions we completed last year. We did make a few minor assumption changes within our outlook. We modestly increased development and redevelopment spend as a result of increased starts expectations, as well as our acquisitions guidance to now include known transactions. These changes reflect continued strong investment activity and support positive momentum in external growth and value creation. The strength of our balance sheet is an important element of this ability to accretively allocate capital. We have worked strategically over time to position the company with low leverage, strong liquidity, and dependable access to attractively priced capital. In February, we issued $450 million of seven-year unsecured notes at a 4.5% coupon, achieving the lowest credit spread in Regency's history. This execution represents one of the most favorable costs of debt capital in the REIT sector and is a direct reflection of our A credit ratings from both Moody's and S&P. Leverage remains near the low end of our target range of 5x-5.5x. We have nearly full availability on our credit facility, and our strong free cash flow generation allows us to fund our development pipeline with no current need to raise equity or sell properties. In closing, we are gratified by another strong quarter and look forward to continued success as our teams execute our differentiated strategy through the balance of the year. With that, we welcome your questions. Thank you. We will now be conducting a question-and-answer session. If you would like to ask a question, please press star-one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. Please limit yourself to one question. You may press star-two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star key. Our first question will come from Cooper Clark with Wells Fargo. Cooper. Cooper, your line is open. Okay, with that, moving on to Michael Goldsmith with UBS. Good morning, and thanks a lot for taking my question. Mike, can you walk us through you know, the moving pieces of the non-cash revenue? Guidance to $51 million, prorated, that would be 5.0 for the first quarter. Can you just kind of recognize the business for me? Michael, before you finish, for some reason, you're breaking up. If you could start from the beginning, that'd be great. Hi, Lisa. Sorry about that. Is this any better? Thanks, Michael. Great. Yeah. I wanted to walk through the non-cash revenue component. You guided to $51 million for the year. Prorated, that would've been, you know, if you split it by four, probably would've been at $12.75 million. For the first quarter, you came in at like $9.7-ish million. Can you kind of walk through, you know, what drives the difference there from the kind of like a prorated number to the lumpiness that is natural with the non-cash revenues and how you expect the rest of the year to play out? Thanks. Sure. Thank you, Michael. Appreciate the question. As you just said, non-cash can be uneven by its nature. A little straight lining of our guidance range would have led to a little bit of a higher expectation for Q1. Had a couple things going on. One, we did make an adjustment to a single tenant, one lease, where we moved that lease to cash basis. That, in effect, results in a reserve on straight line rent that's booked in the quarter. That's probably the largest component that you're seeing drive that variance today. We haven't taken our eyesight off full year guidance, obviously, at $51 million. I'd also say last year, just as a reminder, you can get fits and starts with tenant mix and the acceleration of below-market rents. That can also be a driver of changes to the cadence of non-cash. Just make sure you keep a lookout for that going forward. Little quickly, another commercial for why we use Core Operating Earnings to really tell the story of how we grow cash and cash flow at Regency. We eliminate non-cash, we eliminate non-recurrent. I think that Core Operating Earnings number is really valuable as we think about the earnings potential of the company. Thanks, Michael. Very helpful. Thank you. Our next question comes from Samir Khanal with Bank of America. Good morning, everybody. Maybe to start kind of high level, you know, grocers are stable. I mean, I guess maybe provide color on kind of small shop tenant health given the macro and higher prices. Talk about occupancy costs, and have you seen any differences among categories amongst the shop tenants, discretionary retail or restaurants given higher prices in the macro? Thanks. Thanks, Samir. I'll start, and then I'll have Alan color it up with specific to our portfolio. As you've heard us say many times, and we are really well positioned to perform throughout economic cycles because of the format of our shopping centers, necessity, value, convenience. In even tougher times, we're well aware of the pressures on consumers with the rise in gas prices. There's even a trade-down effect oftentimes, and Alan can color that up with our foot traffic. We start to see even more traffic at our centers as a result of that. On top of that layer in the trade areas in which we operate, our consumers are more resilient and more able to withstand these price increases and pressures. Our tenants are healthy. We're seeing that in every metric within the portfolio. As I said, I'll have Alan color that up a little bit more. Yeah, good morning, Samir. Talk about the tenants being healthy that Lisa just said. I think the first place I'm going to look is at their, at their sales, they do remain healthy within our portfolio. The next spot I'm going to look is at our collections, we're continue to be near record lows there. As Lisa mentioned, foot traffic, on bad debt. Thank you. Foot traffic, it's very resilient. We look at the Q1 results, we are up 2.3%. To your point of the recent sort of macro environment and higher fuel prices. What does April look like? When we look at the portfolio in April, foot traffic is actually up 3% more than it was in Q1 during this time period of increased fuel prices. You know, look, we continue to feel good, and I would bring that back to Lisa's comment of the consumers and the trade areas in which we are operating. We're going to continue to keep a watchful eye on things. Things remain certainly positive from all metrics that we have access to. Thanks, Samir. Moving on to Craig Mailman with Citi. Hey, good morning, everyone. You guys had bumped the increased start expectations a bit here. Can you talk about which projects are now slated to start this year and just the overall kind of leasing activity and maybe anything else on the horizon that wasn't included in this new starts, but maybe could potentially start later this year? Kind of just talk about the overall environment of your different projects. Craig, I appreciate the question. Let me start, I'm going to give it to Nick real quick because I want to just clear up something. We guide on development spend, but we are highlighting that we have some added visibility to added starts that will drive that spend this year. But I want that to be clear that is a spend guidance, not starts guidance. Then Nick will take it from there. Yeah, Craig, appreciate the question. As we said in our opening remarks, we feel really good about our ground up development program. As you've seen over the last three years, we've started just over $800 million. As we look forward, we expect our investment platform to invest over $1 billion over the next three years. You can just see continued upward momentum as our team does a tremendous job uncovering these opportunities around the country. We continue to be bullish about that opportunity set, we are raising our eyesight regarding what that spend will be based on an expectation of higher starts than previously anticipated. Thanks, Craig. We'll go next to Juan Sanabria with BMO Capital Markets. Hi, good morning. Just piggybacking off of Craig's question. Just on the greenfield new starts, you mentioned master planned communities being a good source of opportunities for you. Just curious if with the uncertainty on the single-family build for rent with the ROAD to Housing Act, if that's creating any temporary pausing by some of the developers for homes, and has that had any changes to the prospects of like that line of business going forward for Regency's future development pipeline? Yeah. Greatly appreciate the question. That's a really insightful question. The reality is our program to date has not been heavily involved in the build to rent type communities. The master plan developers we are working with and continue to work with around the country are single family for sale communities and or they have other aspects with townhomes or apartment buildings. We haven't seen any impact to the master planned communities we're working on in terms of their appetite and desire to continue to push forward to build retail within their communities at this point. Thank you, Juan. Todd Thomas with KeyBanc Capital Markets has our next question. Hi. Thanks. Yeah. I guess sticking with that a little bit, in terms of the ground up development, can you talk about the cadence of starts, how that looks during the balance of the year, and also discuss how year-yields are trending on new ground up projects that you're underwriting relative to the yields and whether or not, you know, future master plan, you know, starts would sort of look similar or potentially have a different yield profile? Yeah, appreciate the question, Todd. In terms of your first question on timing, if you want to talk about lumpy developments, where it gets the lumpiest in terms of timing, and that's because our focus is not hitting some timeline. Our focus is absolutely making sure we de-risk these opportunities before we close. We want to make sure we're fully through entitlements. We want to make sure we have pre-leasing done with our anchors. We want to make sure we have drawings done and bids in hand. We want to make sure we have visibility to executing on these projects. As you can appreciate, that's an extremely complicated process. We always laugh. You're always one phone call away from a delay from any different outside input on that process. We're excited about that program. It is building, it will always be lumpy. That being said, we continue to have good visibility to an increased amount of starts this year, and that's why we did increase our projected spend, because although lumpy and a little back-end weighted likely this year, we still feel really confident in the overall trajectory of that. Let me just come back in there, because I want to double down on Craig's question too. That guidance to spend, I would consider that to be ratable throughout the year from a spend standpoint. Then to Nick's point, we do think starts are growing, and they'll probably be more back-end loaded, which is setting us up great for deliveries in 2027 and beyond. Sorry. Go ahead, Nick. The second half of the question on yields. I'll let you take it. Yeah. On yield side, we're not changing our eyesight. As you've seen, our development yields are firmly in that 7%+ range, and that's where our eyesight continues to be. We feel really good about achieving those returns. Thanks, Todd. We'll go next to Michael Griffin with Evercore ISI. Great. Thanks. Alan, I appreciated your comment on the leasing pipeline and, you know, looks like it's another strong year ahead with high both same property leased as well as commenced occupancy. Your comment on the, you know, rent bumps that you're embedding, I realize that's probably more on the small shop side, but has anything been able to change in terms of the leverage that you have when it comes to those anchor leases? I realize that a lot of these grocers will be, you know, effectively flat leases with multiple option periods. Whether it's, you know, being able to take back control of the site earlier through shorter options, whether it's embedding, you know, greater escalators throughout the lease? Can you talk about maybe the leverage on the negotiating side as it relates to particularly the anchor boxes and where you're able to push rents there? Thank you. Griffin, thank you for the question. You're right. The shops, in fact, just to give you the stat on that, I know you didn't ask for it. 90% of our new shop leasing did in fact have 3% or greater embedded rent steps, and about a quarter of them had 4% or greater. You're absolutely right. We're leaning in there. In terms of leverage, what I would tell you is we're not seeing a dramatic shift in terms of the embedded steps on the anchor front. You know, there is still pricing power there, and whether that's having better control over work letters, lower TIs, whether it's getting more rent up front, there are levers there for sure. Not seeing much in the way of options being less. Look, I think for us, we're willing to align as long as it's the right quality anchor retailer that can be sustainable for our project. The pipeline is strong. We signed a Publix deal for a redevelopment in the first quarter. We signed a PGA Superstore. We are bringing our first Teso Life to a Virginia project that they're on rapid expansion throughout. Then a lot of the obvious names that you hear about, Ross, TJX, Burlington, Ulta, etc. It's robust. I feel really good about where those anchor transactions are. As I said in my opening remarks, that's where the real opportunity, I think, lies for us to get back to those peak levels, which we're not at in terms of driving continued occupancy. I do believe it's that last statement. It's supply demand. When we are able to reach that peak occupancy and there's no space available for anchors, we already have pricing power and more leverage than in times when there's even more vacancy out there. Right now, there's not a lot. As that continues to move in our favor, we incrementally will have more pricing power and incrementally have more leverage to push a little harder. As long as they have other options and alternatives, and it also needs to be a win-win, we have to look at their businesses, their margins. I also believe as these tenants and our retailers get more efficient and they are learning operational efficiencies through technology, through artificial intelligence, that's going to enable them to pay more rent. I'm really optimistic about that. Thank you, Griffin. We'll go next to Haendel St. Juste with Mizuho Securities. Hi, good morning. This is Ravi Vaidya on the line for Haendel. Hope you guys are doing well. Can you identify the tenant that was moved to a cash basis? Was that a bankruptcy? How should we think about the current debt range, especially since you've utilized only less than 10 bps so far of the current reserve? Thank you. Sure. I'm not going to name the tenant by name. It's one lease in over, well over 9,000 leases where we made a judgment call on their ability to meet the terms of their future lease obligations. Remember, they're still current. They're paying rent in the near-term. Core Operating Earnings is unimpacted. This is an accounting treatment of future rent increases. From a ULI perspective, listen, we had a really good quarter. We largely met our expectations. We're operating at below historical averages. We planned to operate at, you know, around to slightly below historical averages. We're meeting that expectation today. You know, eyes are still pretty high, and we still feel really confident about the health of our tenancy. Feel good about the prospects for ULI going forward, which is a different comment from bankruptcies. Bankruptcies are move-outs. We still find ourselves in the middle of some ongoing bankruptcy filings. Breadcrumbs are out there that would indicate potentially we have some good opportunities to come out of those okay, but we're not done with those. Bankruptcies are an uncertain process, and we just need a little bit more time to have some more clarity there, but a normal part of our business. Thanks, Ravi. Moving on to Floris van Dijkum with Ladenburg Thalmann. Good morning. Lisa, great to hear your voice. You guys, you know, you've obviously built over the last decades a track record as being sort of best in class shopping center developer out there. It really differentiates your platform as I think you alluded to. How should we think about? As I recall, you also don't have a big land bank. How do you protect yourself from rising land values, which is a big input in your developments? Maybe talk about your option strategy versus, and how long in advance you have to work on, you know, getting a hold of land or getting land under option before you start to activate developments typically. Floris, thank you. I'd like to set it up before I pass it over to Nick to speak more specifically and to say thank you for acknowledging what I know is the best development platform in the business nationally. A lot of what Nick will answer the question has a lot to do with why we are the best. It's the team, it's the relationships, and it's the experience and track record. All matter and all make a difference in our success. It is a virtuous cycle. With that, I will pass it over to Nick. Again, thank you. Really appreciate the comments. Absolutely, Floris. I also appreciate you noticing we're doing this very efficiently, meaning we are not driving a large land bank that we're sitting on in order to drive this development program. We are definitively working with the land sellers, optioning their property and working through the process, as I articulated earlier, de-risking that process before we close. A really hard part of our job is sitting down with landowners and having conversations about the value of their land and educating them, and that is what we do every day. It is the most difficult part of, I would say, the development business, is sitting down with landowners who may have one value in mind and educating them on the realities of the market. That's what our teams do every day. Given our track record, given our access to information, given our retailer relationships, we win more than our fair share of those conversations and jump balls with landowners for exactly that reason. I expect it to continue, but it's never easy. It's always a challenge. Thanks, Floris. Moving on to Ronald Kamdem with Morgan Stanley. Great. Thanks for taking my question. Hey, I was just wondering, you guys brought back the slide in the presentation about sort of the runway for occupancy upside, which I thought was interesting because it shows that your leased occupancy is already at peak or has already exceeded sort of the previous peak, but the commenced hasn't. My question is, do you think commenced occupancy can get to a new sort of peak this year? Maybe some commentary about what kind of tailwind that does for same-store NOI going forward. Thanks. Well, appreciate you noticing our great disclosure, Ron. Yeah, I think we feel really optimistic about the prospects for this portfolio in this current environment that we see. We have set new records on percent leased. We have room to run on percent commenced. Our plan and expectation for the year is that we will continue to shrink that gap between leased and commenced. We will continue to drive outsized base rent growth as a result, and there'll be some amplifying factor through recoveries as well. We think that that'll run through the balance of this year. Where we go from there is to be determined. I mean, I think we're also an active asset manager. We really aspire to in-invest into our own portfolio through redevelopment. Sometimes that means managing some vacancy and taking on some vacancy. Alan would say this, we're not leasing for occupancy. We're leasing to maximize NOI over the long run. That's the approach we're going to take from here. Ron, the only thing I would double down on is we executed 1.5 million sq ft in Q1. Our teams are full speed ahead. They hit the ground running. I'm really proud of what they accomplished. It's more GLA than we executed in Q1 of 2025, despite being at these peak levels. They're going to continue to grind and find opportunities not just for vacant space, but to continue to lean into better operators and upgraded merchandising where we're leasing occupied space. Appreciate the question, Ron. Thanks, Ron. Thank you. We'll go next to Hong Zhang with JPMorgan. Yeah. Hey, I guess, could you touch on how you're viewing potentially tapping the equity market today, given that your stock price is higher than when you tapped it last year? I was going to say we've also grown NOI since that time. That we always take an opportunistic view of issuing equity. Currently, we have more than enough balance sheet capacity, free cash flow to meet our needs. If we were to have an opportunity that was visible to us that we could fund accretively with equity, we would take advantage of that. I think we have a pretty good track record of issuing equity judiciously and accretively. Certainly it is a tool in our toolbox and one that we will access when the opportunity presents itself. Thank you. Thanks, Hong. As a reminder, if you would like to ask a question, please press star-one. We'll hear next from Omotayo Okusanya from Deutsche Bank. Yes. Good morning out there. Hope this is a fair question, I think, you know, sometimes the curse of doing very well over a long period of time is that people always tend to expect more and more and more. I think, again, you're kind of having, you know, a great quarter, you know, solid outlook, the stock is down today. I guess, you know, when people are kind of looking overall at your name, you know, as a stock they should be owning in their portfolio relative to their peers, they may be seeing, you know, the premium valuation, which is warranted, again, a really good operating backdrop for the entire industry. In that world, I guess, you know, the question I have is: How do you guys really kind of think about still being able to kind of outperform versus peers in that environment? What are investors possibly underestimating about your story, that you can provide evidence of, that we should still give investors confidence that, again, you can put up superior earnings growth, which validates the premium valuation? I learned from my predecessor, who often quoted a very wise investor, that in the short-term, the market is a weighing machine. I'm sorry, in the long-term, it's a weighing machine. When you take the combination of what we refer to as our strategic advantages, because they are, so the quality of our portfolio, the development platform, the balance sheet, and our team, that the combination of those is truly unique. Over the long-term, I have 100% confidence that we will be at or near the very top of the sector in Same-Property NOI growth. I think if you were to look back, at five, 10 years, you're going to see that that's the case. That's using less capital than the rest of the sector to get that growth. If you look back and look at investments and the accretion from investment and use of whether it be equity, new debt growth, just new incremental capital, again, the returns on that are at or very near the top of the sector. I do believe that because of those 4 things, quality of the portfolio, which is going to generate very strong Same-Property NOI growth, a development platform that is unequaled, that is going to continue to create meaningful value for our shareholders over the long-term. The balance sheet to fund it and the people to execute it. That's how I believe that it's the right strategy and one that will deliver and has delivered over the long-term. Thanks, Tayo. Fair enough, Lisa. We'll hear next from Cooper Clark with Wells Fargo. Cooper, you're back. Awesome. That is great to hear. Okay, thank you very much. I was hoping you could talk about portfolio trends you've seen historically during periods of higher oil prices and the impact that has on traffic levels in consumer spending trends? The last time we had gas prices this high was probably when it was in the middle of COVID, so it was a little bit different. I don't think that that's necessarily a relevant, a relevant historical point to look to. Generally, I would again speak to I've been with the company for 30 years, and in the modern era of Regency, we have seen a decline in Same-Property NOI really twice. Once was the global financial crisis, and the other was during COVID. Our property type, the format of our shopping centers, neighborhood community centers, really are defensive, and they produce consistent, durable, steady cash flows through all cycles. Again, I, and I'm certain Hap is probably listening, he's going to love that I've actually referred to him twice. I do remember that when I was much early in my career, the 98 mini recession, the 2001 tech bubble, he kept saying, "We choose not to participate," because we really, we grew right through it. Again, when you think about the quality of the portfolio, the format of the shopping centers, the trade areas in which we operate, we're able to grow right through it, and that's the expectation. Thanks, Cooper. Thank you. This now concludes our question-and-answer session. I would like to turn the floor back over to Lisa Palmer for closing comments. Thank you all. Appreciate your time, and thank you to the team as well. Have a great day. Ladies and gentlemen, thank you for your participation. This does conclude today's teleconference. You may disconnect your lines, and have a wonderful day.

Speaker 14: Please note, this conference is being recorded. I will now turn the conference over to your host, Christy McElroy. Please go ahead. Please note, this conference is being recorded. please note this conference is being recorded I will now turn the conference over to your host, Christy McElroy. i will now turn the conference over to your host christy mcelroy Please go ahead. please go ahead

Speaker 2: Good morning, and welcome to Regency Centers' first quarter 2026 earnings conference call. Joining me today are Lisa Palmer, President and Chief Executive Officer; Mike Mas, Chief Financial Officer; Alan Roth, East Region President and Chief Operating Officer; and Nick Wibbenmeyer, West Region President and Chief Investment Officer. As a reminder, today's discussion may contain forward-looking statements about the company's views of future business and financial performance, including forward earnings guidance and future market conditions. These are based on the current beliefs and expectations of management and are subject to various risks and uncertainties. It is possible that actual results may differ materially from those suggested by these forward-looking statements we may make. Good morning, and welcome to Regency Centers' first quarter 2026 earnings conference call. good morning and welcome to regency centers' first quarter 2026 earnings conference call Joining me today are Lisa Palmer, President and Chief Executive Officer; Mike Mas, Chief Financial Officer; Alan Roth, East Region President and Chief Operating Officer; and Nick Wibbenmeyer, West Region President and Chief Investment Officer. joining me today are lisa palmer president and chief executive officer mike mas chief financial officer alan roth east region president and chief operating officer and nick wibbenmeyer west region president and chief investment officer As a reminder, today's discussion may contain forward-looking statements about the company's views of future business and financial performance, including forward earnings guidance and future market conditions. as a reminder today's discussion may contain forward-looking statements about the company's views of future business and financial performance including forward earnings guidance and future market conditions These are based on the current beliefs and expectations of management and are subject to various risks and uncertainties. these are based on the current beliefs and expectations of management and are subject to various risks and uncertainties It is possible that actual results may differ materially from those suggested by these forward-looking statements we may make. it is possible that actual results may differ materially from those suggested by these forward-looking statements we may make Factors or risks that could cause actual results to differ materially from these statements may be included in our presentation today and are described in more detail in our filings with the SEC, specifically in our most recent form 10-K and 10-Q filings. In our discussion today, we will also reference certain non-GAAP financial measures. The comparable GAAP financial measures are included in this quarter's earnings materials, which are posted on our investor relations website. Please note that we have also posted a presentation on our website with additional information, including disclosures related to forward earnings guidance. Our caution on forward-looking statements also applies to these presentation materials. As a reminder, given the number of participants we have on the call today, we respectfully ask that you limit your questions to one. Please rejoin the queue if you have additional follow-up questions. Lisa. Factors or risks that could cause actual results to differ materially from these statements may be included in our presentation today and are described in more detail in our filings with the SEC, specifically in our most recent form 10-K and 10-Q filings. factors or risks that could cause actual results to differ materially from these statements may be included in our presentation today and are described in more detail in our filings with the sec specifically in our most recent form 10-k and 10-q filings In our discussion today, we will also reference certain non-GAAP financial measures. in our discussion today we will also reference certain non-gaap financial measures The comparable GAAP financial measures are included in this quarter's earnings materials, which are posted on our investor relations website. the comparable gaap financial measures are included in this quarter's earnings materials which are posted on our investor relations website Please note that we have also posted a presentation on our website with additional information, including disclosures related to forward earnings guidance. please note that we have also posted a presentation on our website with additional information including disclosures related to forward earnings guidance Our caution on forward-looking statements also applies to these presentation materials. our caution on forward-looking statements also applies to these presentation materials As a reminder, given the number of participants we have on the call today, we respectfully ask that you limit your questions to one. as a reminder given the number of participants we have on the call today we respectfully ask that you limit your questions to one Please rejoin the queue if you have additional follow-up questions. please rejoin the queue if you have additional follow-up questions Lisa. lisa

Speaker 8: Thank you, Christy. Good morning, everyone, and thank you for joining us. We are off to an outstanding start to the year, building on the positive momentum from last year. In the first quarter, we delivered strong Same-Property NOI and earnings growth, driven by robust operating fundamentals and accretive capital allocation. Our results demonstrate the durability of our portfolio, the strength of our platform, and the execution of our team. Our tenants are performing well in our centers, supported by the resiliency and spending power of consumers in our strong suburban trade areas, as well as our focus on essential retail anchored by top-performing grocers. It is this combination of high-quality trade areas and our concentration of necessity-based, value-oriented, and convenience retail that positions our portfolio to perform consistently, even in uncertain macroeconomic environments. We also continue to see significant momentum across our investments platform. Thank you, Christy. thank you christy Good morning, everyone, and thank you for joining us. good morning everyone and thank you for joining us We are off to an outstanding start to the year, building on the positive momentum from last year. we are off to an outstanding start to the year building on the positive momentum from last year In the first quarter, we delivered strong Same-Property NOI and earnings growth, driven by robust operating fundamentals and accretive capital allocation. in the first quarter we delivered strong same-property noi and earnings growth driven by robust operating fundamentals and accretive capital allocation Our results demonstrate the durability of our portfolio, the strength of our platform, and the execution of our team. our results demonstrate the durability of our portfolio the strength of our platform and the execution of our team Our tenants are performing well in our centers, supported by the resiliency and spending power of consumers in our strong suburban trade areas, as well as our focus on essential retail anchored by top-performing grocers. our tenants are performing well in our centers supported by the resiliency and spending power of consumers in our strong suburban trade areas as well as our focus on essential retail anchored by top-performing grocers It is this combination of high-quality trade areas and our concentration of necessity-based, value-oriented, and convenience retail that positions our portfolio to perform consistently, even in uncertain macroeconomic environments. it is this combination of high-quality trade areas and our concentration of necessity-based value-oriented and convenience retail that positions our portfolio to perform consistently even in uncertain macroeconomic environments We also continue to see significant momentum across our investments platform. we also continue to see significant momentum across our investments platform Our track record of success in ground-up development is one of Regency's greatest differentiators and is a key driver of our external growth strategy. In an environment with very little new retail supply, our ability to source, execute, and deliver high-quality developments across the country really sets Regency apart. Our project deliveries will translate into meaningful NOI contribution in 2026 and beyond, boosting total NOI growth and driving earnings and NAV accretion. As we look ahead, I'm really energized by our strong start to the year and by the opportunities in front of us. I want to reiterate just how distinct Regency's growth story is. Our portfolio of high-quality, grocery-anchored neighborhood and community centers located in some of the strongest trade areas in the country has consistently delivered durable cash flows across economic cycles. Our track record of success in ground-up development is one of Regency's greatest differentiators and is a key driver of our external growth strategy. our track record of success in ground-up development is one of regency's greatest differentiators and is a key driver of our external growth strategy In an environment with very little new retail supply, our ability to source, execute, and deliver high-quality developments across the country really sets Regency apart. in an environment with very little new retail supply our ability to source execute and deliver high-quality developments across the country really sets regency apart Our project deliveries will translate into meaningful NOI contribution in 2026 and beyond, boosting total NOI growth and driving earnings and NAV accretion. our project deliveries will translate into meaningful noi contribution in 2026 and beyond boosting total noi growth and driving earnings and nav accretion As we look ahead, I'm really energized by our strong start to the year and by the opportunities in front of us. as we look ahead i'm really energized by our strong start to the year and by the opportunities in front of us I want to reiterate just how distinct Regency's growth story is. i want to reiterate just how distinct regency's growth story is Our portfolio of high-quality, grocery-anchored neighborhood and community centers located in some of the strongest trade areas in the country has consistently delivered durable cash flows across economic cycles. our portfolio of high-quality grocery-anchored neighborhood and community centers located in some of the strongest trade areas in the country has consistently delivered durable cash flows across economic cycles Our leading national development platform is creating meaningful value for shareholders at a time when few others can compete with our expertise, relationships, and proven results. Our strong balance sheet gives us flexibility and the capacity to be opportunistic with low cost and substantial access to capital. Most importantly, we have the best team in the business. With this foundation, Regency is exceptionally well-positioned to continue delivering strong and sustainable growth for our shareholders. Alan. Our leading national development platform is creating meaningful value for shareholders at a time when few others can compete with our expertise, relationships, and proven results. our leading national development platform is creating meaningful value for shareholders at a time when few others can compete with our expertise relationships and proven results Our strong balance sheet gives us flexibility and the capacity to be opportunistic with low cost and substantial access to capital. our strong balance sheet gives us flexibility and the capacity to be opportunistic with low cost and substantial access to capital Most importantly, we have the best team in the business. most importantly we have the best team in the business With this foundation, Regency is exceptionally well-positioned to continue delivering strong and sustainable growth for our shareholders. with this foundation regency is exceptionally well-positioned to continue delivering strong and sustainable growth for our shareholders Alan. alan

Speaker 1: Thank you, Lisa. Good morning, everyone. We delivered another excellent quarter to start the year following what was a record-breaking year for us in 2025. The fundamentals across our portfolio remain strong, and I couldn't be more proud of our team's execution. Tenant demand continues to be robust across nearly all categories and regions, spanning both anchor and shop space. Grocers, restaurants, health and wellness concepts, and off-price retailers are among the most active, but the breadth of engagement across our portfolio is really impressive. The availability of high-quality space is increasingly scarce, both at our centers and in our trade areas, and that dynamic is working in our favor. Our same property percent leased, which is approaching 97%, was up 10 basis points over the fourth quarter. Thank you, Lisa. thank you lisa Good morning, everyone. good morning everyone We delivered another excellent quarter to start the year following what was a record-breaking year for us in 2025. we delivered another excellent quarter to start the year following what was a record-breaking year for us in 2025 The fundamentals across our portfolio remain strong, and I couldn't be more proud of our team's execution. the fundamentals across our portfolio remain strong and i couldn't be more proud of our team's execution Tenant demand continues to be robust across nearly all categories and regions, spanning both anchor and shop space. tenant demand continues to be robust across nearly all categories and regions spanning both anchor and shop space Grocers, restaurants, health and wellness concepts, and off-price retailers are among the most active, but the breadth of engagement across our portfolio is really impressive. grocers restaurants health and wellness concepts and off-price retailers are among the most active but the breadth of engagement across our portfolio is really impressive The availability of high-quality space is increasingly scarce, both at our centers and in our trade areas, and that dynamic is working in our favor. the availability of high-quality space is increasingly scarce both at our centers and in our trade areas and that dynamic is working in our favor Our same property percent leased, which is approaching 97%, was up 10 basis points over the fourth quarter. our same property percent leased which is approaching 97% was up 10 basis points over the fourth quarter A sequential uptick in Q1 is seasonally unusual, and it really speaks to the strength of the demand we're experiencing and to the durability of our occupancy. Leased occupancy is now close to our prior peak, though I am confident further upside is achievable, particularly in anchor leasing, where we continue to have meaningful engagement with leading national retailers. What is especially encouraging is the nature of our activity today. We continue having success proactively leasing occupied space, upgrading merchandising, bringing in new and vibrant concepts, and replacing outdated or underperforming uses. Our same property commenced rate also increased 20 basis points in the quarter as we made meaningful progress commencing tenants within our SNO pipeline. A sequential uptick in Q1 is seasonally unusual, and it really speaks to the strength of the demand we're experiencing and to the durability of our occupancy. a sequential uptick in q1 is seasonally unusual and it really speaks to the strength of the demand we're experiencing and to the durability of our occupancy Leased occupancy is now close to our prior peak, though I am confident further upside is achievable, particularly in anchor leasing, where we continue to have meaningful engagement with leading national retailers. leased occupancy is now close to our prior peak though i am confident further upside is achievable particularly in anchor leasing where we continue to have meaningful engagement with leading national retailers What is especially encouraging is the nature of our activity today. what is especially encouraging is the nature of our activity today We continue having success proactively leasing occupied space, upgrading merchandising, bringing in new and vibrant concepts, and replacing outdated or underperforming uses. we continue having success proactively leasing occupied space upgrading merchandising bringing in new and vibrant concepts and replacing outdated or underperforming uses Our same property commenced rate also increased 20 basis points in the quarter as we made meaningful progress commencing tenants within our SNO pipeline. our same property commenced rate also increased 20 basis points in the quarter as we made meaningful progress commencing tenants within our sno pipeline The pipeline continues to be a significant tailwind to future NOI growth, representing approximately $42 million of incremental base rent. We achieved robust cash re-leasing spreads in the first quarter and GAAP spreads were near a record high. These results reflect our ability to achieve compelling mark-to-market rent increases in addition to embedding meaningful contractual rent steps into our leases. That success is the basis for our ability to drive strong, sustainable rent growth within our portfolio over the long-term. Same-Property NOI growth of 4.4% the first quarter was reflective of the strong operating trends, along with the substantial progress we've made raising occupancy and completing redevelopment projects. In closing, the trends we are seeing in leasing activity, tenant sales, collections, and foot traffic remain very favorable. We are positioned for success and continued growth ahead, and I'm excited about what our team will accomplish. With that, I'll hand it over to Nick. The pipeline continues to be a significant tailwind to future NOI growth, representing approximately $42 million of incremental base rent. We achieved robust cash re-leasing spreads in the first quarter and GAAP spreads were near a record high. the pipeline continues to be a significant tailwind to future noi growth representing approximately $42 million of incremental base rent. we achieved robust cash re-leasing spreads in the first quarter and gaap spreads were near a record high These results reflect our ability to achieve compelling mark-to-market rent increases in addition to embedding meaningful contractual rent steps into our leases. these results reflect our ability to achieve compelling mark-to-market rent increases in addition to embedding meaningful contractual rent steps into our leases That success is the basis for our ability to drive strong, sustainable rent growth within our portfolio over the long- term. that success is the basis for our ability to drive strong sustainable rent growth within our portfolio over the long- term Same-Property NOI growth of 4.4% the first quarter was reflective of the strong operating trends, along with the substantial progress we've made raising occupancy and completing redevelopment projects. same-property noi growth of 4.4% the first quarter was reflective of the strong operating trends along with the substantial progress we've made raising occupancy and completing redevelopment projects In closing, the trends we are seeing in leasing activity, tenant sales, collections, and foot traffic remain very favorable. in closing the trends we are seeing in leasing activity tenant sales collections and foot traffic remain very favorable We are positioned for success and continued growth ahead, and I'm excited about what our team will accomplish. we are positioned for success and continued growth ahead and i'm excited about what our team will accomplish With that, I'll hand it over to Nick. with that i'll hand it over to nick

Speaker 12: Thank you, Alan, and good morning, everyone. We continue to have significant momentum within our investments platform, evident in an active first quarter of accretive investment activity. Our team is successfully executing on and delivering projects within our in-process pipeline, and we continued to source attractive new ground-up projects. During the first quarter, we completed $42 million of projects, including Oakley Shops at Laurel Fields, a Safeway-anchored neighborhood center we developed ground up in the Bay Area. Our team did an exceptional job bringing this project to fruition in less than 18 months, one of the quickest ground-up deliveries that I can recall. We also started another $73 million of new projects this quarter, including Crystal Brook Corner, a redevelopment on Long Island. We acquired this underutilized piece of real estate and are transforming it into a Whole Foods anchored neighborhood center. Thank you, Alan, and good morning, everyone. thank you alan and good morning everyone We continue to have significant momentum within our investments platform, evident in an active first quarter of accretive investment activity. we continue to have significant momentum within our investments platform evident in an active first quarter of accretive investment activity Our team is successfully executing on and delivering projects within our in-process pipeline, and we continued to source attractive new ground-up projects. our team is successfully executing on and delivering projects within our in-process pipeline and we continued to source attractive new ground-up projects During the first quarter, we completed $42 million of projects, including Oakley Shops at Laurel Fields, a Safeway-anchored neighborhood center we developed ground up in the Bay Area. during the first quarter we completed $42 million of projects including oakley shops at laurel fields a safeway-anchored neighborhood center we developed ground up in the bay area Our team did an exceptional job bringing this project to fruition in less than 18 months, one of the quickest ground-up deliveries that I can recall. our team did an exceptional job bringing this project to fruition in less than 18 months one of the quickest ground-up deliveries that i can recall We also started another $73 million of new projects this quarter, including Crystal Brook Corner, a redevelopment on Long Island. we also started another $73 million of new projects this quarter including crystal brook corner a redevelopment on long island We acquired this underutilized piece of real estate and are transforming it into a Whole Foods anchored neighborhood center. we acquired this underutilized piece of real estate and are transforming it into a whole foods anchored neighborhood center This project demonstrates our ability to look at acquisition opportunities through a differentiated lens, leveraging Regency's platform, our relationships, and our development expertise to drive near-term value creation. Our in-process pipeline now exceeds $600 million with exceptional leasing momentum and blended returns above 9%. The team has been executing these projects on time and on budget, which I want to emphasize is a direct result of the substantial risk mitigation we undertake before we break ground. Within our ground-up development platform, we continue to see remarkable results. An example includes Ellis Village in Northern California, which we started in the second half of 2025. The project is already 100% leased with an anticipated anchor opening later this year. Our SunVet and StoneBridge ground-up projects in the Northeast each celebrated Whole Foods openings during the first quarter, both with strong community reception. This project demonstrates our ability to look at acquisition opportunities through a differentiated lens, leveraging Regency's platform, our relationships, and our development expertise to drive near-term value creation. this project demonstrates our ability to look at acquisition opportunities through a differentiated lens leveraging regency's platform our relationships and our development expertise to drive near-term value creation Our in-process pipeline now exceeds $600 million with exceptional leasing momentum and blended returns above 9%. our in-process pipeline now exceeds $600 million with exceptional leasing momentum and blended returns above 9% The team has been executing these projects on time and on budget, which I want to emphasize is a direct result of the substantial risk mitigation we undertake before we break ground. the team has been executing these projects on time and on budget which i want to emphasize is a direct result of the substantial risk mitigation we undertake before we break ground Within our ground-up development platform, we continue to see remarkable results. within our ground-up development platform we continue to see remarkable results An example includes Ellis Village in Northern California, which we started in the second half of 2025. an example includes ellis village in northern california which we started in the second half of 2025 The project is already 100% leased with an anticipated anchor opening later this year. the project is already 100% leased with an anticipated anchor opening later this year Our SunVet and StoneBridge ground-up projects in the Northeast each celebrated Whole Foods openings during the first quarter, both with strong community reception. our sunvet and stonebridge ground-up projects in the northeast each celebrated whole foods openings during the first quarter both with strong community reception As Lisa discussed, ground-up development remains a substantial differentiator for Regency, and our brand as a developer has never been stronger. We are the only national developer of high-quality grocery anchor shopping centers at scale in an environment of otherwise limited new supply. Our teams are actively sourcing new projects, and we continue to have visibility to a potential of more than $1 billion of project starts over the next three years. Leading grocers across the country remain engaged and eager to expand with us, and shop tenants are excited to be part of our projects. As Lisa discussed, ground-up development remains a substantial differentiator for Regency, and our brand as a developer has never been stronger. as lisa discussed ground-up development remains a substantial differentiator for regency and our brand as a developer has never been stronger We are the only national developer of high-quality grocery anchor shopping centers at scale in an environment of otherwise limited new supply. we are the only national developer of high-quality grocery anchor shopping centers at scale in an environment of otherwise limited new supply Our teams are actively sourcing new projects, and we continue to have visibility to a potential of more than $1 billion of project starts over the next three years. our teams are actively sourcing new projects and we continue to have visibility to a potential of more than $1 billion of project starts over the next three years Leading grocers across the country remain engaged and eager to expand with us, and shop tenants are excited to be part of our projects. leading grocers across the country remain engaged and eager to expand with us and shop tenants are excited to be part of our projects Landowners trust us to deliver given our proven track record and the strength of our grocery relationships, particularly among master plan developers, where our retail projects are providing a significant amenity and value to their communities. This positive momentum continues to enhance our success, strategically positioning us to capitalize on additional opportunities. We are creating real value for shareholders at meaningful spreads to market cap rates. We are excited about the opportunities for continued growth in our investments platform. Mike? Landowners trust us to deliver given our proven track record and the strength of our grocery relationships, particularly among master plan developers, where our retail projects are providing a significant amenity and value to their communities. landowners trust us to deliver given our proven track record and the strength of our grocery relationships particularly among master plan developers where our retail projects are providing a significant amenity and value to their communities This positive momentum continues to enhance our success, strategically positioning us to capitalize on additional opportunities. this positive momentum continues to enhance our success strategically positioning us to capitalize on additional opportunities We are creating real value for shareholders at meaningful spreads to market cap rates. we are creating real value for shareholders at meaningful spreads to market cap rates We are excited about the opportunities for continued growth in our investments platform. we are excited about the opportunities for continued growth in our investments platform Mike? mike

Speaker 11: Thank you, Nick. Good morning, everyone. Regency delivered another strong quarter to start the year, a testament to our team's continued execution on our strategy and the favorable conditions of our markets. Same-property NOI growth was 4.4% in the first quarter, including 3.5% of base rent growth. Recall last quarter, we discussed that Q1 would be above and that Q2 would fall below our full year guidance range, with this quarter driven by the uneven nature of other income and next quarter driven by tough comp relative to last year's favorable expense reconciliation performance. Most importantly, base rent continues to grow at very healthy levels, benefiting from increasing rents, commencing our SNO pipeline, and delivering on our accretive redevelopment projects. Thank you, Nick. thank you nick Good morning, everyone. good morning everyone Regency delivered another strong quarter to start the year, a testament to our team's continued execution on our strategy and the favorable conditions of our markets. regency delivered another strong quarter to start the year a testament to our team's continued execution on our strategy and the favorable conditions of our markets Same-property NOI growth was 4.4% in the first quarter, including 3.5% of base rent growth. same-property noi growth was 4.4% in the first quarter including 3.5% of base rent growth Recall last quarter, we discussed that Q1 would be above and that Q2 would fall below our full year guidance range, with this quarter driven by the uneven nature of other income and next quarter driven by tough comp relative to last year's favorable expense reconciliation performance. recall last quarter we discussed that q1 would be above and that q2 would fall below our full year guidance range with this quarter driven by the uneven nature of other income and next quarter driven by tough comp relative to last year's favorable expense reconciliation performance Most importantly, base rent continues to grow at very healthy levels, benefiting from increasing rents, commencing our SNO pipeline, and delivering on our accretive redevelopment projects. most importantly base rent continues to grow at very healthy levels benefiting from increasing rents commencing our sno pipeline and delivering on our accretive redevelopment projects Looking through the variables in first and second quarters, we are maintaining guidance for full year Same-Property NOI growth of 3.25%-3.75%, as well as for growth in Core Operating Earnings and Nareit FFO per share, each at 4.5% at the midpoint. We continue to expect total NOI growth north of 6%, reflecting meaningful contributions from ground-up development deliveries and the substantial acquisitions we completed last year. We did make a few minor assumption changes within our outlook. We modestly increased development and redevelopment spend as a result of increased starts expectations, as well as our acquisitions guidance to now include known transactions. These changes reflect continued strong investment activity and support positive momentum in external growth and value creation. The strength of our balance sheet is an important element of this ability to accretively allocate capital. Looking through the variables in first and second quarters, we are maintaining guidance for full year Same-Property NOI growth of 3.25%-3.75%, as well as for growth in Core Operating Earnings and Nareit FFO per share, each at 4.5% at the midpoint. looking through the variables in first and second quarters we are maintaining guidance for full year same-property noi growth of 3.25%-3.75% as well as for growth in core operating earnings and nareit ffo per share each at 4.5% at the midpoint We continue to expect total NOI growth north of 6%, reflecting meaningful contributions from ground-up development deliveries and the substantial acquisitions we completed last year. we continue to expect total noi growth north of 6% reflecting meaningful contributions from ground-up development deliveries and the substantial acquisitions we completed last year We did make a few minor assumption changes within our outlook. we did make a few minor assumption changes within our outlook We modestly increased development and redevelopment spend as a result of increased starts expectations, as well as our acquisitions guidance to now include known transactions. we modestly increased development and redevelopment spend as a result of increased starts expectations as well as our acquisitions guidance to now include known transactions These changes reflect continued strong investment activity and support positive momentum in external growth and value creation. these changes reflect continued strong investment activity and support positive momentum in external growth and value creation The strength of our balance sheet is an important element of this ability to accretively allocate capital. the strength of our balance sheet is an important element of this ability to accretively allocate capital We have worked strategically over time to position the company with low leverage, strong liquidity, and dependable access to attractively priced capital. In February, we issued $450 million of seven-year unsecured notes at a 4.5% coupon, achieving the lowest credit spread in Regency's history. This execution represents one of the most favorable costs of debt capital in the REIT sector and is a direct reflection of our A credit ratings from both Moody's and S&P. Leverage remains near the low end of our target range of 5x-5.5x. We have nearly full availability on our credit facility, and our strong free cash flow generation allows us to fund our development pipeline with no current need to raise equity or sell properties. In closing, we are gratified by another strong quarter and look forward to continued success as our teams execute our differentiated strategy through the balance of the year. With that, we welcome your questions. We have worked strategically over time to position the company with low leverage, strong liquidity, and dependable access to attractively priced capital. we have worked strategically over time to position the company with low leverage strong liquidity and dependable access to attractively priced capital In February, we issued $450 million of seven-year unsecured notes at a 4.5% coupon, achieving the lowest credit spread in Regency's history. in february we issued $450 million of seven-year unsecured notes at a 4.5% coupon achieving the lowest credit spread in regency's history This execution represents one of the most favorable costs of debt capital in the REIT sector and is a direct reflection of our A credit ratings from both Moody's and S&P. this execution represents one of the most favorable costs of debt capital in the reit sector and is a direct reflection of our a credit ratings from both moody's and s&p Leverage remains near the low end of our target range of 5x-5.5x. leverage remains near the low end of our target range of 5x-5.5x We have nearly full availability on our credit facility, and our strong free cash flow generation allows us to fund our development pipeline with no current need to raise equity or sell properties. we have nearly full availability on our credit facility and our strong free cash flow generation allows us to fund our development pipeline with no current need to raise equity or sell properties In closing, we are gratified by another strong quarter and look forward to continued success as our teams execute our differentiated strategy through the balance of the year. in closing we are gratified by another strong quarter and look forward to continued success as our teams execute our differentiated strategy through the balance of the year With that, we welcome your questions. with that we welcome your questions

Speaker 14: Thank you. We will now be conducting a question-and-answer session. If you would like to ask a question, please press star-one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. Please limit yourself to one question. You may press star-two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star key. Our first question will come from Cooper Clark with Wells Fargo. Thank you. thank you We will now be conducting a question-and-answer session. we will now be conducting a question-and-answer session If you would like to ask a question, please press star- one on your telephone keypad. if you would like to ask a question please press star- one on your telephone keypad A confirmation tone will indicate your line is in the question queue. a confirmation tone will indicate your line is in the question queue Please limit yourself to one question. please limit yourself to one question You may press star- two if you would like to remove your question from the queue. you may press star- two if you would like to remove your question from the queue For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star key. for participants using speaker equipment it may be necessary to pick up your handset before pressing the star key Our first question will come from Cooper Clark with Wells Fargo. our first question will come from cooper clark with wells fargo

Speaker 8: Cooper. Cooper. cooper

Speaker 14: Cooper, your line is open. Okay, with that, moving on to Michael Goldsmith with UBS. Cooper, your line is open. cooper your line is open Okay, with that, moving on to Michael Goldsmith with UBS. okay with that moving on to michael goldsmith with ubs

Speaker 9: Good morning, and thanks a lot for taking my question. Mike, can you walk us through you know, the moving pieces of the non-cash revenue? Guidance to $51 million, prorated, that would be 5.0 for the first quarter. Can you just kind of recognize the business for me? Good morning, and thanks a lot for taking my question. good morning and thanks a lot for taking my question Mike, can you walk us through you know, the moving pieces of the non-cash revenue? mike can you walk us through you know the moving pieces of the non-cash revenue Guidance to $51 million, prorated, that would be 5.0 for the first quarter. guidance to $51 million prorated that would be 5.0 for the first quarter Can you just kind of recognize the business for me? can you just kind of recognize the business for me

Speaker 8: Michael, before you finish, for some reason, you're breaking up. If you could start from the beginning, that'd be great. Michael, before you finish, for some reason, you're breaking up. michael before you finish for some reason you're breaking up If you could start from the beginning, that'd be great. if you could start from the beginning that'd be great

Speaker 9: Hi, Lisa. Sorry about that. Is this any better? Hi, Lisa. hi lisa Sorry about that. sorry about that Is this any better? is this any better

Speaker 8: Thanks, Michael. Thanks, Michael. thanks michael

Speaker 9: Great. Yeah. I wanted to walk through the non-cash revenue component. You guided to $51 million for the year. Prorated, that would've been, you know, if you split it by four, probably would've been at $12.75 million. For the first quarter, you came in at like $9.7-ish million. Can you kind of walk through, you know, what drives the difference there from the kind of like a prorated number to the lumpiness that is natural with the non-cash revenues and how you expect the rest of the year to play out? Thanks. Great. great Yeah. yeah I wanted to walk through the non-cash revenue component. i wanted to walk through the non-cash revenue component You guided to $51 million for the year. you guided to $51 million for the year Prorated, that would've been, you know, if you split it by four, probably would've been at $12.75 million. prorated that would've been you know if you split it by four probably would've been at $12.75 million For the first quarter, you came in at like $9.7-ish million. for the first quarter you came in at like $9.7-ish million Can you kind of walk through, you know, what drives the difference there from the kind of like a prorated number to the lumpiness that is natural with the non-cash revenues and how you expect the rest of the year to play out? can you kind of walk through you know what drives the difference there from the kind of like a prorated number to the lumpiness that is natural with the non-cash revenues and how you expect the rest of the year to play out Thanks. thanks

Speaker 11: Sure. Thank you, Michael. Appreciate the question. As you just said, non-cash can be uneven by its nature. A little straight lining of our guidance range would have led to a little bit of a higher expectation for Q1. Had a couple things going on. One, we did make an adjustment to a single tenant, one lease, where we moved that lease to cash basis. That, in effect, results in a reserve on straight line rent that's booked in the quarter. That's probably the largest component that you're seeing drive that variance today. We haven't taken our eyesight off full year guidance, obviously, at $51 million. I'd also say last year, just as a reminder, you can get fits and starts with tenant mix and the acceleration of below-market rents. Sure. sure Thank you, Michael. thank you michael Appreciate the question. appreciate the question As you just said, non-cash can be uneven by its nature. as you just said non-cash can be uneven by its nature A little straight lining of our guidance range would have led to a little bit of a higher expectation for Q1. a little straight lining of our guidance range would have led to a little bit of a higher expectation for q1 Had a couple things going on. had a couple things going on One, we did make an adjustment to a single tenant, one lease, where we moved that lease to cash basis. one we did make an adjustment to a single tenant one lease where we moved that lease to cash basis That, in effect, results in a reserve on straight line rent that's booked in the quarter. that in effect results in a reserve on straight line rent that's booked in the quarter That's probably the largest component that you're seeing drive that variance today. that's probably the largest component that you're seeing drive that variance today We haven't taken our eyesight off full year guidance, obviously, at $51 million. we haven't taken our eyesight off full year guidance obviously at $51 million I'd also say last year, just as a reminder, you can get fits and starts with tenant mix and the acceleration of below-market rents. i'd also say last year just as a reminder you can get fits and starts with tenant mix and the acceleration of below-market rents That can also be a driver of changes to the cadence of non-cash. Just make sure you keep a lookout for that going forward. Little quickly, another commercial for why we use Core Operating Earnings to really tell the story of how we grow cash and cash flow at Regency. We eliminate non-cash, we eliminate non-recurrent. I think that Core Operating Earnings number is really valuable as we think about the earnings potential of the company. That can also be a driver of changes to the cadence of non-cash. that can also be a driver of changes to the cadence of non-cash Just make sure you kee p a lookout for that going forward. just make sure you kee p a lookout for that going forward Little quickly, another commercial for why we use Core Operating Earnings to really tell the story of how we grow cash and cash flow at Regency. little quickly another commercial for why we use core operating earnings to really tell the story of how we grow cash and cash flow at regency We eliminate non-cash, we eliminate non-recurrent. we eliminate non-cash we eliminate non-recurrent I think that Core Operating Earnings number is really valuable as we think about the earnings potential of the company. i think that core operating earnings number is really valuable as we think about the earnings potential of the company

Speaker 8: Thanks, Michael. Thanks, Michael. thanks michael

Speaker 9: Very helpful. Thank you. Very helpful. very helpful Thank you. thank you

Speaker 14: Our next question comes from Samir Khanal with Bank of America. Our next question comes from Samir Khanal with Bank of America. our next question comes from samir khanal with bank of america

Speaker 17: Good morning, everybody. Maybe to start kind of high level, you know, grocers are stable. I mean, I guess maybe provide color on kind of small shop tenant health given the macro and higher prices. Talk about occupancy costs, and have you seen any differences among categories amongst the shop tenants, discretionary retail or restaurants given higher prices in the macro? Thanks. Good morning, everybody. good morning everybody Maybe to start kind of high level, you know, grocers are stable. maybe to start kind of high level you know grocers are stable I mean, I guess maybe provide color on kind of small shop tenant health given the macro and higher prices. i mean i guess maybe provide color on kind of small shop tenant health given the macro and higher prices Talk about occupancy costs, and have you seen any differences among categories amongst the shop tenants, discretionary retail or restaurants given higher prices in the macro? talk about occupancy costs and have you seen any differences among categories amongst the shop tenants discretionary retail or restaurants given higher prices in the macro Thanks. thanks

Speaker 8: Thanks, Samir. I'll start, and then I'll have Alan color it up with specific to our portfolio. As you've heard us say many times, and we are really well positioned to perform throughout economic cycles because of the format of our shopping centers, necessity, value, convenience. In even tougher times, we're well aware of the pressures on consumers with the rise in gas prices. There's even a trade-down effect oftentimes, and Alan can color that up with our foot traffic. We start to see even more traffic at our centers as a result of that. On top of that layer in the trade areas in which we operate, our consumers are more resilient and more able to withstand these price increases and pressures. Our tenants are healthy. We're seeing that in every metric within the portfolio. As I said, I'll have Alan color that up a little bit more. Thanks, Samir. thanks samir I'll start, and then I'll have Alan color it up with specific to our portfolio. i'll start and then i'll have alan color it up with specific to our portfolio As you've heard us say many times, and we are really well positioned to perform throughout economic cycles because of the format of our shopping centers, necessity, value, convenience. as you've heard us say many times and we are really well positioned to perform throughout economic cycles because of the format of our shopping centers necessity value convenience In even tougher times, we're well aware of the pressures on consumers with the rise in gas prices. in even tougher times we're well aware of the pressures on consumers with the rise in gas prices There's even a trade-down effect oftentimes, and Alan can color that up with our foot traffic. there's even a trade-down effect oftentimes and alan can color that up with our foot traffic We start to see even more traffic at our centers as a result of that. we start to see even more traffic at our centers as a result of that On top of that layer in the trade areas in which we operate, our consumers are more resilient and more able to withstand these price increases and pressures. on top of that layer in the trade areas in which we operate our consumers are more resilient and more able to withstand these price increases and pressures Our tenants are healthy. our tenants are healthy We're seeing that in every metric within the portfolio. we're seeing that in every metric within the portfolio As I said, I'll have Alan color that up a little bit more. as i said i'll have alan color that up a little bit more

Speaker 1: Yeah, good morning, Samir. Talk about the tenants being healthy that Lisa just said. I think the first place I'm going to look is at their, at their sales, they do remain healthy within our portfolio. The next spot I'm going to look is at our collections, we're continue to be near record lows there. As Lisa mentioned, foot traffic, on bad debt. Thank you. Foot traffic, it's very resilient. We look at the Q1 results, we are up 2.3%. To your point of the recent sort of macro environment and higher fuel prices. Yeah, good morning, Samir. yeah good morning samir Talk about the tenants being healthy that Lisa just said. talk about the tenants being healthy that lisa just said I think the first place I'm going to look is at their, at their sales, they do remain healthy within our portfolio. i think the first place i'm going to look is at their at their sales they do remain healthy within our portfolio The next spot I'm going to look is at our collections, we're continue to be near record lows there. the next spot i'm going to look is at our collections we're continue to be near record lows there As Lisa mentioned, foot traffic, o n bad debt. as lisa mentioned foot traffic, o n bad debt Thank you. thank you Foot traffic, it's very resilient. foot traffic it's very resilient We look at the Q1 results, we are up 2.3%. we look at the q1 results we are up 2.3% To your point of the recent sort of macro environment and higher fuel prices. to your point of the recent sort of macro environment and higher fuel prices What does April look like? When we look at the portfolio in April, foot traffic is actually up 3% more than it was in Q1 during this time period of increased fuel prices. You know, look, we continue to feel good, and I would bring that back to Lisa's comment of the consumers and the trade areas in which we are operating. We're going to continue to keep a watchful eye on things. Things remain certainly positive from all metrics that we have access to. What does April look like? what does april look like When we look at the portfolio in April, foot traffic is actually up 3% more than it was in Q1 during this time period of increased fuel prices. when we look at the portfolio in april foot traffic is actually up 3% more than it was in q1 during this time period of increased fuel prices You know, look, we continue to feel good, and I would bring that back to Lisa's comment of the consumers and the trade areas in which we are operating. you know look we continue to feel good and i would bring that back to lisa's comment of the consumers and the trade areas in which we are operating We're going to continue to keep a watchful eye on things. we're going to continue to keep a watchful eye on things Things remain certainly positive from all metrics that we have access to. things remain certainly positive from all metrics that we have access to

Speaker 8: Thanks, Samir. Thanks, Samir. thanks samir

Speaker 14: Moving on to Craig Mailman with Citi. Moving on to Craig Mailman with Citi. moving on to craig mailman with citi

Speaker 4: Hey, good morning, everyone. You guys had bumped the increased start expectations a bit here. Can you talk about which projects are now slated to start this year and just the overall kind of leasing activity and maybe anything else on the horizon that wasn't included in this new starts, but maybe could potentially start later this year? Kind of just talk about the overall environment of your different projects. Hey, good morning, everyone. hey good morning everyone You guys had bumped the increased start expectations a bit here. you guys had bumped the increased start expectations a bit here Can you talk about which projects are now slated to start this year and just the overall kind of leasing activity and maybe anything else on the horizon that wasn't included in this new starts, but maybe could potentially start later this year? can you talk about which projects are now slated to start this year and just the overall kind of leasing activity and maybe anything else on the horizon that wasn't included in this new starts but maybe could potentially start later this year Kind of just talk about the overall environment of your different projects. kind of just talk about the overall environment of your different projects

Speaker 11: Craig, I appreciate the question. Let me start, I'm going to give it to Nick real quick because I want to just clear up something. We guide on development spend, but we are highlighting that we have some added visibility to added starts that will drive that spend this year. But I want that to be clear that is a spend guidance, not starts guidance. Then Nick will take it from there. Craig, I appreciate the question. craig i appreciate the question Let me start, I'm going to give it to Nick real quick because I want to just clear up something. let me start i'm going to give it to nick real quick because i want to just clear up something We guide on development spend, but we are highlighting that we have some added visibility to added starts that will drive that spend this year. we guide on development spend but we are highlighting that we have some added visibility to added starts that will drive that spend this year But I want that to be clear that is a spend guidance, not starts guidance. but i want that to be clear that is a spend guidance not starts guidance Then Nick will take it from there. then nick will take it from there

Speaker 12: Yeah, Craig, appreciate the question. As we said in our opening remarks, we feel really good about our ground up development program. As you've seen over the last three years, we've started just over $800 million. As we look forward, we expect our investment platform to invest over $1 billion over the next three years. You can just see continued upward momentum as our team does a tremendous job uncovering these opportunities around the country. We continue to be bullish about that opportunity set, we are raising our eyesight regarding what that spend will be based on an expectation of higher starts than previously anticipated. Yeah, Craig, appreciate the question. yeah craig appreciate the question As we said in our opening remarks, we feel really good about our ground up development program. as we said in our opening remarks we feel really good about our ground up development program As you've seen over the last three years, we've started just over $800 million. as you've seen over the last three years we've started just over $800 million As we look forward, we expect our investment platform to invest over $1 billion over the next three years. as we look forward we expect our investment platform to invest over $1 billion over the next three years You can just see continued upward momentum as our team does a tremendous job uncovering these opportunities around the country. you can just see continued upward momentum as our team does a tremendous job uncovering these opportunities around the country We continue to be bullish about that opportunity set, we are raising our eyesight regarding what that spend will be based on an expectation of higher starts than previously anticipated. we continue to be bullish about that opportunity set we are raising our eyesight regarding what that spend will be based on an expectation of higher starts than previously anticipated

Speaker 8: Thanks, Craig. Thanks, Craig. thanks craig

Speaker 14: We'll go next to Juan Sanabria with BMO Capital Markets. We'll go next to Juan Sanabria with BMO Capital Markets. we'll go next to juan sanabria with bmo capital markets

Speaker 7: Hi, good morning. Just piggybacking off of Craig's question. Just on the greenfield new starts, you mentioned master planned communities being a good source of opportunities for you. Just curious if with the uncertainty on the single-family build for rent with the ROAD to Housing Act, if that's creating any temporary pausing by some of the developers for homes, and has that had any changes to the prospects of like that line of business going forward for Regency's future development pipeline? Hi, good morning. hi good morning Just piggybacking off of Craig's question. just piggybacking off of craig's question Just on the greenfield new starts, you mentioned master planned communities being a good source of opportunities for you. just on the greenfield new starts you mentioned master planned communities being a good source of opportunities for you Just curious if with the uncertainty on the single-family build for rent with the ROAD to Housing Act, if that's creating any temporary pausing by some of the developers for homes, and has that had any changes to the prospects of like that line of business going forward for Regency's future development pipeline? just curious if with the uncertainty on the single-family build for rent with the road to housing act if that's creating any temporary pausing by some of the developers for homes and has that had any changes to the prospects of like that line of business going forward for regency's future development pipeline

Speaker 12: Yeah. Greatly appreciate the question. That's a really insightful question. The reality is our program to date has not been heavily involved in the build to rent type communities. The master plan developers we are working with and continue to work with around the country are single family for sale communities and or they have other aspects with townhomes or apartment buildings. We haven't seen any impact to the master planned communities we're working on in terms of their appetite and desire to continue to push forward to build retail within their communities at this point. Yeah. yeah Greatly appreciate the question. greatly appreciate the question That's a really insightful question. that's a really insightful question The reality is our program to date has not been heavily involved in the build to rent type communities. the reality is our program to date has not been heavily involved in the build to rent type communities The master plan developers we are working with and continue to work with around the country are single family for sale communities and or they have other aspects with townhomes or apartment buildings. the master plan developers we are working with and continue to work with around the country are single family for sale communities and or they have other aspects with townhomes or apartment buildings We haven't seen any impact to the master planned communities we're working on in terms of their appetite and desire to continue to push forward to build retail within their communities at this point. we haven't seen any impact to the master planned communities we're working on in terms of their appetite and desire to continue to push forward to build retail within their communities at this point

Speaker 8: Thank you, Juan. Thank you, Juan. thank you juan

Speaker 14: Todd Thomas with KeyBanc Capital Markets has our next question. Todd Thomas with KeyBanc Capital Markets has our next question. todd thomas with keybanc capital markets has our next question

Speaker 18: Hi. Thanks. Yeah. I guess sticking with that a little bit, in terms of the ground up development, can you talk about the cadence of starts, how that looks during the balance of the year, and also discuss how year-yields are trending on new ground up projects that you're underwriting relative to the yields and whether or not, you know, future master plan, you know, starts would sort of look similar or potentially have a different yield profile? Hi. hi Thanks. thanks Yeah. yeah I guess sticking with that a little bit, in terms of the ground up development, can you talk about the cadence of starts, how that looks during the balance of the year, and also discuss how year-yields are trending on new ground up projects that you're underwriting relative to the yields and whether or not, you know, future master plan, you know, starts would sort of look similar or potentially have a different yield profile? i guess sticking with that a little bit in terms of the ground up development can you talk about the cadence of starts how that looks during the balance of the year and also discuss how year-yields are trending on new ground up projects that you're underwriting relative to the yields and whether or not you know future master plan you know starts would sort of look similar or potentially have a different yield profile

Speaker 12: Yeah, appreciate the question, Todd. In terms of your first question on timing, if you want to talk about lumpy developments, where it gets the lumpiest in terms of timing, and that's because our focus is not hitting some timeline. Our focus is absolutely making sure we de-risk these opportunities before we close. We want to make sure we're fully through entitlements. We want to make sure we have pre-leasing done with our anchors. We want to make sure we have drawings done and bids in hand. We want to make sure we have visibility to executing on these projects. As you can appreciate, that's an extremely complicated process. We always laugh. You're always one phone call away from a delay from any different outside input on that process. Yeah, appreciate the question, Todd. yeah appreciate the question todd In terms of your first question on timing, if you want to talk about lumpy developments, where it gets the lumpiest in terms of timing, and that's because our focus is not hitting some timeline. in terms of your first question on timing if you want to talk about lumpy developments where it gets the lumpiest in terms of timing and that's because our focus is not hitting some timeline Our focus is absolutely making sure we de-risk these opportunities before we close. our focus is absolutely making sure we de-risk these opportunities before we close We want to make sure we're fully through entitlements. we want to make sure we're fully through entitlements We want to make sure we have pre-leasing done with our anchors. we want to make sure we have pre-leasing done with our anchors We want to make sure we have drawings done and bids in hand. we want to make sure we have drawings done and bids in hand We want to make sure we have visibility to executing on these projects. we want to make sure we have visibility to executing on these projects As you can appreciate, that's an extremely complicated process. as you can appreciate that's an extremely complicated process We always laugh. we always laugh You're always one phone call away from a delay from any different outside input on that process. you're always one phone call away from a delay from any different outside input on that process We're excited about that program. It is building, it will always be lumpy. That being said, we continue to have good visibility to an increased amount of starts this year, and that's why we did increase our projected spend, because although lumpy and a little back-end weighted likely this year, we still feel really confident in the overall trajectory of that. We're excited about that program. we're excited about that program It is building, it will always be lumpy. it is building it will always be lumpy That being said, we continue to have good visibility to an increased amount of starts this year, and that's why we did increase our projected spend, because although lumpy and a little back-end weighted likely this year, we still feel really confident in the overall trajectory of that. that being said we continue to have good visibility to an increased amount of starts this year and that's why we did increase our projected spend because although lumpy and a little back-end weighted likely this year we still feel really confident in the overall trajectory of that

Speaker 11: Let me just come back in there, because I want to double down on Craig's question too. That guidance to spend, I would consider that to be ratable throughout the year from a spend standpoint. Then to Nick's point, we do think starts are growing, and they'll probably be more back-end loaded, which is setting us up great for deliveries in 2027 and beyond. Let me just come back in there, because I want to double down on Craig's question too. let me just come back in there because i want to double down on craig's question too That guidance to spend, I would consider that to be ratable throughout the year from a spend standpoint. that guidance to spend i would consider that to be ratable throughout the year from a spend standpoint Then to Nick's point, we do think starts are growing, and they'll probably be more back-end loaded, which is setting us up great for deliveries in 2027 and beyond. then to nick's point we do think starts are growing and they'll probably be more back-end loaded which is setting us up great for deliveries in 2027 and beyond

Speaker 8: Sorry. Go ahead, Nick. The second half of the question on yields. I'll let you take it. Sorry. sorry Go ahead, Nick. go ahead nick The second half of the question on yields. the second half of the question on yields I'll let you take it. i'll let you take it

Speaker 12: Yeah. On yield side, we're not changing our eyesight. As you've seen, our development yields are firmly in that 7%+ range, and that's where our eyesight continues to be. We feel really good about achieving those returns. Yeah. yeah On yield side, we're not changing our eyesight. on yield side we're not changing our eyesight As you've seen, our development yields are firmly in that 7% + range, and that's where our eyesight continues to be. as you've seen our development yields are firmly in that 7% + range and that's where our eyesight continues to be We feel really good about achieving those returns. we feel really good about achieving those returns

Speaker 8: Thanks, Todd. Thanks, Todd. thanks todd

Speaker 14: We'll go next to Michael Griffin with Evercore ISI. We'll go next to Michael Griffin with Evercore ISI. we'll go next to michael griffin with evercore isi

Speaker 10: Great. Thanks. Alan, I appreciated your comment on the leasing pipeline and, you know, looks like it's another strong year ahead with high both same property leased as well as commenced occupancy. Your comment on the, you know, rent bumps that you're embedding, I realize that's probably more on the small shop side, but has anything been able to change in terms of the leverage that you have when it comes to those anchor leases? I realize that a lot of these grocers will be, you know, effectively flat leases with multiple option periods. Whether it's, you know, being able to take back control of the site earlier through shorter options, whether it's embedding, you know, greater escalators throughout the lease? Can you talk about maybe the leverage on the negotiating side as it relates to particularly the anchor boxes and where you're able to push rents there? Thank you. Great. great Thanks. thanks Alan, I appreciated your comment on the leasing pipeline and, you know, looks like it's another strong year ahead with high both same property leased as well as commenced occupancy. alan i appreciated your comment on the leasing pipeline and you know looks like it's another strong year ahead with high both same property leased as well as commenced occupancy Your comment on the, you know, rent bumps that you're embedding, I realize that's probably more on the small shop side, but has anything been able to change in terms of the leverage that you have when it comes to those anchor leases? your comment on the you know rent bumps that you're embedding i realize that's probably more on the small shop side but has anything been able to change in terms of the leverage that you have when it comes to those anchor leases I realize that a lot of these grocers will be, you know, effectively flat leases with multiple option periods. i realize that a lot of these grocers will be you know effectively flat leases with multiple option periods Whether it's, you know, being able to take back control of the site earlier through shorter options, whether it's embedding, you know, greater escalators throughout the lease? whether it's you know being able to take back control of the site earlier through shorter options whether it's embedding you know greater escalators throughout the lease Can you talk about maybe the leverage on the negotiating side as it relates to particularly the anchor boxes and where you're able to push rents there? can you talk about maybe the leverage on the negotiating side as it relates to particularly the anchor boxes and where you're able to push rents there Thank you. thank you

Speaker 1: Griffin, thank you for the question. You're right. The shops, in fact, just to give you the stat on that, I know you didn't ask for it. 90% of our new shop leasing did in fact have 3% or greater embedded rent steps, and about a quarter of them had 4% or greater. You're absolutely right. We're leaning in there. In terms of leverage, what I would tell you is we're not seeing a dramatic shift in terms of the embedded steps on the anchor front. You know, there is still pricing power there, and whether that's having better control over work letters, lower TIs, whether it's getting more rent up front, there are levers there for sure. Griffin, thank you for the question. griffin thank you for the question You're right. you're right The shops, in fact, just to give you the stat on that, I know you didn't ask for it. 90% of our new shop leasing did in fact have 3% or greater embedded rent steps, and about a quarter of them had 4% or greater. the shops in fact just to give you the stat on that i know you didn't ask for it 90% of our new shop leasing did in fact have 3% or greater embedded rent steps and about a quarter of them had 4% or greater You're absolutely right. you're absolutely right We're leaning in there. we're leaning in there In terms of leverage, what I would tell you is we're not seeing a dramatic shift in terms of the embedded steps on the anchor front. in terms of leverage what i would tell you is we're not seeing a dramatic shift in terms of the embedded steps on the anchor front You know, there is still pricing power there, and whether that's having better control over work letters, lower TIs, whether it's getting more rent up front, there are levers there for sure. you know there is still pricing power there and whether that's having better control over work letters lower tis whether it's getting more rent up front there are levers there for sure Not seeing much in the way of options being less. Look, I think for us, we're willing to align as long as it's the right quality anchor retailer that can be sustainable for our project. The pipeline is strong. We signed a Publix deal for a redevelopment in the first quarter. We signed a PGA Superstore. We are bringing our first Teso Life to a Virginia project that they're on rapid expansion throughout. Then a lot of the obvious names that you hear about, Ross, TJX, Burlington, Ulta, etc. It's robust. I feel really good about where those anchor transactions are. As I said in my opening remarks, that's where the real opportunity, I think, lies for us to get back to those peak levels, which we're not at in terms of driving continued occupancy. Not seeing much in the way of options being less. not seeing much in the way of options being less Look, I think for us, we're willing to align as long as it's the right quality anchor retailer that can be sustainable for our project. look i think for us we're willing to align as long as it's the right quality anchor retailer that can be sustainable for our project The pipeline is strong. the pipeline is strong We signed a Publix deal for a redevelopment in the first quarter. we signed a publix deal for a redevelopment in the first quarter We signed a PGA Superstore. we signed a pga superstore We are bringing our first Teso Life to a Virginia project that they're on rapid expansion throughout. we are bringing our first teso life to a virginia project that they're on rapid expansion throughout Then a lot of the obvious names that you hear about, Ross, TJX, Burlington, Ulta, et c. then a lot of the obvious names that you hear about ross tjx burlington ulta et c It's robust. it's robust I feel really good about where those anchor transactions are. i feel really good about where those anchor transactions are As I said in my opening remarks, that's where the real opportunity, I think, lies for us to get back to those peak levels, which we're not at in terms of driving continued occupancy. as i said in my opening remarks that's where the real opportunity i think lies for us to get back to those peak levels which we're not at in terms of driving continued occupancy

Speaker 8: I do believe it's that last statement. It's supply demand. When we are able to reach that peak occupancy and there's no space available for anchors, we already have pricing power and more leverage than in times when there's even more vacancy out there. Right now, there's not a lot. As that continues to move in our favor, we incrementally will have more pricing power and incrementally have more leverage to push a little harder. As long as they have other options and alternatives, and it also needs to be a win-win, we have to look at their businesses, their margins. I also believe as these tenants and our retailers get more efficient and they are learning operational efficiencies through technology, through artificial intelligence, that's going to enable them to pay more rent. I'm really optimistic about that. I do believe it's that last statement. i do believe it's that last statement It's supply demand. it's supply demand When we are able to reach that peak occupancy and there's no space available for anchors, we already have pricing power and more leverage than in times when there's even more vacancy out there. when we are able to reach that peak occupancy and there's no space available for anchors we already have pricing power and more leverage than in times when there's even more vacancy out there Right now, there's not a lot. right now there's not a lot As that continues to move in our favor, we incrementally will have more pricing power and incrementally have more leverage to push a little harder. as that continues to move in our favor we incrementally will have more pricing power and incrementally have more leverage to push a little harder As long as they have other options and alternatives, and it also needs to be a win-win, we have to look at their businesses, their margins. as long as they have other options and alternatives and it also needs to be a win-win we have to look at their businesses their margins I also believe as these tenants and our retailers get more efficient and they are learning operational efficiencies through technology, through artificial intelligence, that's going to enable them to pay more rent. i also believe as these tenants and our retailers get more efficient and they are learning operational efficiencies through technology through artificial intelligence that's going to enable them to pay more rent I'm really optimistic about that. i'm really optimistic about that Thank you, Griffin. Thank you, Griffin. thank you griffin

Speaker 14: We'll go next to Haendel St. Juste with Mizuho Securities. We'll go next to Haendel St. Juste with Mizuho Securities. we'll go next to haendel st juste with mizuho securities

Speaker 15: Hi, good morning. This is Ravi Vaidya on the line for Haendel. Hope you guys are doing well. Can you identify the tenant that was moved to a cash basis? Was that a bankruptcy? How should we think about the current debt range, especially since you've utilized only less than 10 bps so far of the current reserve? Thank you. Hi, good morning. hi good morning This is Ravi Vaidya on the line for Haendel . Hope you guys are doing well. this is ravi vaidya on the line for haendel . hope you guys are doing well Can you identify the tenant that was moved to a cash basis? can you identify the tenant that was moved to a cash basis Was that a bankruptcy? was that a bankruptcy How should we think about the current debt range, especially since you've utilized only less than 10 bp s so far of the current reserve? how should we think about the current debt range especially since you've utilized only less than 10 bp s so far of the current reserve Thank you. thank you

Speaker 11: Sure. I'm not going to name the tenant by name. It's one lease in over, well over 9,000 leases where we made a judgment call on their ability to meet the terms of their future lease obligations. Remember, they're still current. They're paying rent in the near-term. Core Operating Earnings is unimpacted. This is an accounting treatment of future rent increases. From a ULI perspective, listen, we had a really good quarter. We largely met our expectations. We're operating at below historical averages. We planned to operate at, you know, around to slightly below historical averages. We're meeting that expectation today. You know, eyes are still pretty high, and we still feel really confident about the health of our tenancy. Sure. sure I'm not going to name the tenant by name. i'm not going to name the tenant by name It's one lease in over, well over 9,000 leases where we made a judgment call on their ability to meet the terms of their future lease obligations. it's one lease in over well over 9,000 leases where we made a judgment call on their ability to meet the terms of their future lease obligations Remember, they're still current. remember they're still current They're paying rent in the near- term. they're paying rent in the near- term Core Operating Earnings is unimpacted. core operating earnings is unimpacted This is an accounting treatment of future rent increases. this is an accounting treatment of future rent increases From a ULI perspective, listen, we had a really good quarter. from a uli perspective listen we had a really good quarter We largely met our expectations. we largely met our expectations We're operating at below historical averages. we're operating at below historical averages We planned to operate at, you know, around to slightly below historical averages. we planned to operate at you know around to slightly below historical averages We're meeting that expectation today. we're meeting that expectation today You know, eyes are still pretty high, and we still feel really confident about the health of our tenancy. you know eyes are still pretty high and we still feel really confident about the health of our tenancy

Speaker 1: Feel good about the prospects for ULI going forward, which is a different comment from bankruptcies. Bankruptcies are move-outs. We still find ourselves in the middle of some ongoing bankruptcy filings. Breadcrumbs are out there that would indicate potentially we have some good opportunities to come out of those okay, but we're not done with those. Bankruptcies are an uncertain process, and we just need a little bit more time to have some more clarity there, but a normal part of our business. Feel good about the prospects for ULI going forward, which is a different comment from bankruptcies. feel good about the prospects for uli going forward which is a different comment from bankruptcies Bankruptcies are move-outs. bankruptcies are move-outs We still find ourselves in the middle of some ongoing bankruptcy filings. we still find ourselves in the middle of some ongoing bankruptcy filings Breadcrumbs are out there that would indicate potentially we have some good opportunities to come out of those okay, but we're not done with those. breadcrumbs are out there that would indicate potentially we have some good opportunities to come out of those okay but we're not done with those Bankruptcies are an uncertain process, and we just need a little bit more time to have some more clarity there, but a normal part of our business. bankruptcies are an uncertain process and we just need a little bit more time to have some more clarity there but a normal part of our business

Speaker 2: Thanks, Ravi. Thanks, Ravi. thanks ravi

Speaker 14: Moving on to Floris van Dijkum with Ladenburg Thalmann. Moving on to Floris van Dijkum with Ladenburg Thalmann. moving on to floris van dijkum with ladenburg thalmann

Speaker 5: Good morning. Lisa, great to hear your voice. You guys, you know, you've obviously built over the last decades a track record as being sort of best in class shopping center developer out there. It really differentiates your platform as I think you alluded to. How should we think about? As I recall, you also don't have a big land bank. How do you protect yourself from rising land values, which is a big input in your developments? Maybe talk about your option strategy versus, and how long in advance you have to work on, you know, getting a hold of land or getting land under option before you start to activate developments typically. Good morning. good morning Lisa, great to hear your voice. lisa great to hear your voice You guys , you know, you've obviously built over the last decades a track record as being sort of best in class shopping center developer out there. you guys you know you've obviously built over the last decades a track record as being sort of best in class shopping center developer out there It really differentiates your platform as I think you alluded to. it really differentiates your platform as i think you alluded to How should we think about? how should we think about As I recall, you also don't have a big land bank. as i recall you also don't have a big land bank How do you protect yourself from rising land values, which is a big input in your developments? how do you protect yourself from rising land values which is a big input in your developments Maybe talk about your option strategy versus, and how long in advance you have to work on, you know, getting a hold of land or getting land under option before you start to activate developments typically. maybe talk about your option strategy versus and how long in advance you have to work on you know getting a hold of land or getting land under option before you start to activate developments typically

Speaker 8: Floris, thank you. I'd like to set it up before I pass it over to Nick to speak more specifically and to say thank you for acknowledging what I know is the best development platform in the business nationally. A lot of what Nick will answer the question has a lot to do with why we are the best. It's the team, it's the relationships, and it's the experience and track record. All matter and all make a difference in our success. It is a virtuous cycle. With that, I will pass it over to Nick. Again, thank you. Really appreciate the comments. Floris, thank you. floris thank you I'd like to set it up before I pass it over to Nick to speak more specifically and to say thank you for acknowledging what I know is the best development platform in the business nationally. i'd like to set it up before i pass it over to nick to speak more specifically and to say thank you for acknowledging what i know is the best development platform in the business nationally A lot of what Nick will answer the question has a lot to do with why we are the best. a lot of what nick will answer the question has a lot to do with why we are the best It's the team, it's the relationships, and it's the experience and track record. it's the team it's the relationships and it's the experience and track record All matter and all make a difference in our success. all matter and all make a difference in our success It is a virtuous cycle. it is a virtuous cycle With that, I will pass it over to Nick. with that i will pass it over to nick Again, thank you. again thank you Really appreciate the comments. really appreciate the comments

Speaker 12: Absolutely, Floris. I also appreciate you noticing we're doing this very efficiently, meaning we are not driving a large land bank that we're sitting on in order to drive this development program. We are definitively working with the land sellers, optioning their property and working through the process, as I articulated earlier, de-risking that process before we close. A really hard part of our job is sitting down with landowners and having conversations about the value of their land and educating them, and that is what we do every day. It is the most difficult part of, I would say, the development business, is sitting down with landowners who may have one value in mind and educating them on the realities of the market. That's what our teams do every day. Given our track record, given our access to information, given our retailer relationships, we win more than our fair share of those conversations and jump balls with landowners for exactly that reason. I expect it to continue, but it's never easy. It's always a challenge. Absolutely, Floris. absolutely floris I also appreciate you noticing we're doing this very efficiently, meaning we are not driving a large land bank that we're sitting on in order to drive this development program. i also appreciate you noticing we're doing this very efficiently meaning we are not driving a large land bank that we're sitting on in order to drive this development program We are definitively working with the land sellers, optioning their property and working through the process, as I articulated earlier, de-risking that process before we close. we are definitively working with the land sellers optioning their property and working through the process as i articulated earlier de-risking that process before we close A really hard part of our job is sitting down with landowners and having conversations about the value of their land and educating them, and that is what we do every day. a really hard part of our job is sitting down with landowners and having conversations about the value of their land and educating them and that is what we do every day It is the most difficult part of, I would say, the development business, is sitting down with landowners who may have one value in mind and educating them on the realities of the market. it is the most difficult part of i would say the development business is sitting down with landowners who may have one value in mind and educating them on the realities of the market That's what our teams do every day. that's what our teams do every day Given our track record, given our access to information, given our retailer relationships, we win more than our fair share of those conversations and jump balls with landowners for exactly that reason. given our track record given our access to information given our retailer relationships we win more than our fair share of those conversations and jump balls with landowners for exactly that reason I expect it to continue, but it's never easy. i expect it to continue but it's never easy It's always a challenge. it's always a challenge

Speaker 8: Thanks, Floris. Thanks, Floris. thanks floris

Speaker 14: Moving on to Ronald Kamdem with Morgan Stanley. Moving on to Ronald Kamdem with Morgan Stanley. moving on to ronald kamdem with morgan stanley

Speaker 16: Great. Thanks for taking my question. Hey, I was just wondering, you guys brought back the slide in the presentation about sort of the runway for occupancy upside, which I thought was interesting because it shows that your leased occupancy is already at peak or has already exceeded sort of the previous peak, but the commenced hasn't. My question is, do you think commenced occupancy can get to a new sort of peak this year? Maybe some commentary about what kind of tailwind that does for same-store NOI going forward. Thanks. Great. great Thanks for taking my question. thanks for taking my question Hey, I was just wondering, you guys brought back the slide in the presentation about sort of the runway for occupancy upside, which I thought was interesting because it shows that your leased occupancy is already at peak or has already exceeded sort of the previous peak, but the commenced hasn't. hey i was just wondering you guys brought back the slide in the presentation about sort of the runway for occupancy upside which i thought was interesting because it shows that your leased occupancy is already at peak or has already exceeded sort of the previous peak but the commenced hasn't My question is, do you think commenced occupancy can get to a new sort of peak this year? my question is do you think commenced occupancy can get to a new sort of peak this year Maybe some commentary about what kind of tailwind that does for same-store NOI going forward. maybe some commentary about what kind of tailwind that does for same-store noi going forward Thanks. thanks

Speaker 11: Well, appreciate you noticing our great disclosure, Ron. Yeah, I think we feel really optimistic about the prospects for this portfolio in this current environment that we see. We have set new records on percent leased. We have room to run on percent commenced. Our plan and expectation for the year is that we will continue to shrink that gap between leased and commenced. We will continue to drive outsized base rent growth as a result, and there'll be some amplifying factor through recoveries as well. We think that that'll run through the balance of this year. Well, appreciate you noticing our great disclosure, Ron. well appreciate you noticing our great disclosure ron Yeah, I think we feel really optimistic about the prospects for this portfolio in this current environment that we see. yeah i think we feel really optimistic about the prospects for this portfolio in this current environment that we see We have set new records on percent leased. we have set new records on percent leased We have room to run on percent commenced. we have room to run on percent commenced Our plan and expectation for the year is that we will continue to shrink that gap between leased and commenced. our plan and expectation for the year is that we will continue to shrink that gap between leased and commenced We will continue to drive outsized base rent growth as a result, and there'll be some amplifying factor through recoveries as well. we will continue to drive outsized base rent growth as a result and there'll be some amplifying factor through recoveries as well We think that that'll run through the balance of this year. we think that that'll run through the balance of this year Where we go from there is to be determined. I mean, I think we're also an active asset manager. We really aspire to in-invest into our own portfolio through redevelopment. Sometimes that means managing some vacancy and taking on some vacancy. Alan would say this, we're not leasing for occupancy. We're leasing to maximize NOI over the long run. That's the approach we're going to take from here. Where we go from there is to be determined. where we go from there is to be determined I mean, I think we're also an active asset manager. i mean i think we're also an active asset manager We really aspire to in-invest into our own portfolio through redevelopment. we really aspire to in-invest into our own portfolio through redevelopment Sometimes that means managing some vacancy and taking on some vacancy. Alan would say this, we're not leasing for occupancy. sometimes that means managing some vacancy and taking on some vacancy alan would say this we're not leasing for occupancy We're leasing to maximize NOI over the long run. we're leasing to maximize noi over the long run That's the approach we're going to take from here. that's the approach we're going to take from here

Speaker 1: Ron, the only thing I would double down on is we executed 1.5 million sq ft in Q1. Our teams are full speed ahead. They hit the ground running. I'm really proud of what they accomplished. It's more GLA than we executed in Q1 of 2025, despite being at these peak levels. They're going to continue to grind and find opportunities not just for vacant space, but to continue to lean into better operators and upgraded merchandising where we're leasing occupied space. Appreciate the question, Ron. Ron, the only thing I would double down on is we executed 1.5 million sq ft in Q1. ron the only thing i would double down on is we executed 1.5 million sq ft in q1 Our teams are full speed ahead. our teams are full speed ahead They hit the ground running. they hit the ground running I'm really proud of what they accomplished. i'm really proud of what they accomplished It's more GLA than we executed in Q1 of 2025, despite being at these peak levels. it's more gla than we executed in q1 of 2025 despite being at these peak levels They're going to continue to grind and find opportunities not just for vacant space, but to continue to lean into better operators and upgraded merchandising where we're leasing occupied space. they're going to continue to grind and find opportunities not just for vacant space but to continue to lean into better operators and upgraded merchandising where we're leasing occupied space Appreciate the question, Ron. appreciate the question ron

Speaker 8: Thanks, Ron. Thanks, Ron. thanks ron

Speaker 16: Thank you. Thank you. thank you

Speaker 14: We'll go next to Hong Zhang with JPMorgan. We'll go next to Hong Zhang with JPMorgan. we'll go next to hong zhang with jpmorgan

Speaker 6: Yeah. Hey, I guess, could you touch on how you're viewing potentially tapping the equity market today, given that your stock price is higher than when you tapped it last year? Yeah. yeah Hey, I guess, could you touch on how you're viewing potentially tapping the equity market today, given that your stock price is higher than when you tapped it last year? hey i guess could you touch on how you're viewing potentially tapping the equity market today given that your stock price is higher than when you tapped it last year

Speaker 8: I was going to say we've also grown NOI since that time. That we always take an opportunistic view of issuing equity. Currently, we have more than enough balance sheet capacity, free cash flow to meet our needs. If we were to have an opportunity that was visible to us that we could fund accretively with equity, we would take advantage of that. I think we have a pretty good track record of issuing equity judiciously and accretively. Certainly it is a tool in our toolbox and one that we will access when the opportunity presents itself. I was going to say we've also grown NOI since that time. i was going to say we've also grown noi since that time That we always take an opportunistic view of issuing equity. that we always take an opportunistic view of issuing equity Currently, we have more than enough balance sheet capacity, free cash flow to meet our needs. currently we have more than enough balance sheet capacity free cash flow to meet our needs If we were to have an opportunity that was visible to us that we could fund accretively with equity, we would take advantage of that. if we were to have an opportunity that was visible to us that we could fund accretively with equity we would take advantage of that I think we have a pretty good track record of issuing equity judiciously and accretively. i think we have a pretty good track record of issuing equity judiciously and accretively Certainly it is a tool in our toolbox and one that we will access when the opportunity presents itself. certainly it is a tool in our toolbox and one that we will access when the opportunity presents itself

Speaker 6: Thank you. Thank you. thank you

Speaker 8: Thanks, Hong. Thanks, Hong. thanks hong

Speaker 14: As a reminder, if you would like to ask a question, please press star-one. We'll hear next from Omotayo Okusanya from Deutsche Bank. As a reminder, if you would like to ask a question, please press star- one. as a reminder if you would like to ask a question please press star- one We'll hear next from Omotayo Okusanya from Deutsche Bank. we'll hear next from omotayo okusanya from deutsche bank

Speaker 13: Yes. Good morning out there. Hope this is a fair question, I think, you know, sometimes the curse of doing very well over a long period of time is that people always tend to expect more and more and more. I think, again, you're kind of having, you know, a great quarter, you know, solid outlook, the stock is down today. I guess, you know, when people are kind of looking overall at your name, you know, as a stock they should be owning in their portfolio relative to their peers, they may be seeing, you know, the premium valuation, which is warranted, again, a really good operating backdrop for the entire industry. Yes. yes Good morning out there. good morning out there Hope this is a fair question, I think, you know, sometimes the curse of doing very well over a long period of time is that people always tend to expect more and more and more. hope this is a fair question i think you know sometimes the curse of doing very well over a long period of time is that people always tend to expect more and more and more I think, again, you're kind of having, you know, a great quarter, you know, solid outlook, the stock is down today. i think again you're kind of having you know a great quarter you know solid outlook the stock is down today I guess, you know, when people are kind of looking overall at your name, you know, as a stock they should be owning in their portfolio relative to their peers, they may be seeing, you know, the premium valuation, which is warranted, again, a really good operating backdrop for the entire industry. i guess you know when people are kind of looking overall at your name you know as a stock they should be owning in their portfolio relative to their peers they may be seeing you know the premium valuation which is warranted again a really good operating backdrop for the entire industry In that world, I guess, you know, the question I have is: How do you guys really kind of think about still being able to kind of outperform versus peers in that environment? What are investors possibly underestimating about your story, that you can provide evidence of, that we should still give investors confidence that, again, you can put up superior earnings growth, which validates the premium valuation? In that world, I guess, you know, the question I have is: How do you guys really kind of think about still being able to kind of outperform versus peers in that environment? in that world i guess you know the question i have is how do you guys really kind of think about still being able to kind of outperform versus peers in that environment W hat are investors possibly underestimating about your story, that you can provide evidence of, that we should still give investors confidence that, again, you can put up superior earnings growth, which validates the premium valuation? w hat are investors possibly underestimating about your story that you can provide evidence of that we should still give investors confidence that again you can put up superior earnings growth which validates the premium valuation

Speaker 8: I learned from my predecessor, who often quoted a very wise investor, that in the short-term, the market is a weighing machine. I'm sorry, in the long-term, it's a weighing machine. When you take the combination of what we refer to as our strategic advantages, because they are, so the quality of our portfolio, the development platform, the balance sheet, and our team, that the combination of those is truly unique. Over the long-term, I have 100% confidence that we will be at or near the very top of the sector in Same-Property NOI growth. I think if you were to look back, at five, 10 years, you're going to see that that's the case. That's using less capital than the rest of the sector to get that growth. I learned from my predecessor, who often quoted a very wise investor, that in the short- term, the market is a weighing machine. i learned from my predecessor who often quoted a very wise investor that in the short- term the market is a weighing machine I'm sorry, in the long- term, it's a weighing machine. i'm sorry in the long- term it's a weighing machine When you take the combination of what we refer to as our strategic advantages, because they are, so the quality of our portfolio, the development platform, the balance sheet, and our team, that the combination of those is truly unique. when you take the combination of what we refer to as our strategic advantages because they are so the quality of our portfolio the development platform the balance sheet and our team that the combination of those is truly unique Over the long- term, I have 100% confidence that we will be at or near the very top of the sector in Same-Property NOI growth. over the long- term i have 100% confidence that we will be at or near the very top of the sector in same-property noi growth I think if you were to look back, at five, 10 years, you're going to see that that's the case. i think if you were to look back at five 10 years you're going to see that that's the case That's using less capital than the rest of the sector to get that growth. that's using less capital than the rest of the sector to get that growth If you look back and look at investments and the accretion from investment and use of whether it be equity, new debt growth, just new incremental capital, again, the returns on that are at or very near the top of the sector. I do believe that because of those 4 things, quality of the portfolio, which is going to generate very strong Same-Property NOI growth, a development platform that is unequaled, that is going to continue to create meaningful value for our shareholders over the long-term. The balance sheet to fund it and the people to execute it. That's how I believe that it's the right strategy and one that will deliver and has delivered over the long-term. Thanks, Tayo. If you look back and look at investments and the accretion from investment and use of whether it be equity, new debt growth, just new incremental capital, again, the returns on that are at or very near the top of the sector. if you look back and look at investments and the accretion from investment and use of whether it be equity new debt growth just new incremental capital again the returns on that are at or very near the top of the sector I do believe that because of those 4 things, quality of the portfolio, which is going to generate very strong Same-Property NOI growth, a development platform that is unequaled, that is going to continue to create meaningful value for our shareholders over the long- term. i do believe that because of those 4 things quality of the portfolio which is going to generate very strong same-property noi growth a development platform that is unequaled that is going to continue to create meaningful value for our shareholders over the long- term The balance sheet to fund it and the people to execute it. the balance sheet to fund it and the people to execute it That's how I believe that it's the right strategy and one that will deliver and has delivered over the long- term. that's how i believe that it's the right strategy and one that will deliver and has delivered over the long- term Thanks, Tayo. thanks tayo

Speaker 13: Fair enough, Lisa. Fair enough, Lisa. fair enough lisa

Speaker 14: We'll hear next from Cooper Clark with Wells Fargo. We'll hear next from Cooper Clark with Wells Fargo. we'll hear next from cooper clark with wells fargo

Speaker 8: Cooper, you're back. Cooper, you're back. cooper you're back

Speaker 3: Awesome. That is great to hear. Okay, thank you very much. I was hoping you could talk about portfolio trends you've seen historically during periods of higher oil prices and the impact that has on traffic levels in consumer spending trends? Awesome. awesome That is great to hear. that is great to hear Okay, thank you very much. okay thank you very much I was hoping you could talk about portfolio trends you've seen historically during periods of higher oil prices and the impact that has on traffic levels in consumer spending trends? i was hoping you could talk about portfolio trends you've seen historically during periods of higher oil prices and the impact that has on traffic levels in consumer spending trends

Speaker 8: The last time we had gas prices this high was probably when it was in the middle of COVID, so it was a little bit different. I don't think that that's necessarily a relevant, a relevant historical point to look to. Generally, I would again speak to I've been with the company for 30 years, and in the modern era of Regency, we have seen a decline in Same-Property NOI really twice. Once was the global financial crisis, and the other was during COVID. Our property type, the format of our shopping centers, neighborhood community centers, really are defensive, and they produce consistent, durable, steady cash flows through all cycles. Again, I, and I'm certain Hap is probably listening, he's going to love that I've actually referred to him twice. The last time we had gas prices this high was probably when it was in the middle of COVID, so it was a little bit different. the last time we had gas prices this high was probably when it was in the middle of covid so it was a little bit different I don't think that that's necessarily a relevant, a relevant historical point to look to. i don't think that that's necessarily a relevant a relevant historical point to look to Generally, I would again speak to I've been with the company for 30 years, and in the modern era of Regency, we have seen a decline in Same-Property NOI really twice. generally i would again speak to i've been with the company for 30 years and in the modern era of regency we have seen a decline in same-property noi really twice Once was the global financial crisis, and the other was during COVID. once was the global financial crisis and the other was during covid Our property type, the format of our shopping centers, neighborhood community centers, really are defensive, and they produce consistent, durable, steady cash flows through all cycles. our property type the format of our shopping centers neighborhood community centers really are defensive and they produce consistent durable steady cash flows through all cycles Again, I, and I'm certain Hap is probably listening, he's going to love that I've actually referred to him twice. again i and i'm certain hap is probably listening he's going to love that i've actually referred to him twice I do remember that when I was much early in my career, the 98 mini recession, the 2001 tech bubble, he kept saying, "We choose not to participate," because we really, we grew right through it. Again, when you think about the quality of the portfolio, the format of the shopping centers, the trade areas in which we operate, we're able to grow right through it, and that's the expectation. I do remember that when I was much early in my career, the 98 mini recession, the 2001 tech bubble, he kept saying, "We choose not to participate," because we really, we grew right through it. i do remember that when i was much early in my career the 98 mini recession the 2001 tech bubble he kept saying "we choose not to participate," because we really we grew right through it Again, when you think about the quality of the portfolio, the format of the shopping centers, the trade areas in which we operate, we're able to grow right through it, and that's the expectation. again when you think about the quality of the portfolio the format of the shopping centers the trade areas in which we operate we're able to grow right through it and that's the expectation

Speaker 2: Thanks, Cooper. Thanks, Cooper. thanks cooper

Speaker 3: Thank you. Thank you. thank you

Speaker 14: This now concludes our question-and-answer session. I would like to turn the floor back over to Lisa Palmer for closing comments. This now concludes our question-and-answer session. this now concludes our question-and-answer session I would like to turn the floor back over to Lisa Palmer for closing comments. i would like to turn the floor back over to lisa palmer for closing comments

Speaker 8: Thank you all. Appreciate your time, and thank you to the team as well. Have a great day. Thank you all. thank you all Appreciate your time, and thank you to the team as well. appreciate your time and thank you to the team as well Have a great day. have a great day

Speaker 14: Ladies and gentlemen, thank you for your participation. This does conclude today's teleconference. You may disconnect your lines, and have a wonderful day. Ladies and gentlemen, thank you for your participation. ladies and gentlemen thank you for your participation This does conclude today's teleconference. this does conclude today's teleconference You may disconnect your lines, and have a wonderful day. you may disconnect your lines and have a wonderful day