Regency Centers Corporation

Greetings and welcome to the Regency Center's Corporation Fourth Quarter 2023 Earnings Call. At this time, all participants are in a listen-only mode. A brief question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Christy McElroy, Senior Vice President, Capital Markets. Thank you, Christy. You may begin.

Good morning, and welcome to Regency Center's fourth quarter 2023 earnings conference call. Joining me today are Lisa Palmer, President and Chief Executive Officer, Mike Moss, Chief Financial Officer, Alan Roth, East Region President and Chief Operating Officer, and Nick Livenmeyer, 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 management's current beliefs and expectations and are subject to various risks and uncertainties. It's possible that actual results may differ materially from those suggested by these forward-looking statements we may make. Factors and 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 at 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. Lisa?

Thank you, Christine. Good morning, everyone. We had another strong quarter in Q4, finishing off an exceptional year for Regency. I'm so proud of the success and what we were able to accomplish, a direct result of the hard work of our dedicated and talented team. Tenant demand across our shopping centers remains robust, and this is most evident in our record shop occupancy and in the strength of our leasing pipeline. As we look ahead, we believe the current macroeconomic backdrop supports the continuation of positive trends for neighborhood and community shopping centers. This favorable retail demand environment has also served as a great foundation for driving success in creating value through our sector-leading development program. In 2023, we start at more than $250 million of new projects with a healthy pipeline of future projects that the team continues to build. We are on track to start a billion dollars or more of projects over the next five years. My hat is off to all involved on our team. You have heard me say before, I believe we have the best development platform in this sector. Our experienced team and ability to create value through this platform and the ability to self-fund with levered free cash flow are unique competitive advantages for Regency. It was also a big year on the transactional side, highlighted by the closing of the IRSTAT Biddle acquisition in August. The integration into Regency is now essentially complete Kudos to all involved for affecting such a smooth and seamless transition. Our ability to grow through developments and transactions is also a testament to the strength and stability of our balance sheet, which in turn enabled us to successfully execute on our $400 million bond issuance and revolving credit line recast in January. Our ability to access low-cost capital is reflective of the quality of our portfolio, our track record, and the strength of our lending relationships. Most of you on this call also know that I'm very proud of Regency's best-in-class corporate responsibility, reputation, and practices. I'm also grateful when the efforts of our team are recognized, such as in Newsweek's most recent America's Most Responsible Companies list, where Regency ranked sixth overall in the United States and first in the real estate and housing categories. Our company has been included in this list for all five years of its existence, and this is the highest ranking any real estate company has ever achieved. For the benefit of our shareholders and all stakeholders, we are committed to adhering to our corporate responsibility principles in all areas of our business. Before turning it over to Alan, I do want to reiterate that we believe the strength in leasing demand over the past 24 months or so is showing no signs of abating. Consistent job growth and moderating inflation are driving consumer resiliency in our trade areas. We also continue to experience tailwinds favoring brick and mortar retail in strong suburban markets, supporting a positive retail environment ahead. Alan?