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Operator
Operator
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.
Christy McElroy
Senior Vice President, Capital Markets
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?
Lisa Palmer
President and Chief Executive Officer
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?
Alan Roth
East Region President and Chief Operating Officer
Thank you, Lisa, and good morning, everyone. We had another quarter with great operating results and leasing momentum, capping off a very active 2023. Our teams are taking full advantage of the healthy retail environment that has continued into 2024. Our success was evident in same property NOI growth of 3.6% in 2023, excluding COVID period reserve collections and termination fees, with base rent growth being the most significant driver, a function primarily of driving rent higher, commencing shop occupancy, and bringing redevelopment projects online. In the fourth quarter, We executed nearly 2.5 million square feet of leases, with activity from categories including grocers, restaurants, health and wellness, off-price and personal services. Our leasing pipelines continue to be robust, representing another 1 million square feet of potential new leases in LOI and lease negotiation. We achieved cash rent spreads of 12% on a blended basis in Q4, including 35% spreads on new leasing. Full year 2023 cash rent spreads of 10% was our highest annual level since 2016. Gap and net effective rent spreads were above 20% in the quarter, demonstrating our ability to obtain contractual rent steps in our leases while also being judicious on CapEx spend. Our same property percent lease rate was up another 30 basis points in Q4, ending the year at 95.7%, and our pre-lease spread widened further to 280 basis points as a result of our leasing success in the quarter. This pipeline of executed deals now reflects more than $40 million of base rent for leases yet to commence. I've said in the past that records are made to be broken, and the team drove our shop leased rate to yet another new record high of 93.4% in the fourth quarter. That represents an impressive 150 basis point increase in shop leasing year over year, reflective of nearly 1.4 million square feet of shop space leased, our highest shop volume in more than a decade. Our anchor lease rate also kicked higher in the quarter and ended the year up 10 basis points over 2022 despite the impact from bankruptcy-related closures. Our teams have made great progress re-merchandising this space with exceptional retailers and at higher rents. And in some cases, our ability to recapture this space has acted as a catalyst for long-awaited redevelopment projects. As I look towards 2024, it will take some time to see the benefit of this retenanting activity given the 12 to 24 month average downtime associated with anchor releasing and lead times on redevelopment projects. For example, some of the bed bath spaces that we've released will not rent commence until the fourth quarter of this year. So even with our substantial leasing progress, our anchor commenced occupancy rate ended 2023 lower by 60 basis points. And as a result, we will feel the impact of these vacancies in 2024. That said, the work we've done to date means that we have meaningful visibility into our anchor commencement trajectory. We expect to move our portfolio lease rate even higher in 2024. as demand for space in our high-quality centers continues unabated. This will ultimately drive an elevated level of anchor commencement in late 2024 and into 2025. In closing, I am really proud of the tremendous work and success of our team over the last year, and I am excited for another great year of leasing activity as the current retail environment is enabling us to create meaningful, long-term value at our shopping centers. Nick?
Nick Livenmeyer
West Region President and Chief Investment Officer
Thank you, Alan. Good morning, everyone. We continue to experience strong momentum in our development and redevelopment program as our investment teams were active in the fourth quarter. With additional projects breaking ground in Q4, we ended 2023 with just over $250 million in starts. This is the highest level of starts in a single year for Regency in nearly two decades and demonstrates the incredible work and progress our team has made in sourcing new projects and ramping up our pipeline to achieve our goals. Among our fourth quarter starts is the $23 million redevelopment of Avenida Biscayne. With this project, we are excited to bring additional shop space to one of the best pieces of commercial real estate in South Florida, adjacent to our existing Aventura Square shopping center. In the quarter, we also began the redevelopment of Cambridge Square in Atlanta. This $15 million project will bring a new public as well as extensive improvements to the center. As of year-end, our in-process pipeline has grown to $468 million, and overall our execution remains on time and on budget, with expected blended returns of more than 8%. Our in-process projects are 89% pre-released on average, reflecting the tremendous work of our team, and continue strong demand from high-quality retailers. I'll reiterate Alan's comments about anchor recapture, as it can often be a catalyst to unlock the creative redevelopment opportunities and bring exciting new merchandising to reinvigorate a center. We have several examples of those within our in-process redevelopment pipeline today, including Baptist Health and Mandarin Landing, Sprouts at Circle Marina Center, REI at Walker Center, and Publix at Buckhead Landing. Moving to acquisitions, private transaction activity remains light, but our teams were still able to close two compelling transactions in the fourth quarter. As disclosed previously, we closed on the acquisition of Noel Plaza in Orange County, California in October, and as a reminder, we bought the center of the future redevelopment pipeline project. And in December, we acquired the Longmeadow Shops in Massachusetts. This 100,000 square foot neighborhood center is fully leased to a strong national merchandising mix of tenants and serves as the premier shopping and dining destination within its trade area. Looking ahead to 2024 and beyond, our team is focused on further building our value creation pipelines and achieving our goal of starting more than $1 billion of development and redevelopment projects over the next five years. While it is difficult to get developments to pencil, We continue to be uniquely suited and remain optimistic about finding and executing attractive opportunities. Demand continues to be strong among best-in-class grocers, as well as other retailers and service providers looking to grow their footprints in our high-quality centers and within our trade areas. As Lisa just said, Regency has the best development team in the business, and our free cash flow and balance sheet give us the capability to fund projects and continue the success we enjoyed in 2023. Mike?
Mike Moss
Chief Financial Officer
Thank you, Nick, and good morning, everyone. I'll start with some highlights from our full year results, walk through details related to our initial 2024 guidance range, and finish by discussing recent balance sheet activity. We reported NAREAD FFO of $4.15 per share and core operating earnings of $3.95 per share in 2023. Year-over-year growth in core operating earnings per share was nearly 6%, excluding the timing impact of COVID period reserve collections, driven in large part by same-property NOI growth of 3.6%. Base rent, following significant gains in rent-paying occupancy, remained the largest contributor to our NOI growth rate at 360 basis points. Turning to our initial guidance for 2024, I'll first refer you to the helpful detail on slides 5 through 7 in our earnings presentation. Excluding the time and impact of COVID period reserve collections last year, the midpoint of our 2024 range reflects core operating earnings growth of more than 3%. The largest contributor to growth continues to be same property NOI, for which our guidance assumes a range of 2% to 2.5%. Base rent growth this year will continue to be driven by embedded rent steps, positive releasing spreads, additional rent commencement of shop leases and deliveries of redevelopment projects. However, anchor space recapture is expected to impact our commenced occupancy rate in the near term, primarily a result of bankruptcy-related move-outs and some junior anchor move-outs following lease expiration. Given the longer leave time to open new anchor tenants, we expect our average commenced occupancy rate to be down by about 50 basis points year-over-year in 2024. impacting same property NOI growth in the short term. But more importantly, due to robust tenant demand, we have been releasing this anchor space just about as quickly as we are recapturing it, and we expect our overall portfolio leased rate will trend higher throughout the year. We will begin to benefit from this outsized anchor rent commencement activity beginning in late 2024. In addition to same property NOI growth, Our earnings range also reflects previously discussed accretion from the UDP merger, as well as positive contributions from recently completed ground-up developments. As we discussed last quarter, the impact of higher rates and debt refinancing activity remains a headwind to core operating earnings growth this year. That said, we are very pleased to gain greater visibility on this impact, as we took advantage of an attractive debt capital markets window in early January to pre-fund our 2024 maturities with a new $400 million bond priced at 5.25%. Notably, as you consider our guidance range for interest expense and preferred dividends, please know that it has shown net of expected interest income. January proved to be a busy month. As we also closed on the recast of our revolving credit facility, which is upsized by $250 million to a $1.5 billion total commitment, which included a tightening of our borrowing spread by 15 basis points. In an environment where access to capital is even more precious and banks are being incrementally more discriminating, we are proud of this result, a reflection of Regency's performance track record, portfolio quality, and balance sheet position, as well as the strength of our longstanding banking partnerships. Our recent activity has further fortified our sector-leading balance sheet and liquidity position. We remain at the low end of our targeted leverage range of five to five and a half times net debt to EBITDA. And following the pre-funding of our 24 maturities, our next unsecured bond maturity is not until November of 2025. We have ample capacity on our newly upsized revolver and expect to generate free cash flow north of $160 million this year. This liquidity, balance sheet capacity, and differentiated access to capital allows us to further grow our development and redevelopment pipelines, as both Lisa and Nick discussed, and remain opportunistic as we look for incremental avenues to drive growth and value. With that, we are happy to take your questions.
Operator
Operator
Thank you. Thank you. We will now be conducting a question and answer session. If you would like to ask a question, please press star 1 on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star 2 if you'd 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. One moment, please, while we poll for questions. Thank you. Our first question is from Michael Goldsmith with UBS. Please proceed with your question.
Michael Goldsmith
Analyst at UBS
Good morning. Thanks a lot for taking my question. As we look at the algorithm for 2024, is it that same property NOI growth is solid and then there's some puts and takes related to the merger and debt refinancing and a normalization of some factors that just may limit the flow through? So I guess My question is, what gets you to the low and the high end of the range this year? And then, you know, thinking about anchor leasing coming online at the end of 2024 and into 2025 and potentially more normalized comparison kind of going forward. Should that algorithm look better going forward? Thank you.
Mike Moss
Chief Financial Officer
Hey, Michael. You pack a punch with one question. There is a lot in there. So let me unpack some of that. And if I don't get to it all, I'm certain that others will have similar questions. So just to recap what you said there, from a core earnings perspective, big moving parts, and you've got it largely correct. Same property NOI growth is the largest and has been the largest contributor to our earnings growth rate. So at the midpoint, we're looking at a core growth rate of just over 3%. Same property growth, as you can see, two to two and a half, largest contributor there. Very proud to deliver the UBP merger accretion estimate of one and a half percent to our growth rate, and that's been consistent, as you know, since we announced the transaction back in May. We continue to deliver upon that underwriting. The headwinds, of course, and you alluded to some of them, but let me just click through them for the benefit of everyone. You know, no further COVID collections of about $4 million. That's two cents a share. By the way, we're extraordinarily happy for that headwind to be behind us, and kudos to the team for collecting on that rent. Lower termination fees is about two cents, and, of course, the results of our recent debt financing, which we're also extraordinarily pleased with, is another two cents of headwind to earnings growth. To your follow-up question, just let me start here. The puts and takes of outperformance, underperformance relative to the midpoint. Listen, it's going to come through the NOI plan. And specifically within the NOI plan, it's going to come through move-outs, typically that occupancy. And our assumptions around that, we really, we've put together this occupancy plan, this leasing plan, and later in the call, I'm sure Alan will jump in and give us some color. But we feel really good about the direction of our percent least. When you look at the top line kind of surface level, we're going to move percent least up towards our 96% target by about 20 basis points this year. And on the surface, that looks like we're moving in the exact right direction, consistent with the dynamics we're seeing in the marketplace, which we spent some time on the prepared remarks describing. But it's what's happening beneath the surface uniquely in 2024 which is causing some of that drag. And we are going to see in the first quarter of this year a decline in commenced occupancy of about 80 basis points. Much of that, the vast majority of that, we can see it. It's bankruptcy filings. It's move-outs from Rite Aid. It's the move-outs from Bed Bath & Beyond. We have a couple high rent-paying leases in Manhattan that are expiring, and we've got great activity on the release of those spaces, but we're going to feel that occupancy decline early in the year. And then to finish it up on your impactful question, as I said in the remarks, we're releasing this space about as quickly as we can get it. By year end, our commenced occupancy rate should be north of where we started. We should be up by about 20 basis points on that rate on a spot basis again. But it's that downtime, it's that average, it's that impact of timing that's going to weigh on our 2% to 2.5% growth rate. So lastly, 25 is looking good. From an algorithm perspective, 25 is looking like a disproportionate year to our standard 2.5% to 3% run rate. Again, there's a lot to say here. I'm not giving 25 guidance, but if all can kind of hold together here, 25, we should see the benefit of that commenced occupancy rate coming back online and moving our growth forward.
Michael Goldsmith
Analyst at UBS
Mike, thank you so much for the thorough response.
Lisa Palmer
President and Chief Executive Officer
Michael, if I may just one second. Sure. Just to come back to what we did say in our prepared remarks, because the takeaway is a lot of words because it was a big question. The health of our business is really good. The demand is really strong. And we said that in all the prepared remarks. And the downtime that's associated with these anchor move outs is very short term in nature. This is not something that is permanent. Certainly nothing that we're seeing right now. As I said in my remarks, as Alan did, We're not seeing any signs of the healthy demand for our space abating whatsoever. And I think that's a really important thing to remember.
Michael Goldsmith
Analyst at UBS
Thanks for that. You can ask your second question, Michael. I'll keep it very short. You're looking for NOI growth to 2.5% for the core portfolio. How are you thinking about growth in the UBP portfolio? Is that growing a little bit faster than the core?
Mike Moss
Chief Financial Officer
It is. Just looking at 24 on a standalone basis, the growth rate in that portfolio is north of the 2% to 2.5%. It would be accretive if we had included it in the same property portfolio. It would have been additive, I should say, by about 25 basis points to that 2% to 2.5% range. And it's consistent. What we saw in that portfolio was a leasing opportunity. That portfolio was about and is about 200 basis points shy of our leased rate. and the team has assimilated the assets into the Regency platform. They are making great progress, and we're excited about the prospects there, but that growth rate is slightly additive.
Michael Goldsmith
Analyst at UBS
Thank you so much for the thorough responses. Appreciate it, Michael.
Operator
Operator
Thanks, Michael. Our next question is from Dori Keston with Wells Fargo. Please proceed with your question.
Dori Keston
Analyst at Wells Fargo
Thanks. Good morning. I know your acquisition guide currently sits at zero, but can you talk about the volume of centers you describe as of interest to Regency out there today? And would you be surprised if you ended the year as a net acquirer?
Nick Livenmeyer
West Region President and Chief Investment Officer
I appreciate the question. Yeah, I'll just give you a little color to what we're seeing in the market. We're definitely seeing a little pickup, as you heard us say time and time again, and 2023, there was definitely a lot less opportunities out in the market. We were happy with the needles in the haystack we did find, as you know, in 2023. But as we turn the page now into 2024, we are seeing more activity out there. I'd say it's still below historical norms, but definitely a pickup from 23. And as always, we're very active in underwriting and understanding those opportunities. And it goes back to what we always say, when we find opportunities that are equal or creative, to our quality and our growth rate, and creative to earnings, we're going to pounce. And so we are hopeful to continue to find needles in the haystack as we move through 24. But as you know, we do not guide to those since we do not have clear visibility.
Dori Keston
Analyst at Wells Fargo
Okay. Thank you.
Operator
Operator
Our next question is from Jeff Spector with Bank of America. Please proceed with your question.
Jeff Spector
Analyst at Bank of America
Great, thank you. And, you know, thanks for the comments on 24. I know there's a lot to get done, but, you know, comments into 25, right? Because I think investors, the market is kind of trying to look past, let's say, some of these headwinds in 24 in terms of a higher longer-term growth rate for that same sterner Y. Can you remind me, like, do you have a company goal target for that same sterner Y? And second would be, What other key initiatives are you working on, whether it's portfolio composition, technology, et cetera, to, again, drive that higher seamstress in a while, let's say, into 25 and beyond?
Lisa Palmer
President and Chief Executive Officer
Thanks, Jeff, for the question. We do provide and have really always provided kind of our same property NOI growth model, if you will, wheel as we affectionately call it. It's in our materials. And we do target over the long term to grow same property NOI by 2.5% to 3% annually. And the primary component of that is going to be contractual rent steps and cash releasing spreads. Occupancy, whether and in this case we have percent commenced occupancy in 2024 coming down, occupancy is one that will move that up or down. And then also we have had a really successful track record of adding to that same property on iGrowth through our investment and redevelopment dollars. So that is our long-term goal. And I know most of you know this. I've been with the company a long time. I do believe that throughout the years, we have continued to evolve and leverage all tools, technology to get better and to continue to improve processes and also continue to ensure that we are sustaining that long-term NOI growth, which is, as Mike commented, the largest contributor to core operating earnings growth.
Jeff Spector
Analyst at Bank of America
Thank you. And then a more detailed question. Can you talk a little bit more about Longmeadow Shops, the acquisition in December? Can you discuss anything around the cap rate? seller motivation, value-add opportunity, any color on that asset would be helpful. Thank you.
Nick Livenmeyer
West Region President and Chief Investment Officer
Sure. This is Nick. Appreciate the question, Jeff. I'll start with just your question related to the cap rate and valuation. And again, we talk about needles in the haystack and using every tool we have in our tool belt. And this is one of those opportunities where the seller approached us. They were looking for a units transaction. And as you can appreciate, a units transaction is They care about the currency they're getting, and therefore, they wanted Regency currency. They were a fan of ours from afar, and so for planning purposes, they were ready to transact. They'd owned the asset for decades, and so we were excited about the opportunity, and as you can see from a valuation standpoint, this thing is plus or minus 8% going in yield, so very attractive from a yield standpoint as well as quality standpoint, and so... We're excited about the future of that opportunity.
Flores Van Dijkum
Analyst at Compass Point
Thank you.
Operator
Operator
Thanks, Jeff. Our next question is from Craig Mailman with Sydney. Please proceed with your question.
Craig Mailman
Analyst at Sydney
Hey, thanks. Maybe I just want to follow up. I know it seems like the call has been kind of focused on what the longer-term earnings power is, given just how good fundamentals are. And I guess I maybe want to come at it from a different way. Lisa, you know, you've seen kind of the perfect storm of minimal supply, good demand, and that's helped push market red growth. But, you know, inflation's also been a big piece of that the last couple of years as kind of top line for a lot of your tenants has taken off. As inflation starts to moderate back to more normalized levels, I mean, are you seeing any pushback on the market rent growth kind of being able to be sustained into 25, you know, I know it's up to it for 26, particularly with some, you know, cost pressures maybe on the labor side that's hitting some of the fast casual, fast food guys that may hit some other type of tendency.
Lisa Palmer
President and Chief Executive Officer
I know you addressed me with that. that question, Craig, but I think it's best to allow Alan to handle that.
Alan Roth
East Region President and Chief Operating Officer
Yeah, Craig, no, I appreciate the question. You know, as I said in our opening remarks, 10% is our highest total annual rent growth in seven years. But, you know, we prefer to emphasize the gap growth as a better measure. And we had some impressive spread this quarter, 20% total, over 50% on new deals. But to your question about From an inflation perspective, we're approaching peak occupancy. So I think when we get there or even when we're near that as we are now, I still think that that pricing power is there and expectation is that the teams can continue to push on both the spreads and the steps as we go forward. We are getting more steps and we're getting steps in more deals now and we're getting higher steps, approximately 95%. of our new deals had steps, and 70% of those had 3% or higher. So again, I think that the focus is there, and I believe that given where occupancy is, that trend can continue, Craig.
Lisa Palmer
President and Chief Executive Officer
And again, I would just come on top. When you think about our business model and our value proposition to our investors, it is the sustainability and the safety of that growing cash flow stream, which translates to our core operating earnings growth, and then dividend growth. And I know that we're getting far removed from the 2020 year, but I think it's really important to remember that we went through a time, the entire world went through a time that none of us had ever experienced before, and we did not cut our dividend. And I think that that's really important when, again, you think about the value proposition for our investors. It's core operating earnings growth, plus dividend growth to get to total shareholder returns in the 8% to 10% range.
Craig Mailman
Analyst at Sydney
No, that's helpful. I don't know, maybe this one's for Mike, I don't want to direct it to any one person, but interest expense headwinds have been an issue. You guys have successfully sourced some acquisitions and you have potentially a billion in redevelopment ongoing over the next five years. I'm just trying to When you see coming through the numbers, the snow pipeline really kicking in, average occupancy, the timing of some of these anchor box backfills kind of normalizing out, when maybe the headwinds moderate enough that you start to see kind of the leverage multiplier on same store kind of flow through the earnings, it Is that in the next couple of years, or do you really have to get through the continued repricing of the debt stack?
Mike Moss
Chief Financial Officer
Another power-packed question, and I appreciate it, Craig. We do have some headwinds to our growth rate this year, and we just ran through them and clicked through them, and I think we understand those in 24, and again, happy to dig into any of those that you'd like to. But I do see the power of our growth existing free cash flow and the ability for us to put that capital directly into our growing and excitingly growing development and redevelopment pipeline, which will add to our growth rate going forward. And we actually have, from a leverage perspective, given our balance sheet position at the low end of our targeted leverage range, we actually have, on a leverage neutral basis, even more capital driven, again, by that free cash flow to put into our acquisition intent. And Nick did a nice job of explaining how we think about acquisition activity going forward, which will add to our core operating range growth rate. But then you kind of put all that together, combined with the normalization and continued growing of our commenced occupancy through 24, towards the end, unfortunately, and into 25. I think those elements will reflect themselves in a core operating earnings growth rate that is at least meeting the objectives that Lisa outlined of being 4% on core operating earnings with a commensurate increase in dividend growth. And if we can do better on the margin in all elements of our business, rent growth, maybe even push those occupancy records even a little bit higher, all of those should result in maybe a slightly even more amplified vision of growth.
Craig Mailman
Analyst at Sydney
No, that's helpful. Appreciate the call. Thanks.
Operator
Operator
Thank you. Our next question is from Samir Kunal with Evercore ISI. Please proceed with your question.
Samir Kunal
Analyst at Evercore ISI
Hey, Mike. Good morning. I guess on the integration with ERSDOT Biddle, I know you've talked about the 1.5% accretion for a while now. But as you've had time to digest this portfolio, what potential further upside are you seeing maybe from an internal growth standpoint you know, on the occupancy side? And also, you know, what about the opportunities to unlock some of the redevelopment opportunities there?
Mike Moss
Chief Financial Officer
Hey, Samir. I'll reiterate the... From the beginning, we've articulated the strategy behind this merger as being a portfolio that looks like Regency's assets. And on a long-term basis, we see a growth rate that looks like Regency's growth rate. But in the near term, one element that we liked about the opportunity was this ability to bring that rent paying occupancy higher than it currently exists. And I just articulated, in fact, this year we are seeing an additive growth rate from a same property perspective because of that movement in commenced occupancy. So there's not, that doesn't, what you didn't hear me say is there's a big redevelopment heavy component of this merger in the near term. But I'm not, we're not dismissing that either. We do see We know it's a leasing exercise right now, but as we're leasing up this portfolio, we have an eye towards the future as we do across all of our assets. And we are constantly looking to find value-add, accretive redevelopment opportunities for really well-located pieces of commercial real estate, and that's what we bought. And so we're pretty excited about the long-term prospects there.
Samir Kunal
Analyst at Evercore ISI
Okay, and then I guess my second question is around capital. the health of the consumer and the local shop segment. I mean, I appreciate the comments on the consumer being resilient and you're not seeing impact to the business yet. When you look at, you know, credit card debt, it's at a record low. You see delinquencies that are up. I guess, what are you seeing, you know, not just on the shop segment, but kind of the, you know, kind of the local side of that? Thanks.
Lisa Palmer
President and Chief Executive Officer
I'll take it if Alan would like to add something. Please feel free, Ellen. But generally speaking, again, think about our portfolio and the types of shopping centers we own, neighborhood community shopping centers, tend to be more convenience, value, necessity, service. So the consumer and in the trade areas that we do mostly operate in are there's not been a lot of job losses. So people, they still have their jobs and they are still earning wages, and therefore they're still spending. And when people do cut back, they tend to not necessarily cut back at their neighborhood and community shopping centers first. They may trade down, which sometimes also will benefit us. So we're not going to say that we won't feel any pressure from consumer spending declining But again, we have long-term leases and we can absorb in our tenants because they are high quality, good operators can also absorb some decline in sales. Sales do not need to grow every year for a tenant to be able to pay their rent. Our tenants are great operators and It has been, in my experience, we have gone through many cycles at Regency, and there have been more moderate recessions. So even if we were to enter into a recession, there have been more moderate recessions where we really didn't feel any pain as a result of that. And then there are ones that are much more significant, like the GFC and COVID, and we did feel that pain. But I don't see that in, I don't have any visibility to a recession of that type or that type of decline in 2024. So don't expect to feel much pressure.
Alan Roth
East Region President and Chief Operating Officer
And Samir, I would just add, just from an operator's perspective, we're going to look first to our AR balances. They're healthy. We're going to look next to sales reports. They remain strong. We're going to then look at, are we seeing elevated levels of assignments? We're not. And so I think sort of all of those things also dovetail into the consumer's reaction, at least within our portfolio right now.
Craig Mailman
Analyst at Sydney
Thank you.
Operator
Operator
Thank you. Our next question is from Greg McGinnis with Scotiabank. Please proceed with your question.
Flores Van Dijkum
Analyst at Compass Point
Hey, good afternoon. Previously spoken about finding, excuse me, finding ground up developers who maybe lacked the capital to get construction started. Do you still see that as an opportunity for investment this year or are there other non-traditional opportunistic investment opportunities a lot of opportunities that you're looking to pursue this year.
Nick Livenmeyer
West Region President and Chief Investment Officer
Greg, this is Nick. I greatly appreciate the question. Yeah, I mean, I'll just say it this way again. We have the benefit of every tool in the toolbox available to us when it comes to sourcing, development, acquisition, investment opportunities overall. And so there's no doubt construction loans are definitely still hard for people to get. So we are continuing to be engaged with smaller developers But many times they need more than just debt capital. They need expertise. They need relationships to fix their cash on cash returns. And so debt and equity is in play in those conversations. So we continue to have dialogue related to that. And more times than not, those conversations turn into some sort of equity participation, given we can bring more tools to the overall deal than just debt. That being said, when appropriate, we will lean in to deals that we want to own long-term. We've recently closed a transaction where we are just providing senior InMes debt on a potential future acquisition, and it may have future development opportunities as well. And so, again, we go into these conversations with every tool in the tool belt and bring them out, and we're excited about the future potential.
Flores Van Dijkum
Analyst at Compass Point
Great. Thanks. For a second question here, it's a bit of a different type of asset from your shopping center bread and butter, but what's your confidence in releasing those Manhattan vacancies that you talked about? And is 1017th as potentially addressed this year as well?
Alan Roth
East Region President and Chief Operating Officer
Greg, yeah, thank you for that question. So I think as Mike mentioned in his opening remarks, or maybe it was in the early parts of the Q&A, you know, those rents, as you know, are very high in Manhattan. And we did lose two key tenants, a former food emporium middle of last year, and then a CVS that vacated just last month. We get it back, we lease it. And I think that speaks to the strength of the real estate. We do have signed transactions to solve the Third Avenue premises that unfortunately sort of ties into that story of down rent-paying occupancy in 24 where it's not going to come back online until the fourth quarter likely of this year. And as to Second Avenue, we're negotiating a lease there as well. So the real estate certainly is strong enough for us to find those replacement users and Feel very good about that, but it is impacting us in 24. As to Barney's, you know, we continue to pursue all avenues, leasing it, demising it, redeveloping it, or evaluating the sale. And so for us, we're going to act upon what makes the most best financial sense, and it's certainly a top priority for us.
Flores Van Dijkum
Analyst at Compass Point
Thank you.
Operator
Operator
Our next question is from Ron Camden with Morgan Stanley. Please proceed with your question.
Ron Camden
Analyst at Morgan Stanley
Hey, two quick ones. So I'm looking at the supplement. I see Avenida and Biscayne and Cambridge Square was added. Maybe can you provide an update on West Bard Square? That looks like $450 million. Is that still coming on in the next sort of 12 to 18 months? And even beyond that, how are you guys thinking about potential sort of new starts in development given the strength of the balance sheet?
Nick Livenmeyer
West Region President and Chief Investment Officer
Ron, greatly appreciate the question. So I'll start with Westbard. I'm really happy to announce that redevelopment continues to progress very well. Giant, which is the grocer that we relocated and built a new flagship for them, just opened in the last couple of weeks and is doing tremendously well. So if anyone's in the D.C. area, I would highly recommend you all checking out that asset. We're very proud about the continued redevelopment potential as the team is doing a nice job keeping us on time and on budget. And then as you sort of zoom out and look at the wider scope, we feel really good about our development and redevelopment pipeline. As we mentioned in our prepared remarks, we started over $250 million in 2023, which was the highest amount of starts in quite some time. But we're not done. We still see a very strong pipeline as we look into 2024 and beyond. And it's all aspects of the business. It's redeveloping our existing portfolio. Sometimes it's carried out rebuilds of grocers, as you've seen with Cambridge, as you mentioned. Other times it is putting these junior boxes back in production in one way or another, as Alan and I alluded to in our prepared remarks. And then last but not least, it is ground up, new ground up opportunities that are extremely difficult to pencil. There's no question about that. These are difficult transactions to pull together. But as you saw us execute in 2023, we are doing it, and we're excited about the potential to continue with several projects, some sooner rather than later. We hope to announce one here in the next couple weeks in the Northeast. That would be a phenomenal ground-up opportunity. Our team is rounding home base right now. So excited that pipeline we expect to grow and hit, as we've articulated, our billion dollars of starts, plus or minus, in the next five years.
Lisa Palmer
President and Chief Executive Officer
So many of you know I played softball. and my favorite softball team actually opened the season today, and this is a softball. Give me another opportunity to say the best team in the business, the best platform in the business, our leverage-free cash flow funds it, that is a competitive advantage for us, and it's something we're really proud of. And I expect and I'm confident that we will continue to execute and perform. Thanks for the question. That was great.
Ron Camden
Analyst at Morgan Stanley
Great. Just if I could sneak in my second one. Just closing the thought on the same store in Hawaii, So one specifically, I think you talked about the 80 basis points dip in one queue. What's bad debt that's factored into the same store and why guidance and how that compares to sort of historical? And then just a bigger picture is the messaging that, you know, because this was sort of an odd year, as you sort of flip the calendar, we should be thinking more about sort of the same store and why translating to core earnings growth and sort of the mid-singles digits. and so forth, just making sure that's still the messaging. Thanks.
Mike Moss
Chief Financial Officer
Yeah, appreciate it, Ron. So from a credit loss perspective, I think is how I'll take your question. We are planning for 75 to 100 basis points of, and by the way, that's a metric on billed revenues, but we are planning for 75 to 100 basis points of credit loss. That is very similar to what we plan for, and in fact, We kind of ended the year towards the lower end of that range in 23. Roughly half of that credit loss provision is I'd call bankruptcy related and the balance roughly to traditional bad debt expense. I think to extend your question beyond, you know, kind of as we deal with the drop and commence occupancy in 24, and Alan alluded to some of the reasons for that, but as we solve them pretty actively throughout the course of the year, Yeah, we're going to, you know, it's about driving that commenced occupancy rate, closing that gap on that S&O pipeline. That is what's going to translate to top line earnings growth on a core basis. Thanks so much.
Operator
Operator
Our next question is from Juan Sanabria with BMO Capital Markets. Please proceed with your question.
Juan Sanabria
Analyst at BMO Capital Markets
Hi, just maybe a softball here, Lisa, given your recent comments. But just curious on why do you think you guys are able to find, you know, a decent amount of development start opportunities when, if we listen to some of your peers, they're saying market rents have to grow, you know, 40% to 50% for new developments to pencil. Where is the disconnect, I guess, in those two comments there?
Lisa Palmer
President and Chief Executive Officer
I've never seen Nick play softball, so I'm a little afraid of this answer, but I'll let him answer.
Nick Livenmeyer
West Region President and Chief Investment Officer
Thank you, Juan. I appreciate the question with that setup. Now I'm nervous what my answer is going to be. No, I'm kidding. No, it is a great question, Juan, and both are true. And so I just want to keep stressing that it is very, very difficult to find land that is priced appropriately, tenants that want to pay enough rent to make sense for that land cost and that construction cost. And so It is extremely difficult, and I want to stress that, and it is finding needles in a haystack. But because it's so hard and because you have to have all of those tools in your tool belt is why I am so excited because, as Lisa has said time and time again, and I couldn't agree more, we have the best team in the business. We have 23 offices waking up every day working with our critical grocery partners, helping them grow their business, and they want to grow their business. And so they are sitting at the table with us shoulder-to-shoulder talking with the land sellers, with the contractors helping us collectively all figure out how do we make these deals pencil so that they can get that new stores opened. And so although there are very few opportunities where that calculus comes together to make financial sense, it's not zero. And we continue to get more than our fair share. And so it's because it's so hard to find those opportunities that excites me because we can execute on them and we will continue to.
Juan Sanabria
Analyst at BMO Capital Markets
What do you think we should think of yields for new starts that you may find in 24?
Nick Livenmeyer
West Region President and Chief Investment Officer
Another great question. As you've seen, our in-process pipeline, as you can see, is in that 8% plus range on a blended basis, and I would expect that to be the continued blended rate. That's not to say some opportunities that we want to lean into that we think are really compelling that we won't see the numbers start with a 7 from an initial yield standpoint. And so I'd say that's where our eyesight is, is seven on the low end of the range for really compelling risk-adjusted returns, but on a blended basis would expect to see us continue to push north of 8%. And I'll just stress again on the development side. I do not expect we're going to wake up tomorrow and see a bunch of new supply coming on market because of how difficult it is, first and foremost. And then number two, I just want to stress how much we do de-risk these opportunities before we close and put a shovel in the ground. And so we have entitlements in hand before we close. We are substantially pre-leased, especially with our grocers and other anchors, as you've seen in our pipeline. And so that pre-leasing is really critical to high quality anchor tenants. And then last but not least, our construction drawings and bids are in hand. And so Again, those are the key pieces of the puzzle to have in hand to give us the confidence that these yields do make sense. These projects can move forward. And as you've seen, our teams have done a tremendous job. And I appreciate the daily efforts of once we start making sure we bring them online, on time, and on budget. And as Lisa has alluded to, we have a very strong track record of doing that, given that history.
Juan Sanabria
Analyst at BMO Capital Markets
And one more follow-up, if you don't mind that. Anything unusual in the fourth quarter on the OPEX side flowing through the same store that kind of impacted the growth rate for the quarter that we should be aware of thinking forward?
Mike Moss
Chief Financial Officer
Yes and no. So on a full year basis in 23, I think our growth rate was about 7% on OPEX. You know, insurance is a big part of the story, Juan. I think you're pretty well-versed in what the property insurance markets feel like today, and we're not immune from that impact. Inflation has been an impact as well. As you know, we're largely triple net, so we're able to pass through successfully the vast majority of any increases, including those in insurance, to our tenant base, and you can see that in our recovery rate, which has held its own. We did have a unique item in the fourth quarter on real estate taxes where we had kind of a burn-off of a of a Brownfield credit in a real estate tax line item. I don't know if you're picking that up in your analysis, but yeah, that was one unique item in the fourth quarter that won't, so that credit won't recur going forward.
Juan Sanabria
Analyst at BMO Capital Markets
Thank you.
Operator
Operator
Our next question is from Anthony Powell with Barclays. Please proceed with your question.
Anthony Powell
Analyst at Barclays
Hi, good morning. I guess a clarification question on the junior anchor comments, the ones that moved out at least expiration. Were these all Manhattan and other on a watch list tenants or are there other groups of tenants in that bucket? And if so, why did they move? Why did they, I guess, vacate?
Alan Roth
East Region President and Chief Operating Officer
Anthony, this is Alan. I appreciate the question. So it was Manhattan and bankruptcies. But on top of that, there was many intentional move outs. as part of our intense asset management approach. I would give a few examples. I know a number of you live in or around Connecticut and Norwalk, by way of example. We've got a retailer that's going to stop paying rent here next month, and we're going to be down the entire year, and we are bringing Target into that project that's not going to open until likely Q2, Q3 of 2025. Phenomenal merchandiser, great and highly accretive transaction. and something that was absolutely the right long-term decision for us, yet impacting 2024. I would also take a couple of office supply examples. We had three of them, in fact, that we intentionally made the decision to replace them, one with Sprouts, one with HomeSense, one with a Baptist Health medical facility that I think Nick had mentioned in his remarks. And again, this is just an opportunity to enhance merchandising and provide durable occupancy with enhanced tenant credit and get really significant rent growth. And so that is our proactive way of really thinking through this. And just from sort of that uneven climb comment, it's coming offline here in 24 from a rent paying perspective and filtering its way back in year end and into 25. Okay.
Anthony Powell
Analyst at Barclays
If I get to my next question. So you look at 25 and 26, you have like 7% of your anchors, I guess, lease iterations in those two years. Are you going to keep doing this and maybe pushing tenants out for higher rent, or is this kind of the peak of this activity in 24?
Alan Roth
East Region President and Chief Operating Officer
I mean, look, I would just say from a practical perspective, we are constantly looking at our entire portfolio for opportunities to appropriately re-merchandise, drive accretive returns, focus on redevelopment opportunities. That's always been part of our mantra, and we're going to certainly continue to do that.
Lisa Palmer
President and Chief Executive Officer
And I would just add that over the long term, we'd come back to our components of same property NOI growth and would still expect to be in that 2.5% to 3% range.
Anthony Powell
Analyst at Barclays
Okay. Thank you.
Operator
Operator
Our next question is from T. Ben Kim with Truist Securities. Please proceed with your question.
T. Ben Kim
Analyst at Truist Securities
Thanks. I just wanted to go back to Juan's question about off-deck expenses. I guess it's high level information. I know you explained some of the causes of it, but I guess how concerning is the increase in expenses as it pertains to your business and ability to push rent? And does that actually start to impact the way you think about where you want to own properties, whether that be local politics or how these local governments are run?
Mike Moss
Chief Financial Officer
I appreciate the question, Keith. And listen, on a go-forward basis, The directionality of our OPEX and the growth rate in that line hasn't changed our cap allocation thoughts at all. We continue to want to grow our portfolio across the entirety of our regions. In fact, in particular, Phoenix, we'd like to dive into and add to the extent we can find some opportunities in that region and add that to the Regency portfolio, but kind of no change from a cap allocation perspective as a result of the increases. I'll let Alan comment on the pressure that may or may not exist on rent growth.
Alan Roth
East Region President and Chief Operating Officer
Yeah, I would say, Keben, generally speaking, we're not seeing the pressure to rent growth. Does it play a small part? Sure. I mean, at the end of the day, our retailers certainly look at their overall occupancy costs. And so, you know, when you kind of layer all of that in, again, on the margin, I think that could certainly have a small little impact. But It's just not material enough at this point to really change, I think, the realities of where we are.
T. Ben Kim
Analyst at Truist Securities
Okay, and then a quick follow-up here. The 50 basis points dragged from the commenced occupancy, is that roughly equivalent to the NOI drag?
Mike Moss
Chief Financial Officer
Let me break down the NOI drag a little differently, which I think will help you out. So same property, NOI growth. Let me go through the puts and takes here. To everyone's benefit, 2% to 2.5%. Again, base rent is going to be the largest positive contributor to that growth rate, and in fact, about the same range. And that's rent steps, lease spreads, and the commencement of shop occupancy, helping support that growth. Redevelopment contributions are going to be 50 to 75 basis points to the positive. And then here's your question on the offsets. It's really coming from two primary areas. Bankruptcies is about 50 basis points of drag in that area. And that's both actual announced known bankruptcies as well as the potential for bankruptcies in 2024. And then the Manhattan assets that we've spoken about today at length is dragging us by about 30 basis points. So that 80 BIPs, Keegan, that I just summarized for you, that's essentially tied to that commenced occupancy drag in the first quarter.
T. Ben Kim
Analyst at Truist Securities
Okay. Thank you.
Operator
Operator
Our next question is from Linda Sy with Jefferies. Please proceed with your question.
Linda Sy
Analyst at Jefferies
Thanks. I'm not sure if you answered this with the previous line of questioning, but you said 2025 is setting up based on lease timing to be a disproportionate year of growth in NOI. So does that mean 24 should be disproportionately above your long-term 3% target?
Lisa Palmer
President and Chief Executive Officer
I think you meant to say 2025 in your question, not 2024.
Mike Moss
Chief Financial Officer
Yeah. Yeah, I mean, we're not meeting our objectives in 2024 that we articulate on a long-term basis and that we, frankly, I mean, we're pretty serious about holding ourselves accountable to. And in 25, yes, to the extent, and again, we're not giving 25 guidance, Linda, but to the extent the portfolio delivers what we see it delivering at the end of this year, going into 25 and compressing that commenced rate, bringing that growing S&O pipeline back online, yeah, that should translate into above average core operating earnings growth, all else being equal. And I stress all else being equal. We're going to have a bond to refinance again in 25. I mean, there are other elements to the plan that certainly incorporate that will impact that result. But I think that the idea and the direction that you have in mind is correct.
Lisa Palmer
President and Chief Executive Officer
Yeah. And the other big part of all else being equal is we can't control any geopolitical or economic uncertainty. But all else being equal, absolutely agree. That's why I'd come back to over the long term. Two years isn't a long term, but it's an average. We would expect to be in that 2.5% to 3% average, same property on a lot of growth.
Linda Sy
Analyst at Jefferies
That's very helpful. Thank you. And my second question is, the Rite-Aids and Bed Bath & Beyonds that contribute to the economic anchor occupancy decline, can you just give us an update on where you are in the various stages of signed leases versus working on backfills still?
Alan Roth
East Region President and Chief Operating Officer
Yeah, Linda, happy to answer that question. This is Alan. So the team has made really great progress. I'll start with Bed, Bath & Beyond. Nine of our 12 are executed. And again, so a number of those won't be coming online until later in this year. But really great retailers, REI, RH Outlet, LL Bean, Fresh Market, TJ Maxx. I mean, there's some just great users that are backfilling these. And we've experienced rent spreads that actually exceeded what we anticipated, north of 40%. while also keeping our capital levels, as I mentioned in my remarks, at a very, I think, judicious level for those. So the remaining three are all in negotiation right now. So we are beyond the point of prospecting. We hope to wrap those up in relative short order and really have all of those back open in rent paying. With respect to Rite Aid, we had at the time of filing 22 locations, including those that came through the UBP merger. Six of those have been rejected Five are closed. One is in the closing process. And, again, I think a testament to how our team proactively gets out in front of these, two of those six locations are already leased, one to a hardware store, one to a fitness operator. And so we're actively pursuing the remaining four, and we're going to stay on our front foot relative to the balance of that portfolio as Rite Aid continues to go through the process as they haven't officially exited bankruptcy. Okay.
Linda Sy
Analyst at Jefferies
And how do we think about those rents for Rite Aid? Are they sort of all over the map, or are they above or below market?
Alan Roth
East Region President and Chief Operating Officer
Yeah, interestingly enough, I like the way you just phrased that. They are all over the map. However, I will tell you that we are double digits, certainly, from a mark-to-market. You know, I'd say, generally speaking, 15% to 20%. But there's some, you know, really massive ones that can be in there. There's some flat ones. But generally, I feel really good about certainly the upside, depending on those that we get back.
Linda Sy
Analyst at Jefferies
Thank you.
Operator
Operator
As a reminder, if you'd like to ask a question, please press star 1 on your telephone keypad. Our next question is from Mike Mueller with J.P. Morgan. Please proceed with your question.
Mike Mueller
Analyst at J.P. Morgan
Yeah, hi. Just a really quick one here. Your 93.4% small shop leased rate What's the commenced level that goes along with that, and where do you think that commenced level can grind higher to, if at all?
Mike Moss
Chief Financial Officer
Let's see here. We are at 89.9, commenced shop occupancy. The S&O on the shops is 350 basis points at year end. How much higher? What record are you going to set, Alan? Okay.
Alan Roth
East Region President and Chief Operating Officer
North. We're going to continue to take it north, Mike. We're getting pretty close.
Mike Moss
Chief Financial Officer
Let me help out. We're getting pretty close. I mean, we're in thin air, as I've used the words to describe the level of lease rate that we have in our shop space. I like to think we can continue to grind it higher. We have great centers with really good spaces that are still available and a great leasing team. And we'll keep pushing. The commence is just going to follow, right? So we are going to deliver on these leases. On balance, all in, you know, that spread on a normal basis, including anchor, should be 175 basis points between leased and commenced.
Mike Mueller
Analyst at J.P. Morgan
Okay. So that spread applies to small shops, too?
Mike Moss
Chief Financial Officer
The small shop spread will be wider. The anchor spread will be narrower. We'll get back to you, Mike, on what kind of long-term shop spread is.
Mike Mueller
Analyst at J.P. Morgan
Okay. Okay. Appreciate it. Thank you.
Operator
Operator
Thanks. Our next question is from Flores Van Dijkum with Compass Point. Please proceed with your question.
Ken Billingsley
Analyst at Flores
Hey, good afternoon. This is Ken Billingsley for Flores. Quick question on your guidance for 24. Given the same economic conditions that are supporting your core business, you're guiding to $100 million in dispositions at approximately a 5.5% cap rate. Can you provide some color as to why you're seeing that given your confidence in this cap rate?
Nick Livenmeyer
West Region President and Chief Investment Officer
This is Nick. I appreciate that question. As you know, our guidance on disposition is when we have clear visibility to that. And so as we've stated over the last several years now, we feel really good about our portfolio and don't have the need to sell assets that have risk, but we still have non-strategic assets. that we will prioritize for sale. And so those assets and the guidance, we do have visibility to that pricing. They're non-strategic. And for instance, a couple of them are single tenant. And so we feel good about that guidance and we feel good about that cap rate given the assets have been selected to be disposed of.
Ken Billingsley
Analyst at Flores
Great. Thank you.
Operator
Operator
Thank you. There are no further questions at this time. I'd like to hand the floor over to Lisa Palmer for any closing comments.
Lisa Palmer
President and Chief Executive Officer
Thank you all for your interest in Regency, and I hope everyone has a great weekend. Thank you.
Operator
Operator
This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.
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