Regency Centers Corporation

Greetings and welcome to Regency Centers Corporation First Quarter 2025 Earnings Conference Call. At this time, all participants are on a listen-only mode. A 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. I would now like to turn the call over to your host, Christy McElroy. Thank you. You may begin.

Good morning, and welcome to Regency Center's first quarter 2025 earnings conference call. Joining me today are Lisa Palmer, President and Chief Executive Officer, Mike Moss, Chief Financial Officer, Alan Ross, East Region President and Chief Operating Officer, and Nick Wivenmeyer, 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, include 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 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 and then rejoin the queue with any additional follow-up questions. Lisa?

Thank you, Christine. Good morning, everyone. We are pleased with another quarter of outstanding results, highlighted by strong same-property NOI growth and earnings growth. Our results are reflective of continued robust operating fundamentals within our trade areas and at our shopping centers, amplified by the commencement of leases within our S&O pipeline and accretion from investments, including our ground-up development, redevelopment, and acquisitions. Positive trends and activity continued into April, And the conversations that we've had with our tenants over the last few weeks have indicated no impact on sales or shifts in consumer behavior. Within our portfolio, we've seen growth in foot traffic accelerate in April from Q1 levels. And for the remainder of the year, our lease commencement plans are largely committed, supported by a strong pipeline of leases already executed and awaiting rent commencement. And our lease negotiation pipeline remains full. Our tenants are healthy and continue to look long-term. Planning for space needs years ahead of time amid a scarcity of high quality available space. In addition, external growth remains visible, largely driven by in-process development and redevelopment projects coming online. Additional acquisitions in 2025 would be opportunistic and additive to our plan. As we look longer term, I'll highlight as I often do, the competitive advantages that make Regency unique across the REIT sector peers and why we believe we are positioned to outperform across cycles. Our grocery anchored neighborhood and community centers serve the essential non-discretionary needs of our shoppers within a format that caters to service, convenience and value. The trade areas in which we operate are supported by strong demographics with above average income and employment while the retailers within our centers are predominantly in the top tiers of performance across their chains. As a result, our tenant base is, on the whole, more insulated from the impacts of potential inflation and volatility in the macro backdrop. We are also in a great position to continue growing opportunistically, supported by our substantial liquidity and access to low-cost capital. In closing, we acknowledge the elevated volatility and macro uncertainty in the economy today. But importantly, we continue to feel really good about how Regency is positioned as we are built to thrive across changing economic cycles. We hold our long-term playbook and strategic objectives firm, maintaining our focus on driving growth, and we remain confident in our competitive edge with a unique combination of our strategic advantages. Alan?