Regency Centers Corporation

Greetings and welcome to Regency Center's second 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 conference over to your host, Kristy McValry. Thank you, you may begin.

Good morning and welcome to Regency Center's second quarter 2025 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 Wibbenmeyer, West Region President and Chief Investment Officer. As a reminder, today's discussion may contain forward-looking statements about the company's 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 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 to our investor relations website. Please note that we also have 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, Kristi. Good morning, everyone. We are pleased to deliver another quarter of excellent results driven by both internal and external growth. And this is highlighted by the strength of our operating fundamentals and our accretive capital allocation. On the operating side, we're having a phenomenal year. We continue to outperform on all metrics, demonstrated by strong same property NOI growth and total NOI growth. In the second quarter, we had great success commencing rents for tenants in our S&O pipeline, achieved record low shop move-outs, and sustained robust leasing activity with strong rent growth. Our investments team is also firing on all cylinders, sourcing high-quality opportunities, and deploying more than $600 million of capital year to date. Most recently, we were excited to announce the acquisition of five outstanding shopping centers located in a premier community in South Orange County, California. We are also launching a new quarter of our corporate responsibility strategy. Strategically, this transaction checks all of our boxes to create earnings, quality, and growth while enhancing our presence in this supply-constrained Southern California market. During the second quarter, we also released our annual corporate responsibility report, highlighting our progress and future strategic direction. Our ongoing commitment to corporate responsibility in support of our business objectives remains a foundational strategy for Regency, and the many achievements noted in the report reflect the dedication and efforts of our entire team. Given the strength in our results, substantial progress in leasing, and opportunistic capital allocation, along with greater visibility for the remainder of the year, we are raising our $1.5 billion in the next four years to build a full-year growth outlook for same property NOI, core operating earnings, and narrate FFO. Regency's distinct strategic advantages continue to differentiate our company and position us favorably for future growth. Our high-quality grocery-anchored shopping centers located in desirable suburban trade areas provide essential retail offerings focused on necessity, service, convenience, and value. Our well-established national development platform allows us to drive substantial value creation, and our strong balance sheet with low leverage and dependable access to low-cost capital enables our team to continue to pursue and successfully execute on strategic growth opportunities. We are only halfway through 2025, and I am so proud of our team's accomplishments so far. I look forward to building on this success for the remainder of this year, into 2026, and beyond. Allen?