Regency Centers Corp (REG) 2024 Q2 法說會逐字稿

Greetings and welcome to Regency Centers Corporation's second-quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 Regency Centers Corporation 的 2024 年第二季財報電話會議。（操作員指示）謹此提醒，本次會議正在錄製中。

I would now like to turn the conference over to your host, Christy McElroy. Thank you. You may begin.

現在我想將會議交給主持人克里斯蒂·麥克羅伊。謝謝。你可以開始了。

Good morning, and welcome to Regency Centers' second-quarter 2024 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.

早安，歡迎參加 Regency Centers 2024 年第二季財報電話會議。今天與我一起出席的還有總裁兼執行長麗莎‧帕爾默 (Lisa Palmer)；麥克‧馬斯 (Mike Mas)，財務長；艾倫‧羅斯 (Alan Roth)，東部地區總裁兼營運長；以及西部地區總裁兼首席投資長 Nick Wibbenmeyer。

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.

提醒一下，今天的討論可能包含有關公司對未來業務和財務表現的看法的前瞻性陳述，包括前瞻性盈利指導和未來市場狀況。這些基於管理層當前的信念和期望，並受到各種風險和不確定性的影響。實際結果可能與我們可能做出的這些前瞻性陳述所暗示的結果有重大差異。

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.

可能導致實際結果與這些陳述有重大差異的因素和風險可能會包含在我們今天的演示中，並在我們向SEC 提交的文件中進行更詳細的描述，特別是在我們最近的10-K 和10 -Q 表格檔中。

In our discussion today, we will also reference certain non-GAAP financial measures. Comparable GAAP financial measures are included in this quarter's earnings materials, which are posted on our Investor Relations website.

在今天的討論中，我們也將參考某些非公認會計準則財務指標。本季度的收益資料中包含了可比較的公認會計準則財務指標，這些資料發佈在我們的投資者關係網站上。

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.

請注意，我們還在我們的網站上發布了一份演示文稿，其中包含更多信息，包括與前瞻性盈利指引相關的披露。我們對前瞻性陳述的謹慎態度也適用於這些簡報資料。

Finally, given the number of participants we have on the call today, we kindly and respectfully ask that you limit your questions to one, and then rejoin the queue if you have any additional follow-up questions. This will allow everyone who would like to ask a question an opportunity to do so. Lisa?

最後，考慮到今天參加電話會議的人數，我們懇請您將問題限制為一個，如果您還有任何其他後續問題，請重新加入隊列。這將使每個想提問的人都有機會這樣做。麗莎？

Thank you, Christy. And good morning, everyone. We had another great quarter driven by continued strong operating fundamentals and active and prudent capital allocation. While we recognize that the macroenvironment remains uncertain with mixed economic signals and inflationary pressures on consumers, our business continues to show strength.

謝謝你，克里斯蒂。大家早安。在持續強勁的經營基本面和積極審慎的資本配置的推動下，我們又度過了一個出色的季度。儘管我們意識到宏觀環境仍然不確定，經濟訊號複雜，消費者面臨通膨壓力，但我們的業務持續表現強勁。

Consumers may be shopping with a new level of price awareness, but that can be a benefit to our high-quality centers and our high-quality tenants, given a focus on necessity, service, convenience, and value. Sales and traffic trends remain steady, and leasing demand continues to be strong.

消費者購物時的價格意識可能會達到新的水平，但這對我們的高品質購物中心和高品質租戶來說是有利的，因為他們注重必要性、服務、便利性和價值。銷售和客流量趨勢保持穩定，租賃需求持續強勁。

We are taking advantage of this solid and consistent tenant demand to drive rent growth and leasing activity with strong new and existing tenants. This is evidenced in our record shop lease rate and our sizable SNO pipeline. This will provide momentum and lease commencement into 2025.

我們正在利用這種穩定且持續的租戶需求來推動租金成長以及強大的新租戶和現有租戶的租賃活動。我們創紀錄的店鋪租賃率和龐大的 SNO 管道就證明了這一點。這將為 2025 年提供動力並啟動租賃。

Our continued leasing success is a testament to the strength of Regency's high-quality grocery-anchored centers and strong suburban trade areas with limited new and available supply. Our value creation pipeline, also supported by the strong tenant demand and focus on high-quality assets and demographically compelling areas, is one of the most exciting aspects of our business today and one that truly sets Regency apart.

我們持續的租賃成功證明了攝政區高品質的雜貨中心和強大的郊區貿易區的實力，但新的和可用的供應有限。我們的價值創造管道，也得到了強勁租戶需求的支持，以及對高品質資產和人口吸引力區域的關注，是我們當今業務中最令人興奮的方面之一，也是真正使Regency 與眾不同的方面。

Our team continues to make meaningful progress, sourcing new projects with another $250 million of expected starts in 2024, as well as executing on and delivering our existing pipeline. The strength of Regency's platform and ability to self-fund our program with free cash flow have enabled our long track record of success.

我們的團隊繼續取得有意義的進展，採購預計在 2024 年啟動的新項目，預計啟動金額為 2.5 億美元，並執行和交付我們現有的管道。Regency 平台的實力以及透過自由現金流為我們的專案提供資金的能力使我們取得了長期的成功。

We also continue to acquire shopping centers when able to that are accretive to our quality, growth, and earnings. As previously disclosed, we acquired Compo Shopping Center in Westport, Connecticut in May, and we are currently under contract to purchase an additional asset in the Northeast.

在可能的情況下，我們也會繼續收購購物中心，這有助於提高我們的品質、成長和收入。如前所述，我們在 5 月收購了康涅狄格州韋斯特波特的 Compo 購物中心，目前我們正在簽訂合同，在東北部購買額外的資產。

I can't stress enough the importance of our balance sheet strength and liquidity position in providing us with an ability to be opportunistic across the spectrum of capital allocation strategies, which is why in addition to sourcing select high-quality, high-growth acquisition opportunities at upper single digit IRRs, we were also able to take advantage of the meaningful disconnect in public and private market values this past quarter with the execution of a $200 million share repurchase.

我無法充分強調我們的資產負債表實力和流動性狀況的重要性，這為我們提供了在各種資本配置策略中把握機會的能力，這就是為什麼除了尋找高品質、高成長的收購機會之外在內部報酬率較高的個位數情況下，我們也能夠利用上個季度公開和私人市場價值顯著脫節的機會，執行2 億美元的股票回購。

As many of you are well aware, along with our standards of quality and balance sheet strength, corporate responsibility is also a foundational strategy for Regency. This past quarter, we published our annual corporate responsibility report highlighting our 2023 achievements, as well as our future goals and strategy.

正如你們許多人都清楚的那樣，除了我們的品質標準和資產負債表實力之外，企業責任也是 Regency 的基本策略。上個季度，我們發布了年度企業責任報告，重點介紹了我們 2023 年的成就以及未來的目標和策略。

Our best-in-class program is evident in the progress we've made toward our goals but also in the recognition we received from third parties, including ranking sixth overall and first in the real estate industry for Newsweek's most responsible companies list and our continued recognition by GRESB for sustainability and disclosure leadership in our sector. I appreciate the efforts of all Regency team members in helping us achieve these important accomplishments.

我們一流的計畫不僅體現在我們在實現目標方面所取得的進展，也體現在我們從第三方獲得的認可，包括在《新聞週刊》最負責任的公司名單中整體排名第六和房地產行業第一，以及我們持續的GRESB 對我們行業永續發展和資訊揭露領導力的認可。我感謝所有 Regency 團隊成員為幫助我們實現這些重要成就所做的努力。

In closing, now that we are more than halfway through the year, with the strength in leasing activity and results that we've seen thus far, we are raising our eye level and our full-year guidance range.

最後，今年已過半，憑藉租賃活動的強勁勢頭和迄今為止我們所看到的結果，我們正在提高我們的視野和全年指導範圍。

Mike will go into more detail, but we've been able to move the needle on several fronts, including same-property NOI, development activity, and accretive capital allocation. I want to reiterate the importance of Regency's strategic competitive advantages, which position us favorably to continue to outperform over the long term as we have historically.

麥克將詳細介紹，但我們已經能夠在幾個方面取得進展，包括相同財產的 NOI、開發活動和增值資本配置。我想重申 Regency 策略競爭優勢的重要性，這使我們能夠像歷史上那樣長期繼續跑贏大盤。

These advantages include our high-quality assets and strong trade areas with favorable demographics, the strength of our operating platform and experience and talent of our people, a value creation pipeline that gives us more levers to drive growth, and the balance sheet strength that allows us to opportunistically allocate capital, which we did very strategically in the second quarter. Alan?

這些優勢包括我們的優質資產和強大的貿易區以及有利的人口結構、我們的營運平台的實力以及我們員工的經驗和才能、為我們提供更多推動成長槓桿的價值創造管道，以及讓我們能夠實現成長的資產負債表實力。艾倫？

Thank you, Lisa. And good morning, everyone. We continue to have great leasing and operating success, reflecting the positive tenant demand environment for high-quality shopping centers in strong trade areas. We're seeing this robust demand from both new and existing tenants in a wide array of categories, including grocers, restaurants, health and wellness, off-price, and personal services.

謝謝你，麗莎。大家早安。我們在租賃和營運方面持續取得巨大成功，反映出貿易強區優質購物中心的積極租戶需求環境。我們看到新租戶和現有租戶對各種類別的強勁需求，包括雜貨店、餐廳、健康和保健、折扣和個人服務。

Our success is evident in the continued depth and momentum in our leasing pipeline, as well as in our ability to drive rent and occupancy higher and improve our expense recovery rate, all while still maintaining judicious capital spend.

我們的成功體現在我們的租賃管道的持續深度和勢頭，以及我們提高租金和入住率並提高費用回收率的能力，同時仍保持明智的資本支出。

During the quarter, we held our same-property percent lease at 95.8% while increasing our same-property percent commenced by 10 basis points to 92.3%. Our SNO pipeline sits at 350 basis points and represents approximately $49 million of incremental base rent. As we've discussed previously, the timing and commencement of this pipeline will largely impact the fourth quarter of 2024 and into 2025.

本季度，我們將相同物業的租賃率保持在 95.8%，同時將相同物業的租賃率提高了 10 個基點，達到 92.3%。我們的 SNO 管道處於 350 個基點，代表約 4,900 萬美元的增量基本租金。正如我們之前討論的，該管道的時間安排和啟動將在很大程度上影響 2024 年第四季和 2025 年。

Notably, beyond our signed pipeline of exciting retailers, we have another 1.3 million square feet of leases in negotiation. In the quarter, we were also able to drive strong blended cash rent spreads of more than 9%. GAAP and net effective rent spreads were in the upper teens, demonstrating our ability not only to drive strong mark-to-market increases but also continued success, negotiated embedded contractual rent steps in nearly 100% of our leases.

值得注意的是，除了我們已簽署的一系列令人興奮的零售商之外，我們還有另外 130 萬平方英尺的租賃合約正在談判中。本季度，我們也實現了超過 9% 的強勁混合現金租金利差。公認會計準則和淨有效租金利差達到了十幾歲，這表明我們不僅有能力推動市場的強勁增長，而且還能持續取得成功，在我們近 100% 的租賃中協商嵌入合約租金步驟。

Our average rent steps on all leasing activity in the quarter was 2%, but importantly, we achieved a record high of 2.7% rent steps in new lease transactions. Collectively, these efforts drove same-property NOI growth of 3.3% in the second quarter, excluding term fees in COVID period reserve collections, while our base rent growth contribution remained very healthy at 2.9%.

本季我們所有租賃活動的平均租金漲幅為 2%，但重要的是，我們在新租賃交易中創下了 2.7% 租金漲幅的歷史新高。總的來說，這些努力推動第二季同物業 NOI 成長 3.3%（不包括新冠疫情期間儲備金中的定期費用），而我們的基本租金成長貢獻仍然非常健康，為 2.9%。

Before turning the call over to Nick, I wanted to address the recent Kroger and Albertsons announcement regarding the 579 stores they intend to divest to C&S Wholesale Grocers if a merger occurs. Regency has 11 owned locations on the C&S list out of the 104 combined Kroger and Albertsons locations in our portfolio.

在將電話轉給 Nick 之前，我想談談 Kroger 和 Albertsons 最近宣布的有關如果發生合併，他們打算將 579 家商店剝離給 C&S Wholesale Grocers 的消息。在我們投資組合中的 104 家 Kroger 和 Albertsons 門市中，Regency 有 11 家自有門市列入 C&S 名單。

Further detail will be provided as we learn more, but regardless of the outcome of the proposed merger, we are very comfortable with the underlying lease obligations, and we continue to feel great about the quality of our real estate for all of these locations.

隨著我們了解更多信息，我們將提供更多細節，但無論擬議合併的結果如何，我們對基本租賃義務都非常滿意，並且我們仍然對所有這些地點的房地產質量感到滿意。

In closing, as our portfolio occupancy approaches prior peak levels, combined with limited new high-quality supply and the strong trade areas in which we operate, our space is becoming more valuable. The strength in our leasing pipeline remains unabated, driven by continued appetite from retailers to expand. Our leasing and operating teams are firing on all cylinders, leveraging the current environment to deliver what we believe will be long-term sustainable performance in the years ahead. Nick?

最後，隨著我們的投資組合入住率接近之前的峰值水平，加上有限的新優質供應和我們經營的強大貿易領域，我們的空間變得越來越有價值。在零售商持續擴張的推動下，我們的租賃通路的實力仍有增無減。我們的租賃和營運團隊正在全力以赴，利用當前的環境來實現我們相信在未來幾年將實現長期可持續的業績。缺口？

Thank you, Alan. Good morning, everyone. We remain very active, growing and executing on our value creation pipeline, starting $40 million of new redevelopment projects in the second quarter at yields exceeding 10%.

謝謝你，艾倫。大家早安。我們仍然非常活躍，不斷發展和執行我們的價值創造管道，在第二季度啟動了價值 4000 萬美元的新重建項目，收益率超過 10%。

Additionally, subsequent to quarter end, we started an exciting new ground-up development project in Houston called the Jordan Ranch. This 160,000-square-foot HEB-anchored center will serve as the retail component within a thriving master plan community. We are developing the center in a joint venture with the master plan developer, with Regency's investment being approximately $23 million, bringing our year-to-date starts to more than $140 million.

此外，在季度末之後，我們在休士頓啟動了一個令人興奮的新的地面開發項目，稱為喬丹牧場。這個佔地 160,000 平方英尺的 HEB 中心將成為繁榮的總體規劃社區中的零售組成部分。我們正在與總體規劃開發商合資開發該中心，Regency 的投資約為 2,300 萬美元，使我們今年迄今的開工金額超過 1.4 億美元。

As we've discussed on prior calls, master plan developers continue to appreciate the value and benefits of bringing Regency, an experienced developer, owner, and operator of high-quality retail centers, into their project. At the same time, we and our tenants recognize the benefits of developing our grocery and shopping centers directly adjacent to new, high-quality suburban residential communities.

正如我們在先前的電話會議中討論的那樣，總體規劃開發商繼續重視將 Regency（經驗豐富的高品質零售中心開發商、所有者和營運商）引入其專案的價值和好處。同時，我們和我們的租戶認識到在新的高品質郊區住宅社區附近開發雜貨店和購物中心的好處。

We also continue to make great progress executing on our in-process pipeline, which now totals nearly $580 million. Leasing activity remains robust, with projects currently more than 90% leased at blended returns exceeding 9%.

我們也在流程內管道的執行方面繼續取得巨大進展，目前管道總額已接近 5.8 億美元。租賃活動依然強勁，目前超過 90% 的項目已出租，綜合回報率超過 9%。

Turning to transactions, we have seen a recent pickup in activity in the private markets as well as deeper bidding pools. Our teams are actively underwriting opportunities that fit our investment strategy as well as return, growth, and accretion requirements.

談到交易，我們看到最近私人市場的活動有所回升，而且競價池也更深了。我們的團隊正在積極承保適合我們的投資策略以及回報、成長和增值要求的機會。

In May, we closed on the purchase of Compo Shopping Center in Westport, Connecticut, which is adjacent to our Trader Joe's-anchored Compo Acres Center. We also currently have a grocery-anchored center in the Northeast region under contract, which you'll note we've included in our updated acquisition guidance and on which we look forward to sharing more details post-closing.

5 月，我們完成了康乃狄克州韋斯特波特 Compo 購物中心的收購，該購物中心毗鄰我們 Trader Joe's 旗下的 Compo Acres 中心。目前，我們還在東北地區簽訂了合同，設有一個雜貨中心，您會注意到我們已將其納入更新的收購指南中，我們期待在交易結束後分享更多細節。

While cap rates have remained relatively low for high-quality centers, and compelling opportunities with high single-digit IRRs are a limited opportunity set in today's market, we have been able to source these select assets where we believe we can drive accretion, both to earnings as well as to our long-term growth rate.

雖然高品質中心的資本化率仍然相對較低，而且在當今市場上，具有高個位數內部收益率的引人注目的機會是有限的，但我們已經能夠在我們相信可以推動增值的地方尋找這些精選資產，收益以及我們的長期成長率。

Looking ahead, our teams remain focused on continuing to source high-quality incremental investment opportunities, including accretive acquisitions like these, as well as further building our value creation pipeline. It's true that it is difficult to find and execute new ground-up development opportunities at accretive returns, but this is where we believe our ability to create value is a meaningful differentiator for Regency.

展望未來，我們的團隊仍然專注於繼續尋找高品質的增量投資機會，包括此類增值收購，以及進一步建立我們的價值創造管道。誠然，很難找到並執行新的基礎開發機會並獲得增值回報，但我們相信，我們創造價值的能力對 Regency 來說是一個有意義的差異化因素。

Our national platform and deep relationships, combined with our low cost of capital, liquidity, and balance sheet strength, enable us to be one of the only developers right now who can fund projects and execute at scale.

我們的全國性平台和深厚的關係，加上我們的低成本資本、流動性和資產負債表實力，使我們成為目前唯一能夠為專案提供資金並大規模執行的開發商之一。

You've heard us talk about our objective of starting more than $1 billion of development and redevelopment projects over the next five years. With $250 million of projects started in 2023 and another $250 million planned to start in 2024, we are confident in our visibility to achieving this goal. Mike?

您已經聽過我們談論我們的目標，在未來五年內啟動超過 10 億美元的開發和再開發專案。2.5 億美元的計畫將於 2023 年啟動，另外 2.5 億美元的計畫於 2024 年啟動，我們對實現這一目標充滿信心。麥克風？

Thank you, Nick. And good morning, everyone. For the second quarter, we reported NAREIT FFO of $1.06 per share, core operating earnings of $1.02 per share, and same-property NOI growth, excluding term fees and COVID period reserve collections of 3.3%.

謝謝你，尼克。大家早安。第二季度，我們報告 NAREIT FFO 為每股 1.06 美元，核心營運收益為每股 1.02 美元，同一財產 NOI 成長，不包括定期費用和新冠期間準備金收取 3.3%。

During the quarter, recognizing the meaningful disconnect between public and private market pricing, we executed on the opportunity to repurchase approximately 3.3 million shares for $200 million, representing an average price of just over $60 per share.

在本季度，我們認識到公開市場和私募市場定價之間存在重大脫節，因此抓住機會以 2 億美元回購約 330 萬股股票，相當於每股略高於 60 美元的平均價格。

We bought our shares at an implied cap rate of roughly 7%, compared to where we are seeing private market values today for high-quality grocery-anchored centers in the 5.5% to 6.5% range, sometimes even in the low fives.

我們以大約 7% 的隱含上限利率購買了我們的股票，相比之下，我們今天看到的高品質雜貨中心的私人市場價值在 5.5% 到 6.5% 的範圍內，有時甚至是低點。

This opportunistic investment was accreted to earnings and was afforded to us by our strong balance sheet and liquidity position. Importantly, we remain well within our strategic leverage range with an expectation to the end of the year around the midpoint of our 5x to 5.5x net debt and preferred to EBITDA target.

這種機會主義投資增加了收益，並由我們強大的資產負債表和流動性狀況提供。重要的是，我們仍保持在戰略槓桿範圍內，預計到今年年底我們的淨債務將達到 5 倍至 5.5 倍的中點，並且優先考慮 EBITDA 目標。

We also maintain flexibility to continue sourcing new accretive investment opportunities, including redevelopments, new ground-up developments, and acquisitions. Turning to our forward guidance, I'll refer you to the details on slides 5 through 6 in our earnings presentation and highlight some key changes.

我們也保持靈活性，繼續尋找新的增值投資機會，包括重建、新的基礎開發和收購。談到我們的前瞻性指引，我將向您推薦我們收益演示中幻燈片 5 至 6 的詳細信息，並強調一些關鍵變化。

We increased our core operating earnings midpoint by $0.03 per share, which now implies close to 4% growth this year at the midpoint, excluding the COVID period reserve collections in 2023.

我們將每股核心營業利潤中點提高了 0.03 美元，這意味著今年中點成長接近 4%，不包括 2023 年的新冠疫情期間準備金徵收。

As we show on slide 6 in the presentation, this increase is driven in effectively equal parts by a 25-basis-point increase in our same-property NOI growth range, now at 2.25% to 2.75%; an increase in expectations of non-same property NOI, largely related to accelerated contributions from ground-up developments; and the positive impact of capital allocation activity, net of financing, including the share repurchases I've discussed previously.

正如我們在簡報中的幻燈片 6 中所示，這一增長實際上是由我們的同地產 NOI 增長範圍增長 25 個基點推動的，目前為 2.25% 至 2.75%；對非同一財產 NOI 的期望增加，很大程度上與地面開發的加速貢獻有關；以及資本配置活動的正面影響（扣除融資），包括我之前討論過的股票回購。

We also increased our NAREIT FFO range by $0.05 per share at the midpoint or an incremental $0.02 above our core operating earnings revision, matching the increase in our guidance for non-cash items.

我們還將 NAREIT FFO 區間中位數上調了每股 0.05 美元，或比我們的核心營運收益修正增加了 0.02 美元，與我們對非現金項目指引的成長相符。

As a reminder, for modeling purposes, as you think about the mechanics of our interest expense and interest income for the balance of the year, recall that much of the proceeds from our January bond offering were parked in similar-yielding deposit accounts as we awaited the $250 million June maturity date. Therefore, the impact of refinancing this debt at a higher rate will come through earnings in the second half of this year.

提醒一下，出於建模目的，當您考慮今年剩餘時間的利息支出和利息收入的機制時，請記住，我們一月份債券發行的大部分收益都存放在我們等待的類似收益率的存款帳戶中2.5 億美元的 6 月到期日。因此，以更高利率再融資的影響將透過今年下半年的獲利體現出來。

Looking beyond year end, we continue to point to the embedded growth elements we see over the next 18 to 24 months, coming from our leasing and redevelopment progress. As Alan mentioned, our SNO pipeline sits at 350 basis points, representing approximately $49 million of annual base rent, of which about 65% is scheduled to commence by the end of this year.

展望年底之後，我們將繼續指出未來 18 至 24 個月內我們看到的來自租賃和重建進展的內在成長因素。正如艾倫所提到的，我們的 SNO 管道處於 350 個基點，相當於每年基本租金約 4,900 萬美元，其中約 65% 計劃於今年年底開始。

As these lease commencements are weighted to the fourth quarter, the resulting NOI growth will largely occur next year. And part of this commencement is within our redevelopment pipeline, where we continue to expect an outsized benefit same-property NOI growth in 2025 from delivering completed projects with a positive contribution likely to exceed 100 basis points, which is double what we would have experienced in past normal years.

由於這些租賃開始權重計入第四季度，由此產生的 NOI 成長將主要發生在明年。此次啟動的一部分是在我們的再開發管道內，我們繼續預計，透過交付已完成的項目，到2025 年，同地產NOI 將實現巨大的效益增長，其積極貢獻可能超過100 個基點，這是我們在2025 年經歷的兩倍。

Finally, we continue to be very proud of our sector-leading balance sheet and liquidity position, which provides Regency with a cost of capital advantage and the ability to invest opportunistically. Our debt is nearly all fixed rate, our weighted average maturity is close to seven years, we remain within our targeted leverage range of 5x to 5.5x net debt and preferred to EBITDA, and we expect to continue generating free cash flow of more than $160 million annually.

最後，我們仍然對行業領先的資產負債表和流動性狀況感到非常自豪，這為 Regency 提供了資本成本優勢和機會性投資的能力。我們的債務幾乎全部是固定利率，我們的加權平均期限接近七年，我們仍保持在5 倍至5.5 倍淨債務的目標槓桿範圍內，並且優先考慮EBITDA，我們預計將繼續產生超過160 美元的自由現金流每年百萬。

Supported by our financial position, we often reference the available options within our capital allocation toolbox that we utilize for various reasons and at different times. And in the second quarter, we had a unique opportunity to purposefully employ nearly all of these tools successfully and accretively.

在我們的財務狀況的支持下，我們經常參考我們的資本配置工具箱中的可用選項，我們出於各種原因在不同時間使用這些選項。在第二季度，我們有一個獨特的機會，可以有目的地成功、增值地使用幾乎所有這些工具。

From leasing, to operations, to investments, to capital allocation and balance sheet management, wrapped together with an increased outlook on current-year earnings, Regency's unequaled strategic advantages were on full display. With that, we look forward to taking your questions.

從租賃、營運、投資，到資本配置和資產負債表管理，再加上本年度獲利前景的提升，麗晶無與倫比的策略優勢得到了充分展現。因此，我們期待回答您的問題。

(Operator Instructions) Michael Goldsmith, UBS.

（操作員說明）Michael Goldsmith，UBS。

Good morning. Thanks a lot for taking my question. From a capital allocation perspective, you did it all in the past quarter. You bought, you sold, you repurchased stock, and you started ground up developments.

早安.非常感謝您提出我的問題。從資本配置的角度來看，這一切都是在上個季度完成的。你購買、出售、回購股票，然後開始基礎開發。

Can you talk a little bit about your capital allocation priorities and maybe just touch about what the cap rates are in the acquisition market for Regency-type centers versus kind of how you were looking at the implied cap rate of where your stock was trading and cause you to buy back shares? Thanks.

您能否談談您的資本配置優先事項，也許只是談談攝政型中心的收購市場中的資本化率是多少，以及您如何看待您的股票交易和原因的隱含資本化率你回購股票嗎？謝謝。

Great. Thanks, Michael, appreciate the question. And I appreciate the recognition that we basically used really every kind of tool, if you will, in the toolbox for capital allocation. Our goal, our objective is to create value for our shareholders. And we remain very consistent in our belief that the best use of our capital is to our development and redevelopment program. And we absolutely believe that.

偉大的。謝謝，邁克爾，感謝這個問題。我很感激大家認識到我們基本上使用了資本配置工具箱中的每一種工具（如果你願意的話）。我們的目標，我們的目標是為我們的股東創造價值。我們始終堅信，我們的資本的最佳用途是用於我們的開發和再開發計劃。我們絕對相信這一點。

We are in the position, very intentionally, that we had the capacity, the balance sheet strength, the liquidity to do it all this quarter. And we've been talking about that for quite some time now, how we've been on the -- we are on the offensive. And we were able to execute that. And as we mentioned in our prepared remarks, in my history with -- in the sector with the company, all the stars need to align to successfully execute on a share repurchase program. And they did for us.

我們非常有意地處於這樣的位置，我們有能力、資產負債表實力和流動性來完成本季的這一切。我們已經討論這個問題有一段時間了，我們一直在進攻。我們能夠執行該操作。正如我們在準備好的發言中提到的，在我的經驗中，在公司的行業中，所有明星都需要團結起來才能成功執行股票回購計畫。他們為我們做到了。

So we bought back our shares at an implied cap rate of 7%. And this disconnect between public and private market pricing has been much more permanent than we ever imagined. And so we were able to lean into our balance sheet strength because while we are very active in the acquisition market as well, and I can have Nick just touch on that a little bit as to the cap rates we're seeing, you can see that we've been active as well.

因此，我們以 7% 的隱含上限利率回購了我們的股票。公共和私人市場定價之間的這種脫節比我們想像的要持久得多。因此，我們能夠依靠我們的資產負債表實力，因為雖然我們在收購市場也非常活躍，我可以讓尼克稍微談談我們所看到的資本化率，你可以看到我們也一直很活躍。

We are seeing assets, shopping centers, grocery anchored of the quality that we would like to invest in, in the [5.5x] to -- if you are lucky, Nick likes to say it a lot, the needle in a haystack, bring in those that are [6.5x], but those are rare. We are seeing a lot more and had a lot more conviction that are trading in the mid-5 cap rate range. And that made the share repurchase an excellent use of our capital. And I would love for Nick to touch a little more on the transaction market and what we are seeing.

我們看到資產、購物中心、雜貨店都以我們想要投資的品質為基礎，在 [5.5 倍] 中——如果你幸運的話，尼克經常這麼說，大海撈針，帶來那些是[6.5x]，但這種情況很少見。我們看到了更多，也更有信心在 5 上限利率區間內進行交易。這使得股票回購成為我們資本的絕佳運用。我希望尼克能更多地接觸交易市場和我們所看到的情況。

Absolutely. Thank you, Lisa. Appreciate the question, Michael. As Lisa alluded to, we're seeing the bid pools are much deeper than they were a quarter ago. So things that are on market now have very deep bidding pools. And we're staying very disciplined to what we've always articulated, which is the opportunities that we're going to pull the trigger on have to be equal or accretive to our quality and our growth profile. And we have to fund accretively.

絕對地。謝謝你，麗莎。感謝這個問題，麥可。正如麗莎所提到的，我們看到投標池比一個季度前要深得多。所以現在市面上的東西都有非常深的競價池。我們始終嚴格遵守我們一直闡明的原則，即我們要抓住的機會必須等於或促進我們的品質和成長狀況。我們必須不斷提供資金。

And so the opportunities that we've disclosed so far this year, you can see those in-going yields there in the mid-sixes. We're very comfortable. They check all those boxes. But there have been a lot of opportunities on the market that have traded that are well below that cap rate and did not check all those boxes, and we stayed disciplined to making sure we are ultimately driving the accretion. And so we've seen things trade in the low fives even.

因此，我們今年迄今為止披露的機會，您可以看到那些正在進行的收益率在六分之一左右。我們很舒服。他們檢查所有這些框。但市場上有很多交易機會遠低於資本化率，並且沒有檢查所有這些框，我們保持紀律，以確保我們最終推動成長。所以我們看到事情的交易甚至是低迷的。

Thanks again, Michael.

再次感謝，麥可。

Next question?

下一個問題？

Jeff Spector, Bank of America.

傑夫·斯佩克特，美國銀行。

Great, thank you. I do have a question on markets, but I know it's one question. Can I just confirm on the repurchase program to clarify the $250 million that's still left?

太好了，謝謝。我確實有一個關於市場的問題，但我知道這是一個問題。我可以確認一下回購計劃，以澄清還剩下的2.5億美元嗎？

No, Jeff. So Jeff, we as a practice like to just -- and our Board likes to have an open repurchase program authorized by the Board at about a level of $250 million. So our activity in the quarter exhausted the previous authorization, so we've simply refreshed the authorization for another two years at $250 million capacity.

不，傑夫。所以傑夫，我們作為一個實踐喜歡 - 我們的董事會喜歡有一個由董事會授權的公開回購計劃，金額約為 2.5 億美元。因此，我們本季的活動耗盡了先前的授權，因此我們只是將授權刷新為另外兩年的 2.5 億美元產能。

Juan Sanabria, BMO Capital Markets.

Juan Sanabria，BMO 資本市場。

Hi, good morning and thanks for the time. I noticed the small shop occupancy ticked down a little bit sequentially. I'm just curious for some color behind that. Is there any signs of stress that you're seeing on the small shop side in particular with the local mom-and-pops or is that still relatively healthy?

你好，早上好，感謝您抽出時間。我注意到小商店的入住率逐漸下降。我只是好奇背後的某種顏色。您是否在小商店方面看到了任何壓力跡象，尤其是當地的夫妻店，或者這種情況仍然相對健康嗎？

Juan, good morning -- let's say good afternoon. It's Alan. I appreciate the question. The short answer is no. There is no concern over the underlying fundamentals. We feel great about where we are in terms of the health of those regions, both national and local mom-and-pops.

胡安，早安——讓我們說下午好。是艾倫。我很欣賞這個問題。簡短的回答是否定的。不存在對基本面的擔憂。我們對這些地區（包括全國和當地家庭）的健康狀況感到非常滿意。

I would point you to how we're thinking about foot traffic being up 6%, year over year, year to date. Sales are remaining healthy, again, both in the national and local level. Retention rates are also above 80%, which is slightly above what our historical trends have been.

我想向您介紹我們如何考慮今年迄今為止人流量年增 6% 的情況。無論是在國家或地方層面，銷售再次保持健康。保留率也高於 80%，略高於我們的歷史趨勢。

So as we put all of that together, we feel very comfortable that where we sit today, the portfolio is certainly healthy, and I think that's largely a testament to how our teams go through a very rigorous qualification process for durability of occupancy.

因此，當我們將所有這些放在一起時，我們感到非常放心，我們今天所處的位置，投資組合肯定是健康的，我認為這在很大程度上證明了我們的團隊如何通過非常嚴格的資格流程來確保入住的持久性。

When we think about it, it's interesting. It seems like it shouldn't be this way. But when we're in the position of strength that we are in, we are much more comfortable getting space back and because we're able to release it at higher rents and with better merchandising. So when a lease comes up for renewal, if the tenant isn't necessarily going to pay what we want them to pay, we are happy to move on.

當我們思考這個問題時，這很有趣。似乎不應該這樣。但當我們處於優勢地位時，我們會更放心地重新獲得空間，因為我們能夠以更高的租金和更好的商品銷售來釋放它。因此，當租約需要續約時，如果租戶不一定願意支付我們希望他們支付的費用，我們很樂意繼續前進。

Greg McGinniss, Scotiabank.

格雷格·麥金尼斯，豐業銀行。

Hello, this is Viktor Fediv on for Greg McGinnis. I just wanted to ask on the credit side, so we have now $300 million on revolver. Are you on the market now for new debt issuance to cover that? Because we've seen it; 20 bps declined today, and more than 50 bps declined within the last month. So just curious what's your thoughts on that.

大家好，我是格雷格·麥金尼斯的維克托·費迪夫。我只是想問一下信用方面的問題，所以我們現在左輪手槍上有 3 億美元。您現在是否正在市場上發行新債券來解決這個問題？因為我們已經看到了；今天下跌了 20 個基點，上個月內下跌了 50 多個基點。所以只是好奇你對此有何想法。

I appreciate the question. First, I'd say we're very comfortable with our liquidity today. We recently recast a revolver, so we have $1.5 billion of capacity. You're correct. We are at $300 million drawn on that facility. That's largely attributed to the active investment -- investments we made in the second quarter, largely also stemming from our repurchases.

我很欣賞這個問題。首先，我想說我們對今天的流動性感到非常滿意。我們最近重新鑄造了一把左輪手槍，因此我們擁有 15 億美元的產能。你是對的。我們從該設施中提取了 3 億美元。這在很大程度上歸功於積極的投資——我們在第二季度進行的投資，很大程度上也源於我們的回購。

We're monitoring the capital markets, as you would expect us to. We do have a bias towards public unsecured financing on a long-term basis at a fixed rate and we'll continue to monitor those markets.

正如您所期望的那樣，我們正在監控資本市場。我們確實傾向於以固定利率長期進行公共無擔保融資，我們將繼續監控這些市場。

It is -- I mean, the past 48 hours have been somewhat choppy, and we have seen a pretty significant rally in base treasury rates. But as you would expect, oftentimes, with that type of movement, you start to see a little bit of weakness from a credit spread perspective. So just expect us to be highly attentive and attuned to where the market is going, and we will turn out that facility when we think it's appropriate.

我的意思是，過去 48 小時有些波動，我們看到基礎國債利率出現了相當顯著的反彈。但正如您所預料的那樣，通常，隨著這種類型的變動，您開始從信用利差的角度看到一些疲軟。因此，只要期望我們高度關注並適應市場走向，我們就會在我們認為合適的時候推出設施。

Craig Mailman, Citigroup.

克雷格‧梅爾曼，花旗集團。

Hey, apologies if someone asked this. I got dropped off the call. But just on the development side, you guys have been in a pretty good position here, having the liquidity to start projects. And clearly, higher interest rates made it difficult for peers.

嘿，如果有人問這個，我很抱歉。我掛斷了電話。但就開發方面而言，你們的處境非常好，並且擁有啟動專案的流動性。顯然，較高的利率給同業帶來了困難。

But given the pullback in the ten year here and potentially lower rates going forward, do you feel it gets harder for you guys to source or at least a more competitive environment as maybe construction financing becomes an option for others going forward?

但考慮到十年來的回落以及未來可能較低的利率，您是否覺得您變得更難尋找資源或至少是更具競爭性的環境，因為建築融資可能成為其他人未來的一種選擇？

Hey, Craig. This is Nick. I appreciate the question. Yes, look, as we've talked about a lot, there's a lot that goes into finding these development opportunities and executing on them. And you've heard me say it time and time again, capital is one of those key components. And so if capital does become available, that does open up some opportunities for others. But let's not forget the other two needed ingredients, which is relationships and expertise to find and execute on these opportunities.

嘿，克雷格。這是尼克。我很欣賞這個問題。是的，正如我們已經討論過的那樣，尋找這些發展機會並執行它們需要做很多工作。你已經聽我一次又一次說過，資本是這些關鍵組成部分之一。因此，如果資本確實可用，這確實會為其他人帶來一些機會。但我們不要忘記另外兩個必要的要素，即尋找和執行這些機會的關係和專業知識。

And so, we continue to have the best relationships in the business with not only the key tenants that are expanding, but also the brokers and landowners in those markets that we're looking to expand in. And clearly, our team has the expertise coast to coast. And so regardless of capital markets, we feel really good about our ability to get more than our fair share of these opportunities as we look forward. And our shadow pipeline continues to grow as we're getting arms around these opportunities.

因此，我們不僅與正在擴張的主要租戶，而且還與我們希望擴張的市場中的經紀人和土地所有者保持最佳的業務關係。顯然，我們的團隊擁有全國各地的專業知識。因此，無論資本市場為何，我們對未來能夠獲得超出應有份額的機會感到非常滿意。隨著我們抓住這些機會，我們的影子管道繼續增長。

Samir Khanal, Evercore.

薩米爾·卡納爾，Evercore。

Hey. Good morning, everybody. I guess, Mike or Lisa, can you expand on the opportunities that exist on the shop space? I'm just trying to understand how much more you can push on occupancy when you clearly will have one of the best growths in the strip sector next year, right? And I'm just trying to see from a -- whether it's Urstadt Biddle or just trying to see how much more incremental growth there could be versus kind of what you've already put out for '25 at this point. Thanks.

嘿。大家早安。我想，麥克或麗莎，你們能擴展商店空間中存在的機會嗎？我只是想了解，當明年的脫衣舞行業顯然將出現最好的增長之一時，您還能在多大程度上推動入住率，對吧？我只是想看看——無論是 Urstadt Biddle，還是只是想看看與你們目前已經為 25 年制定的增長相比，還有多少增量增長。謝謝。

I think the team might be petrified if I answer this question because I'll just keep pushing and pushing and pushing. So I'll let Mike answer it.

我認為如果我回答這個問題，團隊可能會被嚇呆，因為我會繼續努力。那我就讓麥克來回答吧。

Let me start, and Alan, you can color my comments up. But just kind of fundamentally, Samir, page 7 in our quarterly investment materials is really helpful. And I think that's what gets us so excited about our near-term prospects for growth. And I would point you to the percent commenced bullet on that line. And what we're indicating is that compared to our historical prior peak, we have 220 basis points of commence occupancy opportunity.

讓我開始吧，艾倫，你可以為我的評論上色。但從根本上來說，薩米爾，我們季度投資材料的第 7 頁確實很有幫助。我認為這就是我們對近期成長前景如此興奮的原因。我會向您指出該行的開始項目符號百分比。我們要指出的是，與先前的歷史高峰相比，我們的開工入住機會有 220 個基點。

That dovetails very nicely to the $50 million of SNO pipeline that the team has built and that we know we're going to deliver starting in the fourth quarter of this year and largely into 2025. And there's runway beyond that.

這與該團隊已經建立的 5000 萬美元的 SNO 管道非常吻合，我們知道我們將從今年第四季開始交付，並大部分持續到 2025 年。除此之外還有跑道。

As I look at that chart and think about the post-GFC recovery period, you can see significant increases in percent commence achieved over about a two- to three-year period. And all else being equal, as I think about the quality of our portfolio, the quality of our leasing team, and the demand we're seeing, we don't see that there's any reason why we can't replicate that process going forward over the near term.

當我查看該圖表並考慮全球金融危機後的復甦期時，您可以看到在大約兩到三年的時間內開始實現的百分比顯著增加。在其他條件相同的情況下，當我考慮到我們的投資組合的品質、租賃團隊的品質以及我們所看到的需求時，我們認為我們沒有任何理由不能複製這一流程。

It's going to be -- it will take longer than one year to make 220 basis points of gap differential, right? You're still going to have churn. You're still going to have move-outs. As Lisa said, we're going to be very differentiating with our tenant selection. So it will take more than a year's worth of time, but very excited and bullish about our growth prospects from here.

差距差距達到 220 個基點需要一年以上的時間，對吧？你仍然會流失。你仍然會搬出去。正如麗莎所說，我們將在租戶選擇上採取非常差異化的做法。因此，這將需要一年多的時間，但我們對這裡的成長前景感到非常興奮和樂觀。

Dori Kesten, Wells Fargo.

多麗凱斯滕，富國銀行。

Thanks. Good morning. Your tenant watchlist exposure is quite low versus peers. Can you hit on the highlights of the process you go through in evaluating tenant credit pre-signing and just any refinements you've added to the process over the last year?

謝謝。早安.與同行相比，您的租戶監視清單曝光度相當低。您能否談談您在評估租戶信用預簽署過程中所經歷的流程的亮點以及您在過去一年中對該流程添加的任何改進？

Hi, Dori, yes. This is Alan. I appreciate the question. It's very rigorous. We do not just lease for occupancy. We're very thoughtful and deliberate in our approach to how we think about our retailers. I would say that our watchlist is comprised of roughly 150 basis points of ABR.

嗨，多麗，是的。這是艾倫.我很欣賞這個問題。這是非常嚴格的。我們出租不僅僅是為了入住。我們對於零售商的看法非常周到且深思熟慮。我想說的是，我們的觀察清單由大約 150 個 ABR 基點組成。

But if you think about what the industry has experienced this quarter, Cons, filing for bankruptcy, we have zero. Eastern Mountain Sports, we had one. Rue21, we had one. Big Lots announced store closures, although not yet filed for bankruptcy. Again, we have one.

但如果你想想這個行業本季經歷了什麼，缺點，申請破產，我們的缺點是零。東方山地運動，我們有一個。Rue21，我們有一個。Big Lot 宣布關閉商店，但尚未申請破產。再說一遍，我們有一個。

And so I sort of look at that and go, this is exactly what we have asked of our leasing teams on how to think about not just doing transactions but being very thoughtful in aligning with the right retailers. And I feel great about where we stand on that front.

所以我看了一下然後就走了，這正是我們對租賃團隊的要求，即不僅要考慮進行交易，還要考慮與合適的零售商保持一致。我對我們在這方面的立場感到非常滿意。

I go back to how I think I started the first question's answer is that our objective in every part of the business is to create value for our shareholders. And we can also create -- we also do create it by applying those principles and concepts to our leasing program and ensuring that we are merchandising for the long term, not just for the short term

我回到我的想法，第一個問題的答案是，我們業務每個部分的目標都是為股東創造價值。我們還可以創造——我們也確實透過將這些原則和概念應用到我們的租賃計劃中來創造它，並確保我們的銷售是長期的，而不僅僅是短期的

Haendel St. Juste, Mizuho.

亨德爾‧聖朱斯特，瑞穗。

Hi, good morning. This is Ravi Vaidya on the line for Haendel. Hope you guys are doing well. Just wanted to touch on the CapEx and the TI. For new leases this quarter, it was a bit elevated versus previous quarters. Is there anything one time in there, and how do you expect this to go -- how to you expect this to trend going forward? Thanks.

嗨，早安。我是拉維·維迪亞 (Ravi Vaidya)，正在接聽亨德爾 (Haendel) 的電話。希望你們一切順利。只是想談談資本支出和 TI。本季的新租賃量較前幾季略有上升。其中有沒有什麼事情發生過，你預計這會如何發展——你預計這會如何發展？謝謝。

Ravi, I appreciate that question. The answer is we feel very good about the approach of how we are prudently managing capitals. I would just bring us back to net effective rent as a percent of GAAP rent, and we're in that 80% to 85% range that we're very comfortable with.

拉維，我很欣賞這個問題。答案是我們對審慎管理資本的方式感到非常滿意。我只想讓我們回到淨有效租金佔 GAAP 租金的百分比，我們處於我們非常滿意的 80% 到 85% 範圍內。

I would also say, when you look at total comparable capitals for the quarter, it is lower than our trailing 12 months, so the team is prudently managing it. We're growing rents appropriately. We're focused not just on rent spreads but the embedded rent steps as well. And I don't see any shift in underlying fundamentals or trends to your question.

我還想說，當你查看本季的總可比資本時，會發現它低於我們過去 12 個月的資本，因此團隊正在謹慎管理。我們正在適當提高租金。我們不僅關注租金利差，還關注嵌入式租金階梯。我認為你的問題的基本面或趨勢沒有任何變化。

Ki Bin Kim, Truist Securities.

Ki Bin Kim，Truist 證券公司。

Thank you. Good morning. So -- I mean, it looks like you're setting up for a pretty good growth year in '25. If you look at the SNO pipeline, a 5% upside. And of course, there's some upside from contractual rent step-ups of 140 basis points. And then if you add on lease spreads, so you can get to a pretty big number.

謝謝。早安.所以——我的意思是，看起來你們正在為 25 年的良好成長做好準備。如果你看看 SNO 管道，你會發現 5% 的上漲空間。當然，合約租金上漲 140 個基點也有一些好處。然後，如果加上租賃價差，就會得到一個相當大的數字。

Obviously, not everyone renews. But can you just talk about some of the factors that might bring down some of those positive growth factors and if you have any large known tenant move-outs that might occur in the foreseeable future? Thank you.

顯然，並不是每個人都會更新。但是，您能否談談可能會降低某些正面成長因素的一些因素，以及在可預見的將來是否可能發生大規模的已知租戶遷出？謝謝。

Hey, Ki Bin. Number one, I appreciate you articulating our wheel of growth very well. We spent a lot of time communicating that, so thank you. And we have spoken to the plus 100 basis points of same-property growth attributed to the activation of our redevelopment pipeline that we anticipate next year, which is about double what we would expect in a historical average year.

嘿，基彬。第一，我感謝您很好地闡述了我們的增長之輪。我們花了很多時間來溝通這一點，所以謝謝你。我們已經談到，由於我們預計明年再開發管道的啟動，同類物業的成長將增加 100 個基點，這大約是我們對歷史平均年份預期的兩倍。

We are set up for growth. I talked a lot about the SNO pipeline. I talked about where we stand from a percent commence perspective. I appreciate the direction that you're indicating. I'm going to stop short of providing any guidance for next year, and there's more to come on that front as we dig into our plan, effectively as soon as this call is over, as we get back to work.

我們已為成長做好準備。我談了很多關於 SNO 管道的內容。我從百分比開始的角度討論了我們的立場。我很欣賞你指出的方向。我將不再為明年提供任何指導，當我們深入研究我們的計劃時，實際上，一旦本次電話會議結束，當我們回到工作崗位時，就會有更多的內容出現。

But some headwinds -- there's always going to be move-outs. You're not retaining everybody. I think we do an awesome job of selecting who we want. Bankruptcies are always going to play a role. Historically speaking, that could range anywhere from 30 to 60 basis points on a look-back basis, depending on who files and when. Timing is a big factor in that.

但也有一些阻力——總是會有人搬出去。你留不住所有人。我認為我們在選擇我們想要的人方面做得非常出色。破產總是會發揮作用。從歷史上看，回顧起來，這一幅度可能在 30 到 60 個基點之間，具體取決於提交的人以及提交時間。時機是其中一個重要的因素。

But I don't know that I would anticipate our credit loss provision being wildly different than what we're experiencing now. So more to come is where I'll end it, but we are very -- we're looking at 2025 the same way we did last quarter. We have a lot of positive momentum building into next year.

但我不知道我是否會預期我們的信用損失撥備與我們現在所經歷的有很大不同。因此，接下來我將結束它，但我們非常 - 我們以與上季度相同的方式展望 2025 年。明年我們有很多積極的勢頭。

Ron Kamdem, Morgan Stanley.

羅恩‧卡姆德姆，摩根士丹利。

Hey, just a quick two-parter. Just on -- obviously, this earnings season, we've seen a lot of institutional capital since you're looking at the open shopping center space. Just -- if you could comment on either on the acquisition front or just in general as you're seeing institutional capital, private equity, and so on and so forth coming more into the space.

嘿，只是一個快速的二人組。顯然，就在這個財報季，自從你關注開放式購物中心空間以來，我們已經看到了大量的機構資本。只是 - 如果您可以對收購方面或一般情況發表評論，因為您看到機構資本、私募股權等更多地進入該領域。

And then the second part is I had sort of a follow up on that occupancy gain slides on the peak commence where you have 220 basis points. Any way to double-click whether it's market or assets? Can we get a second layer of where that upside is really concentrated in? Thanks.

第二部分是我對峰值開始時的入住率增益下滑進行了跟踪，其中有 220 個基點。有什麼辦法可以雙擊是市場還是資產？我們能否得到第二層的好處真正集中在哪裡？謝謝。

That was a sneaky way to ask two questions. I think Nick really did already address, I believe, the transactions market. But maybe if Nick can just touch on -- because he mentioned that the pools were deeper. So just maybe, Nick, the composition of the kind of the bids that we're seeing, if it's any different, if it's changed at all?

這是一種偷偷摸摸地問兩個問題的方式。我認為尼克確實已經解決了交易市場問題。但也許尼克可以談談——因為他提到水池更深。尼克，也許我們所看到的出價的構成是否有任何不同，是否有任何改變？

Absolutely, Ron. Appreciate the question. Good morning. No question, the bidding pools are much deeper for assets that we're pursuing and looking at and evaluating. And so where maybe before there were three to five bids, now there's 15 to 20 bids on assets. And so we're definitely watching funds flow into our asset class for all the reasons we're bullish on them that Mike just articulated in.

當然，羅恩。感謝這個問題。早安.毫無疑問，對於我們正在追求、研究和評估的資產來說，競價池要深得多。因此，之前可能有 3 到 5 個資產競標，現在有 15 到 20 個資產競標。因此，我們肯定會看到資金流入我們的資產類別，因為我們看好麥克剛才闡述的所有原因。

As you would appreciate, a lot of those bidders are institutional, whether it be pension funds, whether it be private equity backed, et cetera. So no questions seeing a lot of institutional capital pursuing assets right now.

如您所知，許多競標者都是機構投資者，無論是退休基金，還是私募股權支持的機構，等等。因此，毫無疑問，現在有大量機構資本在追逐資產。

Hey, Ron, take a look at page 8 of our investor presentation for the quarter, and I think you'll get good composition with respect to our existing SNO pipeline. And there, you'll see that it's roughly 60% shops, 40% anchors. And from a timing perspective, we also detail that only about 15% of that income is going to be recognized in 2024. Up to 90% of that income will be recognized next year, speaking through our bullish posture on '25.

嘿，Ron，請看一下我們本季度投資者簡報的第 8 頁，我想您會對我們現有的 SNO 管道有很好的了解。在那裡，你會看到大約 60% 是商店，40% 是主播。從時間角度來看，我們也詳細說明，只有約 15% 的收入將在 2024 年得到確認。從我們 25 年的看漲立場來看，高達 90% 的收入將於明年得到確認。

I would say though that as we think about moving the needle on occupancy, we have some room to run on the anchor front and we've got some really exciting opportunities that the team is working on. And I thought -- I know Alan may want to color up some of that activity.

我想說的是，當我們考慮提高入住率時，我們在主力方面還有一些運行空間，而我們團隊正在研究一些非常令人興奮的機會。我想——我知道艾倫可能想為其中一些活動增添色彩。

Yes, I mean -- I guess, Ron, the only thing I would add to that to put definitive occupancy to it is we're at 97.2% and our historic peaks are 98.5%. So there is certainly runway there. There's been a couple of -- I'll call them stubborn deals that have been out there that are really right at the goal line right now.

是的，我的意思是——我想，羅恩，為了確定入住率，我唯一要補充的是，我們目前的入住率是 97.2%，歷史高峰是 98.5%。所以那裡一定有跑道。有幾筆——我稱它們為頑固的交易，它們現在確實正處於目標線上。

So I feel great about the trajectory of where we are. I look at that SNO pipeline, and I'd say the top six that are sitting there are grocery stores that were really excited to get online. And that will also provide for some ancillary center of gravity and synergistic merchandising to go with it. So the future is looking great there.

所以我對我們目前的發展軌跡感覺很好。我看看 SNO 頻道，我想說，前六名的都是雜貨店，他們對上網感到非常興奮。這也將提供一些輔助重心和協同行銷。所以那裡的未來看起來很美好。

Thanks.

謝謝。

Floris Van Dijkum, Compass Point.

弗洛里斯·範迪庫姆，羅盤點。

Hey. Good morning, guys. Lisa, I wanted to ask you questions -- more of a bigger picture question, perhaps. But I think you're probably uniquely positioned to be able to answer something like this. Obviously, there's the news that Blackstone is looking at one of your peers, there's the private formations, the fact that interest rates are likely coming down in September.

嘿。早安，夥計們。麗莎，我想問你一些問題——也許是一個更大的問題。但我認為你可能處於獨特的位置，能夠回答這樣的問題。顯然，有消息稱 Blackstone 正在關注您的同行之一，還有私人機構，而且利率可能會在 9 月下降。

You talked a little bit about your implied cap rates at being at 7%, back when you bought back the stock. Obviously, your stock price is more than 10% higher, so it's gone down a little bit.

當您回購股票時，您談到了隱含資本化率為 7%。顯然，你的股價上漲了 10% 以上，所以下跌了一點。

But I'm curious to get your sense, I mean, from -- where are cap rates in the shopping center sector headed in your view? And do you think that we could see some of the cap rate expansion retrace itself over the next 12 to 18 months as capital comes in, as interest rates come down, and frankly as growth and IRR from assets still appear pretty interesting?

但我很想知道你的想法，我的意思是，在你看來，購物中心產業的資本化率將走向何方？您是否認為，隨著資本的流入、利率的下降，以及坦白說，資產的成長和內部收益率仍然顯得相當有趣，我們是否可以看到在未來12 至18 個月內，資本化率的部分擴張會自行回溯？

Floris, thanks for the question. I would go back to the conviction that we had with regards to the -- what we believe a meaningful discount to private market values. We would not have executed the share repurchase. So I don't believe that cap rates are rising in the future.

弗洛里斯，謝謝你的提問。我想回到我們的信念——我們認為對私人市場價值的有意義的折扣。我們不會執行股票回購。所以我不認為未來資本化率會上升。

And with cost of financing potentially going down, if we see that, I think that our product type, grocery-anchored higher-quality shopping centers, we've seen it throughout what we thought should be a time when cap rates would rise that cap rates were really sticky.

隨著融資成本可能下降，如果我們看到這一點，我認為我們的產品類型，以雜貨為主的高品質購物中心，我們已經在我們認為應該是上限利率上升的時期看到了這一點利率真的很黏。

And that's because our product type offers that sustainability and stability of cash flows. So we have convictions that cap rates are going to stay where they are, and as anything -- and that's in the private market. Perhaps with more capital coming into the sector, I think the scenario you described would say cap rates should go down, not up.

這是因為我們的產品類型提供了現金流的可持續性和穩定性。因此，我們堅信資本化率將保持不變，而且在私人市場也是如此。也許隨著更多資本進入該行業，我認為您所描述的情況會表明資本化率應該下降，而不是上升。

Linda Tsai, Jefferies.

琳達·蔡，杰弗里斯。

Hi. On the 100 basis points of positive contribution from redevs coming online in 2025 being 2x the average, could you just expand on some of the underlying drivers? Does it have to do with underwriting higher than expected rents?

你好。2025 年上線的重新開發的積極貢獻為 100 個基點，是平均值的 2 倍，您能否擴展一些潛在的驅動因素？這是否與承保高於預期的租金有關？

No, Linda, it's really project specific. Going back a little bit in time, recall our development-redevelopment pipeline, which we talk about in totality, over the last several years have been more balanced to redevelopments. And if you go back several years, that's us kind of working through much of the opportunity that we acquired in the Equity One merger, frankly.

不，琳達，這確實是特定於專案的。回顧過去，回顧我們總體上討論的開發-再開發管道，在過去幾年中，再開發變得更加平衡。坦白說，如果你回顧幾年前，我們正在利用我們在 Equity One 合併中獲得的大部分機會。

So these projects are now largely well on their way. They've been constructed, they've been leased, and we're delivering that income into the same property pool. So it's more a function of the quantum of the projects than it is the rates on the rents, which, by the way, adds to our transparency and visibility. We feel really good about delivering new centers.

因此，這些項目現在基本上進展順利。它們已經建成，已經出租，我們將這些收入投入到同一個財產池中。因此，它更多是項目數量的函數，而不是租金率的函數，順便說一句，這增加了我們的透明度和可見度。我們對建立新中心感覺非常好。

(Operator Instructions) Tayo Okusanya, Deutsche Bank.

（操作員指示）Tayo Okusanya，德意志銀行。

Yes. Good afternoon, everyone. Congrats on the quarter. In regard to commenced occupancy, curious if you could help us think about what that could look like going into 2025. Again, occupancy is already pretty high. You have a very large, smooth pipeline, but you're also going through very strong leasing as well. So just kind of curious where you think that could end up going over the course of the next 12 months and what SNO could look like over the next 12 months.

是的。大家下午好。恭喜本季。關於開始入住率，我想知道您能否幫助我們思考 2025 年的入住情況。再說一次，入住率已經相當高了。你有一個非常大、順利的管道，但你也正在經歷非常強大的租賃。所以只是有點好奇你認為未來 12 個月內最終會發生什麼，以及 SNO 在未來 12 個月內會是什麼樣子。

Hey, Tayo. I appreciate the question, and I promise we'll get much more visibility in 2025 on a granular level when it's the right time. But again, I'll point you to that page 7, that 220 basis points. I'll reflect you to our historical commence occupancy changes. And in really good years, we can move that number by about 100 basis points.

嘿，泰約。我很欣賞這個問題，我保證在 2025 年適當的時候我們會在更精細的層面上獲得更多的可見性。但我會再次向您指出第 7 頁，即 220 個基點。我將向您反映我們的歷史開始入住率變化。在真正好的年份，我們可以將這個數字移動大約 100 個基點。

And if you recall, it's in our investor materials, but every 10 basis points of percent commence increase can contribute up to 15 basis points of same-property growth. So that's where we get comfortable indicating that the contribution of redevelopment, which is moving commence occupancy, would be in 100 basis points.

如果您還記得的話，我們的投資者資料中提到，每增加 10 個基點的百分比，就可以貢獻高達 15 個基點的同類房產成長。因此，我們可以放心地表明，重建（正在推動入住率）的貢獻將達到 100 個基點。

100 basis points through the 15 bps would give us about 150 basis points of potential growth. Again, timing matters here, so I don't want to get too into the weeds on 2025. But I think that should help. You understand and appreciate the opportunity set in front of us. And I would just encourage you to spend some time on that page 7 in our investor materials.

100 個基點到 15 個基點將為我們帶來約 150 個基點的潛在成長。再次強調，時機很重要，所以我不想在 2025 年過度討論。但我認為這應該會有所幫助。您了解並珍惜我們面前的機會。我只是鼓勵您花一些時間閱讀我們的投資者資料中的第 7 頁。

Alec Feygin, Baird.

亞歷克費金，貝爾德。

Hi, good morning and thanks for taking my question. Kind of curious about the competition that Regency's seeing in the Northeast, and is there anything specific to the region to explain what's driving the increased activity there?

你好，早安，感謝您提出我的問題。對攝政在東北部看到的競爭有點好奇，有什麼特定於該地區的東西可以解釋是什麼推動了那裡的活動增加嗎？

I'm not sure we understand the question. Increased transaction activity?

我不確定我們是否理解這個問題。交易活動增加？

Yes, sorry, the increased transaction activity.

是的，抱歉，交易活動增加了。

Yes, I would just tell you a couple things. This is Nick. Appreciate the question, Alec. So a couple things. Obviously, the acquisition of UBP has kept our team up there very, very active and has increased our presence throughout that market. But a lot of it's also just timing.

是的，我只想告訴你幾件事。這是尼克。感謝這個問題，亞歷克。有幾件事。顯然，收購 UBP 使我們的團隊保持了非常非常活躍的狀態，並提高了我們在整個市場的影響力。但很多也只是時機問題。

And so although this quarter we were very active in the Northeast and very happy with the opportunities that have been presented, we're seeing a lot of activity across the country. And so as we move into future quarters, I think you'll see that activity be geographically dispersed more than it was this past quarter. So continued opportunities are presenting themselves in each of our markets at this point.

因此，儘管本季度我們在東北地區非常活躍，並且對所提供的機會非常滿意，但我們看到全國各地都有很多活動。因此，當我們進入未來幾個季度時，我認為您會發現活動在地理上比上個季度更加分散。因此，目前我們的每個市場都在不斷出現機會。

Mike Mueller, JPMorgan.

麥克·穆勒，摩根大通。

Yes, hi. I guess between [Erstad], the Westport acquisition, and the Northeast Center you have under contract, it seems like you put a lot of capital to work up here recently. When you're looking at the broader pipeline that you see today, are the opportunities more geographically diverse or still kind of concentrated?

是的，嗨。我猜想，在[Erstad]、西港收購和你們簽訂的東北中心合約之間，你們最近似乎投入了大量資金在這裡工作。當您審視今天看到的更廣泛的管道時，機會在地理上更加多樣化還是仍然比較集中？

Mike, yes, we're definitely seeing opportunities coast to coast. And so it is just timing related this quarter as it relates to the Northeast. And our team up there is doing a great job continuing to find opportunities. But I know the Southeast region, the West region, the Central region is anxiously awaiting for some announcements on opportunities they're working on as well. And so we feel good about the opportunities we're seeing all around the country at the moment.

麥克，是的，我們確實在全國各地都看到了機會。因此，這只是與本季的時間有關，因為它與東北地區有關。我們的團隊在不斷尋找機會方面做得非常出色。但我知道東南部、西部、中部地區也在焦急地等待著他們正在努力的一些機會的公告。因此，我們對目前在全國各地看到的機會感到滿意。

We have reached the end of the question-and-answer session. I'd now like to turn the call back over to Lisa Palmer for closing comments.

我們的問答環節已經結束。我現在想將電話轉回麗莎·帕爾默以徵求結束意見。

I want to thank all of you for spending the last hour with us. We appreciate your interest in Regency. Have a great weekend, all. Thank you.

我要感謝大家與我們一起度過了最後一個小時。我們感謝您對攝政的興趣。祝大家週末愉快。謝謝。

This concludes today's conference. You may disconnect your lines at this time, and we thank you for your participation.

今天的會議到此結束。此時您可以斷開線路，我們感謝您的參與。