Regency Centers Corp (REG) 2026 Q1 法說會逐字稿

Greetings, and welcome to the Regency Centers Corporation's first-quarter 2026 earnings call. (Operator Instructions)

各位好，歡迎參加 Regency Centers Corporation 2026 年第一季財報電話會議。(接線員指示)

Please note, this conference is being recorded.

請注意，本次會議將被錄音。

I will now turn the conference over to your host, Christy McElroy. Please go ahead.

現在我將把會議交給主持人 Christy McElroy。請開始。

Good morning, and welcome to Regency Centers' first-quarter 2026 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.

各位早安，歡迎參加 Regency Centers 2026 年第一季財報電話會議。今天與我一同出席的有：總裁兼執行長 Lisa Palmer；財務長 Mike Mas；東區總裁兼營運長 Alan Roth；以及西區總裁兼投資長 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 the current beliefs and expectations of management and are subject to various risks and uncertainties. It is possible that actual results may differ materially from those suggested by these forward-looking statements we may make.

提醒各位，今天的討論可能包含前瞻性陳述，涉及公司對未來業務與財務表現的看法，包括前瞻性盈餘指引及未來市場狀況。這些陳述係基於管理階層目前的信念與預期，並受多項風險與不確定性影響。實際結果可能與我們所作之前瞻性陳述所暗示者存在重大差異。

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上述陳述出現重大差異的因素與風險，可能已包含於我們今天的簡報中，並在我們向美國證券交易委員會（SEC）提交的文件中有更詳細說明，特別是最近一期的 Form 10-K 與 10-Q 申報文件。

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.

在今天的討論中，我們也會引用若干非 GAAP 財務衡量指標。相對應的 GAAP 財務衡量指標已收錄於本季財報資料中，並已張貼於我們的投資人關係網站。另請注意，我們也已在網站上發布一份包含額外資訊的簡報，其中包括與前瞻性盈餘指引相關的揭露。我們對前瞻性陳述的提醒同樣適用於這些簡報資料。

As a reminder, given the number of participants we have on the call today, we respectfully ask that you limit your questions to one. Please rejoin the queue if you have additional follow-up questions. Lisa?

再次提醒，鑑於今天參與者眾多，我們敬請各位將提問限制為一題。如有其他追問，請重新加入提問佇列。Lisa？

Thank you, Christy. Good morning, everyone, and thank you for joining us. We are off to an outstanding start to the year, building on the positive momentum from last year. In the first quarter, we delivered strong same property NOI and earnings growth driven by robust operating fundamentals and accretive capital allocation. Our results demonstrate the durability of our portfolio, the strength of our platform, and the execution of our team.

謝謝你，Christy。各位早安，感謝大家加入我們。我們今年開局表現非常出色，延續了去年正向的動能。第一季在強勁的營運基本面與具增益效果的資本配置帶動下，我們交出強勁的同店 NOI 與盈餘成長。我們的成果展現了投資組合的韌性、平台的實力，以及團隊的執行力。

Our tenants are performing well in our centers, supported by the resiliency and spending power of consumers in our strong suburban trade areas, as well as our focus on essential retail anchored by top-performing grocers. It is this combination of high-quality trade areas and our concentration of necessity based, value oriented, and convenience retail that positions our portfolio to perform consistently, even in uncertain macroeconomic environments.

在我們的購物中心中，租戶營運表現良好，受惠於我們強勢郊區商圈中消費者的韌性與消費能力，以及我們聚焦於由表現頂尖的雜貨商作為主力店（anchor）的民生必需零售。正是高品質商圈與我們在必需性、價值導向與便利型零售的集中布局相結合，使我們的投資組合即使在不確定的總體經濟環境下，仍能維持穩健表現。

We also continue to see significant momentum across our investments platform. Our track record of success in ground-up development is one of Regency's greatest differentiators and is a key driver of our external growth strategy. In an environment with very little new retail supply, our ability to source, execute, and deliver high-quality developments across the country really sets Regency apart. Our project deliveries will translate into meaningful NOI contribution in 2026 and beyond, boosting total NOI growth, and driving earnings and NAV accretion.

我們也持續看到投資平台各面向的顯著動能。我們在從零開始（ground-up）開發方面的成功紀錄，是 Regency 最重要的差異化優勢之一，也是外部成長策略的關鍵驅動力。在零售新供給極少的環境下，我們在全國各地尋找機會、執行並交付高品質開發案的能力，確實讓 Regency 脫穎而出。我們的專案交付將在 2026 年及其後帶來可觀的 NOI 貢獻，推升整體 NOI 成長，並帶動盈餘與淨資產價值（NAV）增益。

As we look ahead, I'm really energized by our strong start to the year and by the opportunities in front of us. I want to reiterate just how distinct Regency's growth story is. Our portfolio of high-quality, grocery-anchored neighborhood and community centers located in some of the strongest trade areas in the country, has consistently delivered durable cash flows across economic cycles. Our leading national development platform is creating meaningful value for shareholders at a time when few others can compete with our expertise, relationships and proven results.

展望未來，我對今年強勁的開局以及眼前的機會感到非常振奮。我想再次強調，Regency 的成長故事有多麼獨特。我們的投資組合由高品質、以雜貨店為主力店的鄰里型與社區型購物中心構成，座落於全美最強勢的商圈之一，並在各種經濟循環中一貫提供具韌性的現金流。在少有人能以我們的專業、關係與經驗成果競爭的時刻，我們領先全國的開發平台正為股東創造可觀價值。

Our strong balance sheet gives us flexibility and the capacity to be opportunistic with low cost and substantial access to capital. And most importantly, we have the best team in the business. With this foundation, Regency is exceptionally well positioned to continue delivering strong and sustainable growth for our shareholders. Alan?

我們強健的資產負債表賦予我們彈性，並以低成本且充足的資本取得能力，讓我們能把握機會。而最重要的是，我們擁有業界最優秀的團隊。憑藉這樣的基礎，Regency 具備極佳條件，能持續為股東帶來強勁且可持續的成長。Alan？

Thank you, Lisa, and good morning, everyone. We delivered another excellent quarter to start the year, following what was a record-breaking year for us in 2025. The fundamentals across our portfolio remain strong, and I couldn't be more proud of our team's execution. Tenant demand continues to be robust across nearly all categories and regions, spanning both anchor and shop space. Grocers, restaurants, health and wellness concepts, and off-price retailers are among the most active, but the breadth of engagement across our portfolio is really impressive.

謝謝你，Lisa，各位早安。在 2025 年創下破紀錄的一年之後，我們以另一個非常出色的季度為今年揭開序幕。我們投資組合的基本面依然強勁，我對團隊的執行表現感到無比自豪。租戶需求在幾乎所有類別與區域仍然強勁，涵蓋主力店與店鋪（shop）空間。雜貨商、餐飲、健康與養生概念，以及折扣零售商（off-price）是最活躍的類別之一，但整體而言，我們投資組合的參與廣度確實令人印象深刻。

The availability of high-quality space is increasingly scarce, both at our centers and in our trade areas, and that dynamic is working in our favor. Our same property percent leased, which is approaching 97%, was up 10 basis points over the fourth quarter. A sequential uptick in Q1 is seasonally unusual, and it really speaks to the strength of the demand we're experiencing and to the durability of our occupancy.

高品質空間的供給愈發稀缺，無論是在我們的購物中心內或在我們的商圈中皆是如此，而這樣的態勢正對我們有利。我們同店出租率接近 97%，較第四季上升 10 個基點。第一季出租率的連續上升在季節性上並不常見，這充分反映出我們所感受到的需求強度，以及我們入住率的韌性。

Leased occupancy is now close to our prior peak, though I am confident further upside is achievable, particularly in anchor leasing, where we continue to have meaningful engagement with leading national retailers. What is especially encouraging is the nature of our activity today. We continue having success proactively leasing occupied space, upgrading merchandising, bringing in new and vibrant concepts, and replacing outdated or underperforming uses.

已出租入住率目前已接近先前的高點，但我有信心仍有進一步上行空間，特別是在主力店租賃方面，我們持續與領先的全國性零售商保持高度互動。尤其令人鼓舞的是我們當前活動的性質。我們持續成功地主動在已出租空間中進行租賃調整，優化業態組合，引進新穎且具活力的概念，並汰換過時或表現不佳的用途。

Our same property commenced rate also increased 20 basis points in the quarter as we made meaningful progress commencing tenants within our SNO pipeline. The pipeline continues to be a significant tailwind to future NOI growth, representing approximately $42 million of incremental base rent. We achieved robust cash re-leasing spreads in the first quarter and GAAP spreads were near a record high. These results reflect our ability to achieve compelling mark-to-market rent increases in addition to embedding meaningful contractual rent steps into our leases.

本季同店已起租（commenced）比率也上升 20 個基點，因為我們在推動 SNO 管線中的租戶起租方面取得了顯著進展。該管線仍是未來 NOI 成長的重要順風，代表約 4,200 萬美元的新增基本租金。第一季我們達成強勁的現金續租租金差（cash re-leasing spreads），而 GAAP 租金差接近歷史新高。這些成果反映出我們除了能取得具吸引力的市價調升（mark-to-market）租金增幅外，也能在租約中嵌入具意義的合約性租金階梯式調升。

That success is the basis for our ability to drive strong, sustainable rent growth within our portfolio over the long term. Same property NOI growth of 4.4% in the first quarter was reflective of these strong operating trends, along with the substantial progress we've made raising occupancy and completing redevelopment projects.

這樣的成功，奠定了我們長期在投資組合內推動強勁且可持續租金成長的能力基礎。第一季同店 NOI 成長 4.4%，反映了這些強勁的營運趨勢，以及我們在提升入住率與完成重建／改造（redevelopment）專案方面所取得的重大進展。

In closing, the trend we are seeing in leasing activity, tenant sales, collections and foot traffic remain very favorable. We are positioned for success and continued growth ahead and I'm excited about what our team will accomplish.

最後，我們在租賃活動、租戶銷售、收款與人流方面所看到的趨勢仍然非常有利。我們已為未來的成功與持續成長做好準備，我也很期待我們團隊將完成的成果。

With that, I'll hand it over to Nick.

那麼，我把時間交給 Nick。

Thank you, Alan, and good morning, everyone. We continue to have significant momentum within our investments platform, evident in an active first quarter of accretive investment activity. Our team is successfully executing on and delivering projects within our in-process pipeline, and we continue to source attractive new ground-up projects.

謝謝你，Alan，各位早安。我們的投資平台持續展現顯著動能，從第一季積極且具增值效益的投資活動可見一斑。團隊正成功執行並交付在建管線中的各項專案，同時我們也持續尋找具吸引力的全新從零開發專案。

During the first quarter, we completed $42 million of projects, including Oakley Shops at Laurel Fields, a Safeway-anchored neighborhood center we developed ground-up in the Bay Area. Our team did an exceptional job bringing this project to fruition in less than 18 months, one of the quickest ground-up deliveries that I can recall.

第一季我們完成了4,200萬美元的專案，其中包括位於灣區、由我們從零開發的 Oakley Shops at Laurel Fields——一座以 Safeway 為主力店的社區型購物中心。團隊在不到18個月內就讓該專案順利落地，這是我記憶中交付速度最快的從零開發案之一，表現非常出色。

We also started another $73 million of new projects this quarter, including Crystal Brook Corner, a redevelopment on Long Island. We acquired this underutilized piece of real estate and are transforming it into a Whole Foods anchored neighborhood center. This project demonstrates our ability to look at acquisition opportunities through a differentiated lens, leveraging Regency's platform, our relationships and our development expertise to drive near-term value creation.

本季我們也啟動了另外7,300萬美元的新專案，包括位於長島的 Crystal Brook Corner 重建案。我們收購了這塊利用率偏低的不動產，並正將其改造為以 Whole Foods 為主力店的社區型購物中心。此專案展現了我們以差異化視角評估收購機會的能力，並運用 Regency 的平台、我們的關係網絡與開發專業，推動短期價值創造。

Our in-process pipeline now exceeds $600 million, with exceptional leasing momentum and blended returns above 9%. The team has been executing these projects on time and on budget, which, I want to emphasize, is a direct result of the substantial risk mitigation we undertake before we break ground.

我們的在建管線目前已超過6億美元，出租動能強勁，綜合報酬率超過9%。團隊一直按期、按預算執行這些專案；我想強調，這直接得益於我們在動工前所採取的大量風險緩解措施。

Within our ground-up development platform, we continue to see remarkable results. An example includes Ellis Village in Northern California, which we started in the second half of 2025. The project is already 100% leased with an anticipated anchor opening later this year.

在我們的從零開發平台方面，持續看到非常亮眼的成果。例如北加州的 Ellis Village，我們在2025年下半年啟動。該專案目前已100%出租，預計主力店將於今年稍晚開幕。

Our SunVet and Stone Bridge ground-up projects in the Northeast each celebrated Whole Foods openings during the first quarter, both with strong community reception. As Lisa discussed, ground-up development remains a substantial differentiator for Regency, and our brand as a developer has never been stronger.

我們在東北地區的 SunVet 與 Stone Bridge 兩個從零開發專案，第一季皆迎來 Whole Foods 開幕，社區反應熱烈。如 Lisa 所提，從零開發仍是 Regency 的重要差異化優勢，而我們作為開發商的品牌力從未如此強勁。

We are the only national developer of high-quality grocery-anchored shopping centers at scale in an environment of otherwise limited new supply. Our teams are actively sourcing new projects, and we continue to have visibility to a potential of more than $1 billion of project starts over the next three years.

在整體新供給有限的環境下，我們是唯一能以規模在全國開發高品質、以雜貨主力店為核心之購物中心的開發商。團隊正積極尋找新專案，且我們持續可見未來三年潛在啟動專案金額超過10億美元。

Leading grocers across the country remain engaged and eager to expand with us and shop tenants are excited to be part of our projects. Landowners trust us to deliver given our proven track record and the strength of our grocer relationships, particularly among master plan developers, where our retail projects are providing a significant amenity and value to their communities. This positive momentum continues to enhance our success, strategically positioning us to capitalize on additional opportunities.

全美各地的領先雜貨商仍持續投入並渴望與我們一同擴張，零售租戶也很期待參與我們的專案。土地所有人基於我們經驗證的交付紀錄與強大的雜貨商關係而信任我們；尤其在總體規劃開發商（master plan developers）族群中，我們的零售專案正為其社區帶來重要的生活機能與價值。這股正向動能持續提升我們的成功機率，並在策略上讓我們能把握更多機會。

We are creating real value for shareholders at meaningful spreads to market cap rates, and we are excited about the opportunities for continued growth in our investment platform. Mike?

我們正以相對於市場資本化率（cap rates）具顯著利差的方式，為股東創造實質價值；我們也對投資平台持續成長的機會感到振奮。Mike？

Thank you, Nick. Good morning, everyone. Regency delivered another strong quarter to start the year, a testament to our team's continued execution on our strategy and the favorable conditions of our markets. Same property NOI growth was 4.4% in the first quarter including 3.5% of base rent growth. Recall last quarter, we discussed that Q1 would be above and that Q2 would fall below our full-year guidance range.

謝謝你，Nick。各位早安。Regency 以另一個強勁季度為今年揭開序幕，這證明我們團隊持續落實策略執行，以及我們市場環境的有利條件。第一季同店 NOI 成長4.4%，其中包含3.5%的基本租金成長。回想上一季我們提到，第一季會高於、第二季會低於我們的全年指引區間。

With this quarter driven by the uneven nature of other income, and next quarter driven by a tough comp relative to last year's favorable expense reconciliation performance. Most importantly, base rent continues to grow at very healthy levels, benefiting from increasing rents, commencing our SNO pipeline, and delivering on our accretive redevelopment projects.

本季主要受其他收入不均勻特性所帶動，而下季則是因為相較去年費用結算表現有利，形成較艱難的比較基期。最重要的是，基本租金仍以非常健康的水準成長，受惠於租金上升、我們的 SNO 管線開始起租，以及我們具增值效益的重建專案交付。

Looking through the variables in first and second quarters, we are maintaining guidance for full year same property NOI growth of 3.25% to 3.75% as well as for growth in core operating earnings and Nareit FFO per share each at 4.5% at the midpoint. We continue to expect total NOI growth north of 6%, reflecting meaningful contributions from ground-up development deliveries and the substantial acquisitions we completed last year.

綜合第一、二季的各項變數後，我們維持全年同店 NOI 成長指引為3.25%至3.75%；核心營運盈餘與 Nareit 每股 FFO 的成長在中位數皆為4.5%。我們仍預期總 NOI 成長將超過6%，反映從零開發交付的顯著貢獻，以及我們去年完成的大型收購所帶來的效益。

We did make a few minor assumption changes within our outlook. We modestly increased development and redevelopment spend as a result of increased starts expectations as well as our acquisitions guidance to now include known transactions. These changes reflect continued strong investment activity and support positive momentum in external growth and value creation.

我們確實對展望中的幾項假設做了些微調整。由於啟動專案預期增加，我們小幅提高了開發與重建支出，同時也調整收購指引，納入目前已知的交易。這些變動反映投資活動持續強勁，並支持外部成長與價值創造的正向動能。

The strength of our balance sheet is an important element of this ability to accretively allocate capital. We have worked strategically over time to position the company with low leverage, strong liquidity and dependable access to attractively priced capital. In February, we issued $450 million of seven-year unsecured notes at a 4.5% coupon, achieving the lowest credit spread in Regency's history.

我們資產負債表的強健，是我們能以增值方式配置資本的重要要素。長期以來我們以策略性方式布局，使公司具備低槓桿、充足流動性，以及穩定取得具吸引力價格資本的能力。2月我們發行了4.5億美元、7年期無擔保票據，票面利率4.5%，創下 Regency 歷史最低的信用利差。

This execution represents one of the most favorable cost of debt capital in the REIT sector and is a direct reflection of our A credit ratings from both Moody's and S&P. Leverage remains near the low end of our target range of 5 to 5.5 times, and we have nearly full availability on our credit facility and our strong free cash flow generation allows us to fund our development pipeline with no current need to raise equity or sell properties.

這次發行是 REIT 產業中最具競爭力的債務資金成本之一，並直接反映我們同時獲得穆迪與標普的 A 級信用評等。槓桿水準仍接近我們目標區間5到5.5倍的低端；我們的循環信貸額度幾乎全數可用，且強勁的自由現金流讓我們得以支應開發管線，目前無需增發股權或出售資產。

In closing, we are gratified by another strong quarter and look forward to continued success as our teams execute our differentiated strategy through the balance of the year.

最後，我們對於再度繳出強勁季度成績感到欣慰，並期待在今年剩餘時間裡，團隊持續執行我們的差異化策略、再創佳績。

With that, we welcome your questions.

接下來，我們歡迎各位提問。

(Operator Instructions) Michael Goldsmith, UBS.

(接線員指示) UBS 的 Michael Goldsmith。

Great. Yeah. So I wanted to walk through the non-cash revenue component, you guided to $51 million for the year. So pro-rated, that would have been -- if you split it by 4, probably would have been at $12.75 million for the first quarter. You came in at like $9.7 million-ish.

很好。是。我想請教非現金收入（non-cash revenue）的組成部分，你們對全年指引是5,100萬美元。所以按比例分攤的話——如果除以4，第一季大概會是1,275萬美元。但實際大概是970萬美元左右。

So can you kind of walk through what drives the difference there from the kind of like the pro-rated number, the lumpiness that is natural with the non-cash revenues and how you expect the rest of the year to play out?

能否請你說明一下，造成與按比例分攤數字差異的原因、非現金收入本來就會有的波動性，以及你們預期今年其餘時間會如何展開？

Sure. Thank you, Michael. I appreciate the question. As you just said, non-cash can be uneven by its nature and a little straight lining of our guidance range would have led to a little bit of a higher expectation for Q1. Had a couple of things going on, one, we did make an adjustment to a single tenant, one lease where we moved that lease to a cash basis.

當然可以。謝謝你，Michael。感謝這個問題。如你所說，非現金項目本質上就可能不均勻；若把我們的指引區間做直線化攤提，確實會讓人對第一季有稍高一些的預期。我們這季有幾件事同時發生：第一，我們對單一租戶的一份租約做了調整，把該租約改為以現金基礎認列。

So that, in effect, results in a reserve on straight-line rent that's booked in the quarter. And that's probably the largest component that you're seeing drive that variance today. We haven't taken our eyesight off full-year guidance. Obviously, at $51 million.

因此，實際上會形成一筆按直線法租金計提的準備金，並在本季入帳。而這大概是你今天看到推動該差異的最大組成部分。我們並沒有把全年指引的關注移開。顯然，是在 5,100 萬美元。

And I'd also say last year, just as a reminder, you can get fits and starts with tenant move-outs and the acceleration of below-market rents. That can also be a driver of changes to the cadence of non-cash. So just to make sure you keep a look out for that going forward.

另外我也想說，提醒一下，去年租戶搬出以及低於市價租金的加速認列，可能會出現時快時慢的情況。這也可能是非現金項目節奏變化的驅動因素。所以只是想確保你未來也持續留意這一點。

Well, quickly, I'd say, another commercial for why we use core operating earnings to really tell the story of how we grow cash and cash flow at Regency, we eliminate non-cash, we eliminate non-recurring. I think that core operating earnings number is really valuable as we think about the earnings potential of the company.

那麼，簡單說，我再打個廣告，說明為什麼我們使用核心營運收益來真正講清楚 Regency 如何成長現金與現金流：我們剔除非現金項目，也剔除非經常性項目。我認為，當我們思考公司獲利潛力時，核心營運收益這個數字非常有價值。

Samir Khanal, Bank of America.

Samir Khanal，美國銀行。

Maybe to start kind of high level, grocers are stable. I mean, I guess, maybe provide color on kind of small shop tenant health, given the macro and higher prices. Talk about occupancy costs? And have you seen any differences among categories amongst the shop tenants, the discretionary retail or restaurants, given higher prices in the macro?

也許先從較高層次開始，雜貨商很穩定。我的意思是，或許請你就小型店鋪租戶的健康狀況提供一些說明，考量到總體環境與較高的價格。談談租用成本（occupancy costs）？另外，在總體環境價格走高的情況下，你是否在店鋪租戶的不同類別之間（例如可選性零售或餐廳）看到任何差異？

Thanks, Samir. I'll start, and then I'll have Alan color it up with specific to our portfolio. But as you've heard us say many, many times, and we are really well positioned to perform throughout economic cycles, because of the format of our shopping centers, necessity, value, convenience. In even tougher times, we're well aware of the pressures on consumers with the rise in gas prices.

謝謝你，Samir。我先說，然後我會請 Alan 針對我們的投資組合補充更具體的說明。但正如你多次聽我們說過的，我們的購物中心型態以民生必需、價值、便利為主，因此我們在各種經濟循環中都具備很好的表現定位。即使在更艱難的時期，我們也很清楚汽油價格上漲對消費者造成的壓力。

Then -- but there's even a trade-down effect oftentimes, and Alan can color that up with our foot traffic. So we start to see even more traffic at our centers as a result of that. And then on top of that, layer in the trade areas in which we operate. And our consumers are more resilient and more able to withstand these price increases and pressures. So our tenants are healthy. We're seeing that in every metric within the portfolio. And I'll let Alan color that up a little bit more.

不過，很多時候也會出現「向下替代」效應，Alan 可以用我們的人流來補充說明。因此，我們開始看到因為這個原因，我們的中心反而有更多人流。此外，再加上我們所營運的商圈。我們的消費者更具韌性，也更能承受這些價格上漲與壓力。所以我們的租戶很健康。我們在投資組合內的各項指標都看得到這一點。我讓 Alan 再多補充一些。

Yeah. Good morning, Samir. So talking about the tenants being healthy that Lisa just said. I think the first place I'm going to look is at their sales, and they do remain healthy within our portfolio. The next spot I'm going to look is at our collections, and we're continue to be near record lows there. And then as Lisa mentioned, foot traffic.

是的。早安，Samir。關於 Lisa 剛才提到租戶很健康。我第一個會看的地方是他們的銷售額，而在我們的投資組合中仍然維持健康。第二個我會看的是我們的收款情況，而我們在那方面仍然接近歷史新低。然後如 Lisa 提到的，人流。

Record lows on bad debt.

壞帳處於歷史新低。

On bad debt, thank you. Foot traffic, it's very resilient. When we look at the Q1 results, we are up 2.3%. But to your point of the recent sort of macro environment and higher fuel prices, what does April look like? And when we look at the portfolio in April, foot traffic is actually up 3%, more than it was in Q1 during this time period of increased fuel prices.

壞帳，謝謝你。人流非常有韌性。看第一季結果，我們上升了 2.3%。但就你提到近期的總體環境與燃油價格上漲，四月表現如何？當我們看四月的投資組合時，人流實際上上升了 3%，在燃油價格上升的這段期間，比第一季同期還要高。

So look, we continue to feel good, and I would bring that back to Lisa's comment of the consumers and the trade areas in which we are operating. But we're going to continue to keep a watchful eye on things, but things remain certainly positive from all metrics that we have access to.

所以你看，我們仍然感覺良好，而這也回到 Lisa 對於我們所營運商圈的消費者的評論。不過我們會持續密切關注，但就我們能取得的所有指標而言，情況仍然相當正面。

Craig Mailman, Citi.

Craig Mailman，花旗。

You guys have bumped the increased start expectations a bit here. Can you talk about which projects are now slated to start this year? And just the overall kind of leasing activity, and maybe anything else on the horizon that wasn't included in these new starts, but maybe could potentially start later this year? Kind of just talk about the overall environment of your different projects.

你們把今年新增開工（starts）的預期稍微上調了一些。能否談談哪些專案現在預計會在今年開工？以及整體的出租（leasing）活動情況，還有是否有任何其他尚未納入這些新增開工、但可能在今年稍晚啟動的項目？請談談你們不同專案的整體環境。

Craig, I appreciate the question. Let me start and I'm going to give it to Nick real quick because I want to just clear up something. We guide on development spend. But we are highlighting that. We have some added visibility to added starts that will drive that spend this year. But I want that to be clear that it's a spend guidance, not starts guidance. And then Nick will take it from there.

Craig，謝謝你的問題。我先說，然後很快交給 Nick，因為我想先澄清一件事。我們提供的是開發支出（development spend）的指引。但我們之所以特別強調，是因為我們對於今年將推動該支出的新增開工有了更多能見度。但我希望清楚的是，這是支出指引，不是開工指引。然後 Nick 會接著說。

Yeah, Craig. I appreciate the question. As we said in our opening remarks, we feel really good about our ground-up development program. And so as you've seen over the last three years, we've started just over $800 million. And as we look forward, we expect our investment platform to invest over $1 billion over the next three years.

是的，Craig。謝謝你的問題。正如我們在開場談話中所說，我們對自地興建（ground-up）的開發計畫感到非常有信心。因此，正如你在過去三年看到的，我們已開工的規模略高於 8 億美元。展望未來，我們預期在未來三年，我們的投資平台將投資超過 10 億美元。

And so you can just see continued upward momentum as our team does a tremendous job uncovering these opportunities around the country. And so we continue to be bullish about that opportunity set. Therefore, we are raising our eyesight regarding what that spend will be based on an expectation of higher starts than previously anticipated.

因此你可以看到持續向上的動能，因為我們的團隊在全國各地非常出色地發掘這些機會。所以我們對這個機會集合仍然看多。因此，基於對開工量將高於先前預期的判斷，我們上調了對相關支出的預期。

Juan Sanabria, BMO Capital Markets.

Juan Sanabria，BMO 資本市場。

Just piggybacking off of Craig's question. Just on the greenfield new starts, you mentioned master plan communities being a good source of opportunities for you. But just curious if with the uncertainty on the single-family build for rent with the ROAD to Housing Act, if that's creating any temporary pausing by some of the developers for homes? And has that any changes to the prospects of like that line of business going forward for Regency's future development pipeline?

延續 Craig 的問題。關於綠地（greenfield）新開工，你提到總體規劃社區（master plan communities）是你們很好的機會來源。但我想了解的是，鑑於《ROAD to Housing Act》使單戶型「建造後出租」（build for rent）的不確定性增加，是否讓一些開發商對住宅開發出現暫時性的暫停？而這是否會改變這條業務線在未來對 Regency 開發管線前景的看法？

Yeah. Greatly appreciate the question. And that's a really insightful question. The reality is our program to date has not been heavily involved in the build-to-rent type communities. And so the master plan developers we are working with and continue to work with around the country are single-family for sale communities and or they have other aspects of townhomes or apartment buildings.

是的。非常感謝你的問題。這確實是個很有洞見的問題。實際上，我們目前的計畫並未大量涉入建造後出租（build-to-rent）類型的社區。因此，我們在全國各地合作、並持續合作的總體規劃開發商，主要是單戶住宅出售型社區，或者他們也包含聯排住宅或公寓大樓等其他面向。

And so we haven't seen any impact to the master plan communities we're working on in terms of their appetite and desire to continue to push forward to build retail within their communities at this point.

因此，就我們目前所合作的總體規劃社區而言，我們尚未看到任何影響；就他們在其社區內持續推進興建零售設施的意願與需求而言，目前沒有變化。

Todd Thomas, KeyBanc Capital Markets.

Todd Thomas，KeyBanc Capital Markets。

I guess sticking with that a little bit in terms of the ground-up development. Can you talk about the cadence of starts? How that looks during the balance of the year? And also discuss how yields are trending on new projects -- new ground-up projects that you're underwriting relative to the yields and whether or not future master plan starts would sort of look similar or potentially have a different yield profile?

我想就此再延伸一下，談談從零開始的開發。你能談談開工節奏嗎？今年剩餘時間看起來會如何？另外也請談談新專案——新的從零開始專案——你們在承作評估時的收益率走勢，相對於既有收益率的比較；以及未來總體規劃案的開工，其收益率輪廓是否大致相近，或可能會有不同的收益率型態？

Yeah. I appreciate the question, Todd. In terms of your first question on timing, if you want to talk about lumpy development is where it gets the lumpiest in terms of timing. And that's because our focus is not hitting some time line. Our focus is absolutely making sure we derisk these opportunities before we close. And so we want to make sure we're fully through entitlements.

好的。Todd，謝謝你的提問。就你第一個關於時點的問題而言，如果要談「不均勻」的開發節奏，時點在這裡會是最不均勻的。原因是我們的重點不是去達成某個時間表。我們的重點絕對是確保在成交前把這些機會的風險降到最低。因此我們要確保已完整取得各項許可與核准（entitlements）。

We want to make sure we have pre-leasing done with our anchors. We want to make sure we have drawings done and bids in hand. We want to make sure we have visibility to executing on these projects. And as you can appreciate, that's an extremely complicated process. And we always laugh, you're always one phone call away from a delay from any different outside input on that process. And so we're excited about that program. It is building, but it will always be lumpy.

我們要確保與主力店的預租已完成。我們要確保圖面完成、且投標報價已到手。我們要確保對這些專案的執行有足夠能見度。而如你所知，這是一個極其複雜的流程。我們常開玩笑說，在這個流程中，你永遠只差一通電話就可能因任何外部因素而延誤。所以我們對這個計畫很興奮。它正在推進，但節奏永遠會是不均勻的。

But that being said, we continue to have good visibility to an increased amount of starts this year, and that's why we did increase our projected spend because although lumpy and a little back-end weighted likely this year, we still feel really confident in the overall trajectory of that.

不過即便如此，我們仍持續對今年開工量增加有良好的能見度；這也是為什麼我們上調了預估支出，因為雖然節奏不均、且今年可能會稍微偏向下半年，但我們對整體走勢仍非常有信心。

And let me just come back in there because I want to double down on Craig's question, too. That guidance of spend, I would consider that to be ratable throughout the year from a spend standpoint. And then to Nick's point, we do think starts are growing and they'll probably be more back-end loaded, which is setting us up great for deliveries in '27 and beyond.

我再補充一下，因為我也想呼應 Craig 的問題。那個支出指引，我會把它視為從支出角度來看全年相對平均可攤的。然後就 Nick 的觀點，我們確實認為開工在成長，而且可能會更偏向下半年，這讓我們在 2027 年及之後的交付（deliveries）上有很好的布局。

And we're not -- go ahead, Nick. I was going to -- yeah, the second half of the question on yields. I'll let you take it.

我們不是——請繼續，Nick。我剛要——對，問題的後半段是關於收益率。我讓你來回答。

Yeah. And then on the yields, Todd, we're not changing our eyesight. And so as you've seen, our development yields are currently in that 7%-plus range, and that's where our eyesight continues to be. And so we feel really good about achieving those returns.

好的。至於收益率，Todd，我們的目標並沒有改變。所以如你所見，我們目前的開發收益率在 7%以上的區間，而這也仍是我們持續鎖定的目標。因此我們對達成這些報酬感到非常有把握。

Michael Griffin, Evercore ISI.

Michael Griffin，Evercore ISI。

Alan, I appreciated your comment on the leasing pipeline, and it looks like it's another strong year ahead with high, both same property leased as well as commenced occupancy. Your comment on the rent bumps that you're embedding. I realize that's probably more on the small shop side. But has anything been able to change in terms of the leverage that you have when it comes to those anchor leases?

Alan，我很認同你對租賃管線的評論；看起來今年又會是很強勁的一年，同物件出租率與實際進駐啟用（commenced occupancy）都很高。你提到你們內嵌的租金調升幅度。我理解那可能更多是在小店鋪端。但在主力店租約方面，你們在談判槓桿上有沒有任何改變？

I realize that a lot of these grocers will be effectively flat leases with multiple option periods. So whether it's being able to take back control of the site earlier through shorter options, whether it's embedding greater escalators throughout the lease. Can you talk about maybe the leverage on the negotiating side as it relates to particularly the anchor boxes and where you're able to push rents there?

我知道很多這類雜貨商的租約基本上會是接近持平，且包含多個續租選擇權期間。所以不論是透過較短的選擇權來更早收回場址控制權，或是在租約中內嵌更高的調升條款。你能談談在談判面，特別是針對主力店大盒子（anchor boxes），你們的槓桿如何、以及能在那裡把租金推到什麼程度嗎？

Yeah, Griff, thank you for the question. And you're right. The shops in fact, just to give you the stat on that, I know you didn't ask for it, 90% of our new shop leasing did, in fact, have 3% or greater embedded rent steps and about quarter of them had 4% or greater. So you're absolutely right, we're leaning in there. In terms of leverage, what I would tell you is we're not seeing a dramatic shift in terms of the embedded steps on the anchor front.

好的，Griff，謝謝你的提問。你說得沒錯。店鋪端其實——給你一個數據，雖然你沒問——我們新簽的小店鋪租約中，有 90% 內嵌了 3% 或以上的租金階梯式調升（rent steps），其中約四分之一內嵌了 4% 或以上。所以你完全正確，我們在那一端確實更積極。至於槓桿，我會說我們在主力店端的內嵌調升幅度，並沒有看到戲劇性的變化。

But there is still pricing power there and whether that's having better control over work letters, lower TIs whether it's getting more rent upfront, there are levers there for sure. Not seeing much in the way of options being less.

但那裡仍然有定價能力；不論是對工程條款（work letters）有更好的掌控、降低租戶裝修補助（TI），或是爭取更多前期租金，確實都有可操作的槓桿。在選擇權期間縮短方面，沒有看到太多變化。

Look, I think for us, we're willing to align as long as it's the right quality anchor retailer that can be sustainable for our project. And the pipeline is strong. We signed a Publix deal for a redevelopment in the first quarter.

你看，我認為對我們而言，只要是合適品質、且能對我們專案長期可持續的主力零售商，我們願意去對齊條件。而且管線很強。我們在第一季為一個改造案簽下了 Publix 的交易。

We signed a PGA Superstore. We are bringing our first TESO Life to a Virginia project, that they're on rapid expansion throughout. And then a lot of the obvious names that you hear about: Ross, TJX, Burlington, Ulta, et cetera. So it's robust. I feel really good about where those anchor transactions are. And as I said in my opening remarks, that's where the real opportunity, I think, lies for us to get back to those peak levels, which we're not at in terms of driving continued occupancy.

我們也簽下了 PGA Superstore。我們將把第一家 TESO Life 引進維吉尼亞的專案，他們正在快速擴張。另外還有許多你常聽到的知名品牌：Ross、TJX、Burlington、Ulta 等等。所以非常強勁。我對這些主力店交易的狀況感到很有信心。而且如我在開場所說，我認為真正的機會在於，推動持續進駐率提升，讓我們回到那些高峰水準——目前我們還沒回到那個水準。

And I do believe it's that last statement. It's supply, demand. And when we are able to reach that peak occupancy and there's no space available for anchors. We already have pricing power and more leverage than in times when there's even more vacancy out there. Right now, there's not a lot.

而我確實相信關鍵就在我最後那句話。這是供需問題。當我們能達到高峰進駐率、而且沒有可供主力店使用的空間時，我們就已經具備定價能力，也比空置率更高的時期擁有更大的談判槓桿。而現在可用空間並不多。

As that continues to move in our favor, we incrementally will have more pricing power and incrementally have more leverage to push a little harder. But as long as they have other options and alternatives, and it also needs to be a win-win. We have to look at their businesses, their margins.

隨著情勢持續朝對我們有利的方向發展，我們會逐步擁有更多定價能力，也會逐步有更多槓桿把條件再推進一些。但只要他們還有其他選項與替代方案，而且這也必須是雙贏。我們必須考量他們的營運、他們的利潤率。

I also believe as these tenants and our retailers get more efficient, and they are learning operational efficiencies through technology through artificial intelligence, that's going to enable them to pay more rent. And I'm really optimistic about that.

我也相信，隨著這些租戶與零售商變得更有效率，並且透過科技、透過人工智慧學到營運效率，這將使他們有能力支付更高的租金。我對此非常樂觀。

Haendel St. Juste, Mizuho Securities.

Haendel St. Juste，瑞穗證券。

This is Ravi Vaidya on the line for Haendel. I hope you guys are doing well. Can you identify the tenant that was moved to a cash basis? Was that a bankruptcy? And how should we think about the current bad debt range, especially since you've utilized only less than 10 bps so far of the current reserve?

我是代表 Haendel 致電的 Ravi Vaidya。希望各位一切都好。你們能否指出是哪一位租戶被改為以現金基礎入帳？那是破產案件嗎？另外，關於目前的壞帳區間應如何看待，尤其是你們目前僅動用現有準備金不到 10 個基點？

Sure. I'm not going to name the tenant by name. It's one lease in over -- well over 9,000 leases where we made a judgment call on their ability to meet the terms of their future lease obligations. Remember, they're still current, they're paying rent in the near term. Core operating earnings is unimpacted.

當然。我不會點名該租戶。在超過——遠超過 9,000 份租約之中，這只是一份租約；我們是基於其履行未來租約義務條款的能力而做出的判斷。請記得，他們目前仍是按期的，短期內也仍在支付租金。核心營運盈餘不受影響。

This is an accounting treatment of future rent increases. From a ULI perspective, listen, we had a really good quarter. We largely met our expectations. We're operating at below historical averages. We plan to operate at around to slightly below historical averages, and we're meeting that expectation today.

這是針對未來租金調升的會計處理。就 ULI 的角度而言，坦白說，我們這一季表現非常好。我們大致符合預期。我們目前的營運水準低於歷史平均。我們的計畫是維持在約等於或略低於歷史平均，而我們今天也符合這個預期。

So eyes are still pretty high, and we still feel really confident about the health of our tenancy. I feel good about the prospects for ULI going forward, which is a different comment from bankruptcies. Bankruptcies are move-outs. We are -- still find ourselves in the middle of some ongoing bankruptcy filings. Breadcrumbs are out there that would indicate potentially we have some good opportunities to come out of those okay, but we're not done with those. And bankruptcies are an uncertain process, and we just need a little bit more time to have some more clarity there than the normal part of our business.

因此大家的期待仍然很高，我們對租戶結構的健康狀況也依然非常有信心。我對 ULI 未來的前景感到樂觀，這與破產議題是不同的評論。破產通常代表搬離。我們——目前仍處於一些持續進行的破產申請之中。目前有一些線索顯示，我們可能有不錯的機會能夠妥善處理，但我們尚未走完流程。而破產是一個不確定的過程，我們需要比日常業務更長一點的時間，才能獲得更清晰的判斷。

Floris Van Dijkum, Ladenburg Thalmann.

Floris Van Dijkum，Ladenburg Thalmann。

Lisa, great to hear your voice. You guys are -- you've obviously built over the last decade, a track record as being sort of best-in-class shopping center developer out there. It really differentiates your platform, as I think you alluded to. How should we think about -- as I recall, you also don't have a big land bank. So how do you protect yourself from rising land values, which is a big input in your developments?

Lisa，很高興聽到你的聲音。你們——顯然在過去十年建立了某種堪稱業界最佳的購物中心開發商紀錄。我認為這確實讓你們的平台更具差異化，正如你剛才提到的。我們應該如何看待——我記得你們也沒有很大的土地儲備。那麼你們如何保護自己免受土地價格上漲的影響？土地是你們開發案的一項重要投入。

And maybe talk about your option strategy versus -- and how long in advance do you have to work on getting a hold of land or getting land under option before you start to activate developments typically?

另外也請談談你們的選擇權策略——以及通常在啟動開發之前，你們需要提前多久去取得土地，或先把土地納入選擇權之下？

Floris, thank you. Let me -- I'd like to set it up before I pass it over to Nick to speak more specifically and to say thank you for acknowledging what I know is the best development platform in the business nationally. And a lot of what Nick is going -- how Nick will answer the question has a lot to do with why we are the best. It's the team, it's the relationships, and it's the experience and track record, all matter and all make a difference in our success. It is a virtuous cycle. So with that, I will pass it over to Nick. And again, thank you, really appreciate the comments.

Floris，謝謝你。我想——在把問題交給 Nick 更具體回答之前先做個鋪陳，也謝謝你肯定我所知道、在全國範圍內堪稱業界最佳的開發平台。而 Nick 接下來的回答，很大一部分也會說明我們為何是最好的。關鍵在於團隊、關係，以及經驗與過往成績；這些都很重要，也都會對我們的成功產生影響。這是一個良性循環。因此我把問題交給 Nick。再次謝謝你，我們非常感謝你的評論。

Absolutely, Floris. And I also appreciate you noticing we're doing this very efficiently, meaning we are not driving a large land bank that we're sitting on in order to drive this development program. We are definitively working with the land sellers, optioning their property and working through the process. As I articulated earlier, derisking that process before we close. And a really, really, really hard part of our job is sitting down with landowners and having conversations about the value of their land and educating them.

當然，Floris。也謝謝你注意到我們的做法非常有效率，也就是說，我們並不是透過持有並囤積大量土地儲備來推動這個開發計畫。我們確實是與土地出售方合作，對其資產設定選擇權，並推進整個流程。如我先前所說，我們會在完成交割前先把流程去風險化。而我們工作中非常、非常、非常困難的一部分，是與地主坐下來討論其土地價值並對其進行說明。

And that is what we do every day. And it is the most difficult part of, I would say, the development business is sitting down with landowners, you may have one value in mind and educating them on the realities of the market. But that's what our teams do every day.

這就是我們每天在做的事。我會說，開發業務中最困難的部分，就是與地主坐下來；你心中可能有一個估值，但需要讓他們理解市場的現實狀況。但這正是我們團隊每天在做的事。

And given our track record, given our access to information, given our retailer relationships, we win more than our fair share of those conversations and jump balls with landowners for exactly that reason. And I expect it to continue, but it's never easy. It's always a challenge.

而憑藉我們的過往成績、資訊取得能力，以及與零售商的關係，我們在與地主的這些對話與「五五波」的競爭中，贏得的比例往往高於平均，原因正是如此。我預期這種情況會持續，但它從來不容易。永遠都是一項挑戰。

Ronald Kamdem, Morgan Stanley.

Ronald Kamdem，摩根士丹利。

I was just wondering, you guys bought back the slide in the presentation about sort of the run rate for occupancy upside, which I thought was interesting because it shows that your leased occupancy is already at peak or has already exceeded sort of the previous peak, but the commenced hasn't. So my question is, do you think commenced occupancy can get to a new sort of peak this year? And maybe some commentary about what kind of tailwind that does for same-store NOI going forward?

我想請教的是，你們在簡報中放回了那張關於入住率上行的「run rate」投影片，我覺得很有意思，因為它顯示你們的已出租入住率已在高峰或甚至已超過先前的高峰，但已起租（commenced）還沒有。所以我的問題是，你們認為今年已起租入住率能否創下新的高點？另外也請評論一下，這對未來同店 NOI 會帶來什麼樣的順風？

Well, I appreciate you noticing our great disclosure, Ron. And yes, I think we feel really optimistic about the prospects for this portfolio in this current environment that we see. We have set new records on percent leased. We have room to run on percent commenced. Our plan and expectation for the year is that we will continue to shrink that gap between leased and commenced.

Ron，我很感謝你注意到我們很好的資訊揭露。是的，我們對在目前所見的環境下，這個投資組合的前景感到非常樂觀。我們在出租率（percent leased）方面創下新紀錄。在已起租比例（percent commenced）方面仍有成長空間。我們今年的計畫與預期，是持續縮小已出租與已起租之間的差距。

We will continue to drive outsized base rent growth as a result, and there will be some amplifying factor through recoveries as well. And we think that will run through the balance of this year. Where we go from there is to be determined. I mean, I think we're also an active asset manager. We really aspire to invest into our own portfolio through redevelopment.

因此我們將持續推動更高幅度的基本租金成長，並且在費用回收（recoveries）方面也會有一些放大效果。我們認為這種趨勢會延續到今年剩餘時間。至於之後會如何，仍有待觀察。我的意思是，我們同時也是積極的資產管理者。我們非常希望透過再開發把資金投入到自有投資組合中。

Sometimes that means managing some vacancy and taking on some vacancies. So we're not -- Alan would say this, we're not leasing for occupancy, we're leasing to maximize NOI over the long run. And so that's the approach we're going to take from here.

有時這代表要管理一定的空置，並承擔一些空置。所以我們不——Alan 會這麼說——我們不是為了入住率而出租，我們是為了長期最大化 NOI 而出租。因此，這將是我們接下來採取的方法。

And Ron, the only thing I would double down on is we executed 1.5 million square feet in Q1, and our teams are full speed ahead. They hit the ground running. I'm really proud of what they accomplished. It's more GLA than we executed in Q1 of '25, despite being at these peak levels. So they're going to continue to grind and find opportunities not just for vacant space, but to continue to lean into better operators and upgraded merchandising where we're leasing occupied space. Appreciate the question, Ron.

Ron，我唯一想再強調的是，我們在第一季簽下了 150 萬平方英尺，而我們的團隊正全速前進。他們一開始就全力投入。我對他們完成的成果感到非常自豪。即使在這些高峰水準下，這也比 2025 年第一季我們完成的 GLA 還要多。因此他們會持續努力、尋找機會，不僅針對空置空間，也會在已出租的空間上持續導入更好的營運商與更升級的商品組合。謝謝你的提問，Ron。

Hong Zhang, JPMorgan.

Hong Zhang，摩根大通。

I guess can you just touch on how you're viewing potentially tap -- sorry, potentially tapping the equity market today, given that your stock price is higher than when you tapped it last year?

我想請你談談，鑑於你們的股價比去年上次發行股權時更高，你們目前如何看待今天可能進入——抱歉，可能進入股權市場進行發行？

I was going to say, we've also grown NOI since that time. We always take an opportunistic view of issuing equity. And currently, we have more than enough balance sheet capacity, free cash flow to meet our needs. And if we were to have an opportunity that was visible to us that we could fund accretively with equity, we would take advantage of that. And I think we have a pretty good track record of issuing equity judiciously and accretively. So certainly, it is a tool in our toolbox and one that we will access when the opportunity presents itself.

我本來想說，我們自那時以來也提升了 NOI。我們一向以機會主義的角度看待發行股權。而目前，我們有綽綽有餘的資產負債表容量與自由現金流來滿足需求。如果我們看到一個可見的機會，且能以股權進行增益性（accretive）融資，我們就會把握。我認為我們在審慎且具增益性地發行股權方面，有相當不錯的紀錄。所以，這當然是我們工具箱中的一項工具，當機會出現時我們會加以運用。

(Operator Instructions) Omotayo Okusanya, Deutsche Bank.

(接線員指示) Omotayo Okusanya，德意志銀行。

Yeah. I hope this is a fair question, but I think the -- sometimes the curse of doing very well over a long period of time is that people always tend to expect more and more and more. And I think, again, you're kind of having a great quarter, solid outlook, but the stock is down today.

是的。希望這是個公平的問題，但我認為——有時候長期表現非常好所帶來的「詛咒」是，人們總是期待更多、更多、再更多。而我想，再次地，你們這一季表現很出色、展望也穩健，但今天股價卻下跌。

So I guess when people are kind of looking overall at your name as of a stock that they should be owning in their portfolio relative to their peers, they may be seeing the premium valuation, which is warranted, but again, a really good operating backdrop for the entire industry. So in that world, I guess, the question I have is, how do you guys really kind of think about still being able to kind of outperform versus peers in that environment?

所以我想，當人們整體把你們視為一檔相對同業應該持有的股票時，他們可能看到你們的估值溢價——這是合理的——但同時整個產業也有非常好的營運背景。在這樣的情境下，我的問題是：你們如何看待在那樣的環境中，仍能相對同業持續跑贏？

What are investors possibly underestimating about your story that you can provide evidence of that we should still give investors confidence that, again, you can put up superior earnings growth, which validates the premium valuation.

投資人可能低估了你們故事中的哪些部分？你們能提供哪些證據，讓我們仍能給投資人信心：你們可以交出更優異的獲利成長，從而支撐這個估值溢價。

I learned from my predecessor who often quoted a very wise investor that in the short term, the market is a weighing machine -- voting machine, but in the long term, it's a weighing machine. And when you take the combination of what we refer to as our strategic advantages because they are. So the quality of our portfolio, the development platform, the balance sheet and our team. The combination of those is truly unique. And over the long term, I have 100% confidence that we will be at or near the very top of the sector in same property NOI growth.

我從我的前任那裡學到，他常引用一位非常睿智的投資人所說：短期來看，市場是投票機——但長期來看，它是秤重機。當你把我們所稱的策略優勢結合起來——因為它們確實是優勢。也就是我們投資組合的品質、開發平台、資產負債表以及我們的團隊。這些的組合確實是獨一無二的。長期而言，我有 100% 的信心，我們在同店物業 NOI 成長方面會位於或接近產業的最頂端。

And I think if you were to look back at 5, 10 years, you're going to see that that's the case. And that's using less capital than the rest of the sector to get that growth. And then if you look back and look at investments and the accretion from investment and use of whether it be equity, new debt growth, just new incremental capital, again, the returns on that are at or very near the top of the sector.

而且我認為，如果你回頭看 5 年、10 年，你會看到確實如此。而我們是用比產業其他公司更少的資本來達成這樣的成長。再者，如果你回頭看投資以及投資帶來的增益性，無論是使用股權、新增債務成長，或只是新增的邊際資本——同樣地，那些回報也位於或非常接近產業的最頂端。

So I do believe that because of those four things, quality of the portfolio, which is going to generate very strong same property NOI growth, a development platform that is unequaled that is going to continue to create meaningful value for our shareholders over the long term. The balance sheet to fund it and the people to execute it.

因此我確實相信，正因為這四件事——投資組合的品質（將帶來非常強勁的同店物業 NOI 成長）、無可匹敵的開發平台（將在長期持續為股東創造可觀價值）、用以支撐的資產負債表，以及能夠執行的團隊。

So that's how -- I believe that it's the right strategy and one that will deliver and has delivered over the long term.

所以這就是——我相信這是正確的策略，長期而言會交出成果，而且也一直在長期交出成果。

Cooper Clark, Wells Fargo.

Cooper Clark，富國銀行。

I was hoping you could talk about the portfolio trends you've seen historically during periods of higher oil prices and the impact that has on traffic levels and consumer spending trends.

我希望你能談談，在油價較高的時期，你們歷史上觀察到的投資組合趨勢，以及這對人流量與消費者支出趨勢的影響。

The last time we had gas prices this high was probably when it was in the middle of COVID. So it was a little bit different. So I don't think that that's necessarily a relevant historical point to look to.

我們上一次汽油價格這麼高，可能是在 COVID 正當中的時候。所以情況有點不同。因此我不認為那一定是值得參考的歷史點。

But generally, I would again speak to -- and I've been with the company for 30 years and in the modern era of Regency, we have seen a decline in same property NOI really twice, once was the global financial crisis and the other was during COVID. Our property type, the format of our shopping centers, neighborhood community, centers really are defensive and they produce consistent, durable, steady cash flows through all cycles.

但一般而言，我會再次強調——我在公司已經 30 年了，在 Regency 的現代時期，我們同店物業 NOI 真正出現下滑大概只有兩次：一次是全球金融危機，另一次是在 COVID 期間。我們的物業類型、購物中心的型態——鄰里型社區中心——其實具有防禦性，並且在各種景氣循環中都能產生一致、耐久、穩定的現金流。

And again, and I'm certain Hap is probably listening, he's going to love that I've actually referred to him twice. I do remember that when I was much, much early in my career, the '98 mini recession, the '01 tech bubble, he kept saying, we choose not to participate, because we really -- we grew right through it. And so again, when you think about the quality of the portfolio, the format of the shopping centers, the trade areas in which we operate, we're able to grow right through it, and that's the expectation.

而且再說一次——我很確定 Hap 可能正在收聽，他會很喜歡我已經提到他兩次。我確實記得，在我職涯非常早期的時候，1998 年的小型衰退、2001 年的科技泡沫，他一直說：我們選擇不參與，因為我們真的——我們一路成長穿越過去。所以再一次，當你想到投資組合的品質、購物中心的型態、以及我們營運所在的商圈，我們能夠一路成長穿越過去，而這也是我們的預期。

And this now concludes our question-and-answer session. I would like to turn the floor back over to Lisa Palmer for closing comments.

現在問答環節到此結束。我想把時間交還給 Lisa Palmer 作結語。

Thank you all. Appreciate your time, and thank you to the team as well. Have a great day.

謝謝各位。感謝大家撥冗，也感謝團隊。祝大家有美好的一天。

Ladies and gentlemen, thank you for your participation. This does conclude today's teleconference. You may disconnect your lines, and have a wonderful day.

各位女士、先生，感謝各位的參與。今天的電話會議到此結束。各位可以掛線，祝大家有美好的一天。