Regency Centers (REG) 1 May 182018 Q1 Earnings call transcript

Company Profile

Participants

Laura Clark	VP, Capital Markets
Hap Stein	Chairman & CEO
Jim Thompson	EVP, Operations
Lisa Palmer	President & CFO
Mac Chandler	EVP, Investments
Samir Khanal	Evercore
Craig Schmidt	Bank of America
Jeremy Metz	BMO Capital Markets
Richard Hill	Morgan Stanley
Vincent Chao	Deutsche Bank
Nick Yulico	UBS
Michael Mueller	JPMorgan
Wes Golladay	RBC Capital Markets
George Hoglund	Jefferies
Collin Mings	Raymond James

Call transcript

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Operator

Greetings, and welcome to Regency Centers' First Quarter 2018 Earnings Conference Call. At this time all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to turn the conference over to your host Laura Clark. you. Thank

begin. may You

Laura Clark

welcome first and conference XXXX call. to morning quarter Regency’s earnings Good

materially certain call, forward-looking refer are Chairman from which of Stein, differ could those statements. Palmer, me expressed Chris Mas, Hap Joining today the factors actual Finance; with of our EVP cause Operations; and our and those Mac uncertainties. SEC, to results contained SVP in important on that statements we risk Such Managing Please today’s to this in to like filings Director forward-looking Thompson, our results stating Actual identify On performance, on statements. CFO; provided we these and We Chandler, website. reference and begin Investor also from release and a GAAP in outcomes measures. found financial to future Treasurer. differ measures Jim and financial would EVP may Investments; our non-GAAP Leavitt, be that our may of call. of and Mike involve can by measures President I earnings discuss statements risks Lisa comparable CEO; their Relations which reconciliation supplements, will forward-looking

call the highlight additions Hap, our I over would to like supplemental. to to to turning Before

capital leasing First the and NAV additive second and outlines Page enhance disclosure the page on XX XX. that on of components

you That have enhancements In these investors. income website a features relations hope find income addition, added fix mix that we supplemental. a section investor to valuable. for our quarterly Hap? We

Hap Stein

diversions Laura. to retailers thriving losing business nothing surviving continues Thanks, is now the in change between imbalanced and The constant retail the accelerate. and

retailers getting Amazon’s lot not weak physical platform retailers merchandising, evidence and purchase plans yes in are new that offers includes service into year that results strong It’s suffered balance brick-and-mortar value, of and by last closings heavily except department for retailers expanding as investing technology stores well-deserved mortar and XX that for XXXX almost operators. and Ultra the appropriate and reported XXX locations. new a are of All recently poor Wining sheets of critical component that XXX-last continuing and announced last getting Publix retailers. another locations, store Foods is than were a to Buy. amount these bricks the are will expanding more over year category of overleveraged over a across digital and and experience redevelop successful customers there which XXX evidenced store demonstrates high attention the every many is remain combination few TJX examples. stores XXX the opened to of stores. investing that more closures Best While with publicity service and report year. just a This and roughly open success Whole openings are clearly from year Starbucks This in partnership compelling really

ingredients ongoing of critical Although development cumulative of purchasing credit. completed share forever balance we disruption retail our the executed This specially X%, were was well-positioned owned sheet. we neighborhoods plan locations. because executes the and our NOI environment enhances and the successfully preserve our required, Regency to this and Most four and add This is the in and accelerating while Ongoing will quality capital redevelopment be of recycling our with word evident value offering is why retailers through XX%, performance power occupancy of repurchase the an one we and nearly is property growth expanded on the to have importantly premier the evolution characterized our conveniently what relevant. we team continue our in of of centers program portfolio line remain impact development, to importance through stores XX-year substantial program bond communities well, change this located provide the conservative Regency's same redevelopment a Year-to-date perform ensuring in portfolio sales, in-process talented must need company. retail, of successful. is have having acquisitions,

We Regency's total will of the which retail approximate and advantages unequal enable earnings strategic to Jim? and over X% dividends an challenges that return the a of us are confident meet by of combination average grow environment ever-changing to long-term. will the XX% X% shareholder

Jim Thompson

with preeminent decisions longer Thanks locations our retailers holding negotiate more impressive its and at is results terms commencement in taking high-quality landscape, retail despite to continues demonstrate Hap. as nearly and more evaluate on portfolio portfolio Regency's aggressively challenges the than own existing rent carefully leased. impacts even XX%

was growth for quarter. rent new addition, the In XX%

have We property the NOI executing growth. future table annual continue same bumps setting for to success rent

Our leasing are activities nearly annual all X%. on rent at increases

This no Whole seasonal and including remerchandise sequential at Moveouts our top of Ultra. remain result with quarter property decline which significantly below are to minimal. in in to centers grocery from locations, to remain our leased and enabling same well the was retailer very out five We levels. The we eastern brands, percent move be locations low south expected expected had continues the on experience Foods, impact closures in bankruptcy a still decline releasing This market as strategic operating. closer are list portfolio. anchor us as a HomeGoods did as

represent rent. XX toys, base a annual reminder, as pro bps had locations, data on to which Turning five we

to We which and very had with the in Foods. opportunities will real solid We these four our awaiting recaptured auction bidder June. auction prospects estate remerchandising Burlington, forward. Lisa? I'm and is have we final and backfill pleased our winning Publix centers the offer this going our locations shopping and that [indiscernible] enhancements as well HomeGoods, at fifth of a Whole early five were of of include ability regain the control one as very

Lisa Palmer

guidance. of morning start same update, and overview and balance I’ll quarter's to you, everyone. Jim. allocation providing by Good sheet NOI then capital Thank an turn and property this earnings

to bond completed a already sheet. strong recap with on $XXX facility billion. expands and balance opportunities our Regency regards upsize future an future We ongoing these continues further our This offering achieved further and remains It million development also pricing attractive that we to This enhanced to future X.XX In fortification and very credit weather our quarter from unsecured our investment position financial pipeline flexibility. opportunities. investment profit is to has solid. this challenges

However, we projects did revise in development start of we to expect two reflect that start guidance to push timing and now XXXX. the

the year-to-date transactions. result Our million acquisitions the guidance of closed updated with premier those a acquisition XXX guidance on cap rates four increased activity. reflects Disposition as was our closed repurchase share excellent

leverage repurchases our a are As repurchases previous of strategy will our neutral. we be on component funding call, and mentioned any

sell in reminder to of low acquisitions year, strategy growth high-growth flow value-added that and X redevelopments, with or own $XXX pricing. at the is capital cash together approximates X% annually for assets our investing developments outstanding this a which compelling million then As free stock

what potential our to than conservative levels as are NOI I'm strong and driven same out to growth. it quarter same result better same quarter range than was Therefore, we to revised retailer of projection the property extremely with growth for NOI by gratified additional Turning to primarily guidance we property last rent experienced have slightly therefore expected maintaining X.X% is X.XX%. prudent previously we base a communicated fallout. of our approach by year. another maintain higher property a feel for X%, Performance in first we move NOI Consistent

redevelopments will the moderation guidance, a half throughout to contributing coming deceleration in and NOI impact addition, of the quarter growth bond the requirement the same In in rent recognize recognize was and our operating in second remarks turning is rest your the payment favorable slightly that from debt And to be increased Us terminated. and to million reflect That earnings the in a associated recapture occur quarter. year. positive to now the we associated property to revised a Toys These offering bond the to non-cash with one-time with charges for now was performance items auction. second the our new by FFO $X.X Us termination offset that These and “R” noncomparable better interest the concludes FFO guidance questions. and rate guidance will NAREIT were prepared “R” redemption include the the the below expense leases market on income welcome lease at the more Toys offering early some from

Operator

Our with proceed Please Evercore. your question. is with question first Khanal Instructions] from Samir [Operator

Samir Khanal

morning by XX Lisa, down provide that more Good million. can morning, you on good color went know I the [indiscernible] developments

Mac Chandler

Samir, this take Hi be Mac, happy that to I'd is question.

year As out 'XX. so for not pursuing. we've that's we those mentioned this 'XX those been The come the that guidance for we we've entitlements had explanation of projects pushed two year fruition reduction going simple the to in versus and next to to both for are

Samir Khanal

of sort feet sort the and not right, cold any there But projects, not given you on face just it's the retailers these we committing to sure headwinds are mean seen generally, guys new I retail to that not to getting projects committing that's suddenly remain, want case. of pullback like the side I are on make haven’t

Mac Chandler

anchored pleased which grocers our amount the most there, have, that's of we're not No, including grocer. the of a are activity anchors that's there with by many case, out projects very are

at Sprouts, and expanding existing are list out well as that their into of If within Wegmans, there's there anchors you HEV, so. often markets Publix, look pushing Lucky, market new healthy a

common of such where Costa our is come the as also haven’t in One, building. [La later we development that Arlington we this from own our start we Jolla] office and of capture year that in with primarily is and call. talked years. very program, feel which the another on allow as think Claritin], the start Verde then think our we there lots executing a project that and will change, there. a example investor [market well. provide portfolio continue such sources. for pursue development will unique So, to uniquely so redevelopment out opportunities case, own platforms to redevelopments we existing seen also And confident within projects that opportunities ability that We long-term playing our that [County of we’re as in lastly will few three new Equity as us Country] plus, to very about One we properties But are very development those a we compelling some are the positioned in we example

Hap Stein

were of mentioned is expanding are then at it pace Foods to they years and indications that where somewhere ago. other the Mac one And Whole benefits all is appears that relatively several a that

Samir Khanal

second the my cap guess it in And portfolio. Okay, sort is the interest assets or function [ph] is XX basis I it into of I for rates sort points, what’s or question of went your quality up they up thank lower know to on pool, sort digging rates non-core moving of of disposition the your you. that is or the really

Mac Chandler

What sell we do are non-core assets. non-strategic,

points, we time, pool and pool part make which should said change markets over secondary the months certainly last especially tertiary multiple on increased isn’t roughly it nine basis looked constantly And our most still we and and this we’re allow cap this plus have of execute us as news at see sell plan. expanded market minus of that that. sense adequate to to bidders XX or we that’s but to but demand the rates ones disposition which properties revaluating non-core, new So at we've and

Operator

your Our with Craig Schmidt America. is Bank question. question from next with of Please proceed

Craig Schmidt

is spread market some occupancy your been Lately and anchor of there a peers. between between, you

store like spread You last this do just wonder cautious you demonstrated you It think maintain you positive this years. you on bit sounds the but have still that held in think going little two you've your better. I up can do can forward. maintain closings

Lisa Palmer

no promises, No I as Lisa. and that about of we and quality disciplined really for the the as its fact since long been Craig portfolio but as at really very long, been we've good guarantees our feel company. Hey the for

about disciplined recycling enhancement. portfolio capital really years XX for and So,

again long heard outperform clearly our that you say at Regency -- which capital recycling focusing to its continued and of comes believe the and really spectrum, that at will out as have for allows it slightly it anchor gap when closures. taken by really us kind design as in on by you the year us we've been quality and I to we portfolio year positions the So, high-end is that and we don't if actions for

open store but open stores are cap] closed expect of base keep expect locations is with own as that to -- incorporated keep strategy that we heard quality But our only some of stores their the are this open. going [most to are strategy closures, I you our its they and we think, our to to actual guidance will is that is continued that there productive. still year. say, also are not our own and portfolio retailers And strategy are our the point to and of when shrinking ensure be those our that into going going view be keep they store locations we highly

Hap Stein

where better be locations, case the in than those they Or times retailers. to of are will more we replace liquidating Toys“R”Us able fully not with

Mac Chandler

That news. is good

Craig Schmidt

wondering that you concerned to [tenants] exposure and less seem just to you sports is dependence preparing the portfolio look strong -- with? to authorities avoid I’m just over world, the who remain toys and have are the on of your

Lisa Palmer

again, cases. mean in back to certainly we are looking it some we the for are consistent And our recycling I we wrong portfolio yes. disposition at. identifying capital I been very and we discuss, are think we comes When that that properties looking so is something at have

but the the in perfect exposure say try do by And We accident. get be is design not that are maybe not had it's we going like like ahead are to by to we we to what fact But believe not we fallout we of to potential future. would perfect. limited

Hap Stein

there are can and cases on instance this. for comment And you Jim

We and is [indiscernible] we be news. going have bought a to in news good I bad going Toys be think and there the that to Box that’s

either those risk that is opportunity potential that to also retailers we think retailer exposure So, box with to a meaningful we in got to standpoint. minimize a there struggling upgrade that but cases the struggling a merchandising where a certain the going are or retailer often from loosing a we are

Lisa Palmer

as We result the also of obviously able those we sport release we of a not is authorities had didn’t we pretty that to quickly the estate. it's Toys“R”Us. And quality real had -- if as case, were

Mac Chandler

lease the the bigger quality from of as auction a Miami north bought bankruptcy, this a tenancy of Mall of Aventura actually out locations think we have [term] the we recently out mall. redevelopment you we driven And I by perspective. at with of long-term Publix estate, [indiscernible] area, recall is as outstanding Hap south are real we issue of the not in the -- a completed love mentioned just the average the

have turning We to about news Box the on the adjacent bad we site very Again, very and this the with adjacent shopping redevelop extremely with center this end. excited good tenant news deep at center in interest it's very, are this shopping accretive -- returns. Toys opportunity into

Craig Schmidt

new opportunities. Do you you It we like densification of accelerating you you team heard are to that kind the help the seems on and Have cusp in like redevelopment had of mixed place? area? anyone use in feel

Mac Chandler

team. we hired then a and flexible types couple really saw years again, more retail's and hires we been we're are who a a this were architect I’m so of I house and Mac the natural of is looking incorporate as really for hired as us where Vice multi people shift those just understand they call designs add so comes that mixed-use big going, product sure years. later, two they our have for President Senior from and this we of XX+ [indiscernible] project -- well-rounded is to turnover, we've not sure we've incremental to named is more This and also this Rafael ago, who's really ability the are make to really background these family changes, all for important not he it saw gentleman understand push our through but thing Muñiz new future help two in can One to we an part people trend occurring but us our Mixed-Use,

Hap Stein

an portfolio, opportunity our used And developments retail take or to the the in within and capability to be to developer got that our opportunities within those is to we capital, continue and harvest expertise it be, are those may have will focus capability existing obviously or effect but to of office to with the core able retail expertise partner an and our sense with there. advantages apartment make mixed-

Craig Schmidt

Great, thank you.

Operator

next Metz Jeremy Capital with question from your with please question. Our proceed is Markets, BMO

Jeremy Metz

wondering the feeling just granted range, at upper good the closings, here, feel the an potential confident Hey maybe of in end. that if year or the today that you closings we've same-store time in acceleration offset, obviously least an of confident morning, terms NOI as still started guide but you upper seen half of in

Lisa Palmer

color reiterate what expectations our said came reflected in quarter we prudent a first the the call, a more in on raise in this end. to maintain projections. which is add believe first on And level I environment than move slightly still I'll little the better outs bit the that very it's lower in of conservative

that to said XXXX 'XX. that what's than the to slightly better with move be to Again, focused feel range, first really about through that's So, similar more expect incorporated outs achieving repeat that our what quarter our plus we're X% of into so I'll than guidance reading we're was we'd then projecting that what good would strategic still it's really objective expected, you we on. and

Jeremy Metz

one Sticking any in maybe lease terms they're end boxes. minds your wondered to with comment seeing evolved about the separately just here long-term Jim, and from to Lisa I tenant for willingness even of decisions make and thinking have if you're some on shop or spaces how shift discussions tone in

Hap Stein

Jeremy I we that are norms, all look as shape the request at, we're feel at very will we when comfortable seeing major good in very a in recapture confident to landscape things as continue metrics look desires we're relief we to mix as I not upgrade basic landscape debt, the shift like out space, historical I receivables see continue within at our rent merchandising for so really We'd changes the and health that. tenant look term that back those be robust, to pipeline the and today.

Jeremy Metz

you that or changes here talked been Okay, for starts, but here. retail, last on any there the more adding the change on of that's mindset demand of side the about one delays driving municipal to I any earlier tenant the entitlement has in shift just quick no development the one

Mac Chandler

It's one most and also for and are cities the we pushing promote shift, on communities things in important the level. cities not the sales engaged a significant design hand, same affluent they they operate, cases and because local time very generally where need on in quality so tax, are at retail are the

very a and in where the is we shift getting shift right not we generally and momentum Takes our approved great significant well way. in but do it create have time So way projects that feel there projects are there, received we success either community. ultimately no

Jeremy Metz

Our with question proceed Please next question Citigroup. from with is your McElroy Christy

Christy McElroy

the you context a still on buyback and made what like little some the additional allocation up off after rates for Just as on acquisition, right QX, there any hold buying been on the cap and movement if follow buying has you’re in comments looking cap on you aggressively today capital activity going at moment on of and back it of strategy acquisitions looks it opportunity [deals]. all, the are of are more on but you it’s sort waiting rate or stock to more potentially now how focus

Hap Stein

to always Number in are in button the our market made started but kind stock. guidance having this that, buy in with indicated to and we sense back time point said by looking, properties relationship and where pause one guidance hit of we we’re pause the would basically the I more full it at button say, sell more year our

we’re our is on on is one properties just neutral, leverage where time be of once make on what more figure decision free think that want and that today will to until our indicated, potential important efficient back to in make sales looking of X% had that hold projecting given ability million consistent more point million we then component, dispositions stock. be out at still right will an $XXX along, acquisitions you those with we’re make because are, on be do purchasing whether sales able continue million and And basis in quality be on we high do the flow, from do basis, getting now, then we’re end, Lisa tax dispositions of will that cash we recycling able to impact a we or be we buy a to the capital and further to to point time. benefit the and so on to stock However, about closer overall be further we’re as of progress more to upper what’s will bought $XXX at. we got will also I make But lot that earnings $XXX investments in back kind we sell we to we

Lisa Palmer

thinking day. good remind it currently and every that’s obviously And live we to because how about it breathe everyone and as be might just maybe we’re

about recycle don’t everybody our want and that or the portfolio take it us X% our it for fact with we, it we model the to is of combined mentioned sales flow said then ability business to I in stock X% copy that’s Craig, of acquisitions our business business goes source assuming and think a have understands those continue kind my free business of that approach our year to be So of we how back this proceeds goals way development to have gives and to our investing into model continually of our That’s we taken repurchases. that granted have it our funds, equity into our X% source answer cash of or unequaled funds model, case the of all to quality and we part to the that’s developments Mac enhance will property part are dollars X% as and the we capabilities our market. as can't

parts. investor that So, investment accretive activity net, whole, how is in it net it think is about it, And we not that net we and earnings. are is to actually individual in is a

Hap Stein

the some amount there of about within of amount modest may market activity, our joint comment activity other modest be of ventures. very in One as some

Jeremy Metz

on the thanks CapEx leases. for executed on additional disclosures the supplemental Just

executed had in landmark about to a at XX QX. some piece in the in Just in of that pick were also you couple and the for leases we be inflow you that were seem you QX. running looking dollars similar in leases at of of in in work leasing Should you next pace XXXX, expect versus anomalies expecting any TAs commence similar pace up XXXX of terms But spent million as at the those CapEx the on XXXX? Are quarters?

Lisa Palmer

it of been new what were vary lease me forward -- running We supplemental -- activity It's are the quarter reporting will to and to first because then in with range have for in going $X.XX leases disclosure but activity just that we when the that blend is that to because $X.XX to new -- to there. leasing let number all clarification $XX will overall on actual for leases $XX you range. -- the depending going swings you of mix expect the committed be could be and there in it it in the

in north has be little spend going we been And movement 'XX, to from we are at that, that those XX% there projecting running already XXXX, XX%. we've are a about obviously then about and bit So of some been numbers. of NOI so in

Operator

Hill from comes with Please question question. your Morgan next Stanley. Our Rich proceed with

Richard Hill

term little to bit, you to attractive in maybe a in repositioning your want property markets to ability that you the more this better in go acquisitions? are it's -- cycle. thinking are think market? do I or How and and the markets given that? you're of more the in circling right able acquisitions And it back term Is to you how opportunities that continually in lack do drive source see you that for not about maybe really late little the portfolio bit on or finding in focusing maybe through your growth current assets a you operating are

Mac Chandler

rest are many before out As our historically we local they our year the stated really to our know sourced where acquisitions XX part of have through properties teams And the there make with as in through we we more market. the are local looking even we to market. but our strategies before come actively acquisitions we offices not of offices,

that our we brokers And owners we markets a got want people our acquisition have haven’t and the that property network properties. into, markets in to a have So, sell so great we any it's but are of really in, with professionals those. made who vast relationships we is teams, typically couple going and be on there of generally, commitments with we considered already those

are studying coverage in in strategy. been markets be that the we We those. But, that’s we great have and to generally our want

Richard Hill

follow-up question, velocity one increase are your in just or maybe point just stable any is you pickup would acquisition seeing this it that in you sales allow then time. relatively And to activity at still

Mac Chandler

call demand there would I -- it is sort plan. meet our adequate to of

our picked increase. up, so to demand buyers and the seeing there it's falling anything there would year. to buyers about plan are off, out has certainly is hasn't want suddenly the cause So, been transact, dispositions of who increasing good -- It's and for there steady that isn't that we're not and amount adequate we feel

Richard Hill

summarize improving assets generating your all in and redeploying really selling stable an the growth rates, to quality cap this Got at maybe of slightly more quality so but it portfolio, up just it's lower that capital and LIBOR assets.

Mac Chandler

and projected and of the part means NOI it the quality behind of a as often attendance better-quality center growth Yes, the increase a in it the quality typically and location of it’s well. that is key

Richard Hill

thank very you it, got it. much I guys Okay, appreciate

Lisa Palmer

acquired we think a that fortifying Lock assets being NOI critical growth churn growth and the I to future enhancement the and mentioned really do those it company. just reiterate, of better for terms -- it's want of were is and that part in it just NOI Mac

Richard Hill

guys. thanks Understood,

Operator

proceed Bank. Chao with question. is from Please your question with Our Deutsche next Vincent

Vincent Chao

follow-up everyone, good question Hey just discussion on morning side. the a

So, increase that repurchases share the match to in the quarter.

pipeline, and seeing you on, it's like guess that close you accretive I XXX. have a the how what you're the [indiscernible] and but other just repurchases repurchase been curious, So would have I share the little execution it's already side, share to on to can thought are on some time past, visibility demand, I similar to see done additional the sound I would do it the dispositions because it pretty take visibility much guess, will the think just on nice bit give in but have more

Mac Chandler

example, Sure brokers hundred we're and take getting work properties this we selecting contract, I'll we we the have that that to execute so year. can we've million about the that the just recognize plan, market to $XX an throughout and in is feel what of feel markets, prepared we another give basically guidance not, are are under balance for good but on Mac. so we given the underwriting to rest have that, Vince, that we the of and do,

Hap Stein

closures second in the rata Comment the should pro kind be quarter. there's of half year in second minimal of the

Lisa Palmer

And there we that our mind smart little come expected. and did of many termination in in is out activity forget low about you bit guidance $X.X other that things from have did, was the end we there's that have of million and essentially did combination uplift don't and keep a we raise expenses penny so certainly little to but not

Hap Stein

Toys“R”Us the out buying And lease.

Lisa Palmer

the the out buyback. so buying offsetting that share Toys“R”Us lease, that some is from And accretion of

Vincent Chao

bring we Got curious market, taking assets that assets. just number I pool they impairments should also helpful, who it, to been selling that's and as your of expect I'm curious assets are this just mean if peers of have a from

Mac Chandler

we those sell, because Southern as goodwill to were assets, impairments part those fair recently properties on been a Equity value that and always think valued for at the there asset cycle year portion we of the We on a and happens intending are of here might don’t and property the transaction the Regency an also typically a includes one you of to it’s to on last asset it's One each of developed attributed property one basis ago in market owned year depreciation. see only will to has in those did have we them larger that I impairment see desert be California. a

you is agnostic marketable, the are the it them. were see non-strategic, those might is on plan is One that that selling sell we have sell said possibly profile properties low before that that generally our So, we and are we that growth for disposition to right and ones to timing Equity that felt which as they

impairment how not. certainly at it so whether So much has look the that’s like we on or property

Operator

proceed your Please with Nick question. from is question next UBS. with Our Yulico

Nick Yulico

want it it mostly after was I quarter impairment just that to asset sold was the the to relative the just out because sort can on sheet, trying you million those in the said is follow-up actually the XX you large you related of that explain, said asset X for one to relative but balance to of million, held you impairment question, assets of value, seems the just it sale figure numbers. some the for to

Lisa Palmer

to and go asset, is sold any is that the liquidation on and but pass not actually how asset primarily we it had the we details of one work that obviously try related disposition to It asset policies impairment that for essentially didn’t into I with triggering targeted will Toys“R”Us I event an not the yet, to have at test. a

that is the a probably an So, took It we XXXX. legacy impairment. we we impairment, Regency got in development, started

Hap Stein

a market. In non-target

Lisa Palmer

had just had passing been event, at triggering this does in it and It impairment point this never, there it not. point time at not been

Hap Stein

without or indicated to an going sell part Mac we’re that overall of not impairments that as with decision. decided was it our we And

Nick Yulico

But not supplemental you was the asset that sold. mentioned that you in the this

Lisa Palmer

sold We yet. it have not

Nick Yulico

assets for your held in not sale. it's And

Lisa Palmer

not. is It

Operator

is Michael question with your Mueller with next JPMorgan. Our proceed from Please question.

Michael Mueller

questions. of Couple

portion say you that rate you still First, bucket. falls have cap X.X% into that what disposition would of portfolio the do

Hap Stein

were portfolio we assets down that in I day think investor went was through less. or the it X% analysis we when broke and non-core the

Michael Mueller

second okay and the was Monty redevelopment Sara question, it completed. Got

portion it So, maybe fund today? development a thinking to your you XXX% are a that plans about JV just thinking asset, of there for are how at any curious about a hold long-term how that it is a

Hap Stein

there specifics we as in you're aware but other on that good an Mike, incredibly there the opportunities believe is give center]. redevelopment through the demand there is are on there additional our location. additional Mac And We it's believe upside [beneficiary] can [shopping -- upside

Mac Chandler

only because amount had are from The unsolicited doing impressive find tenants the I well offers get to are to come XX% asked thing we lineup who now. there. We've junior us add of and leased would if them we pretty way some into can tenants

of So, property we those are we on continue and I some opportunities be fortify execute the to won't to continue [indiscernible] those and its evaluating if growth.

Operator

Our Please your Wes [Operator RBC question. Markets. is next Instructions] proceed with from Golladay Capital with question

Wes Golladay

of bankruptcies? this is higher Are at a seeing move you function looking more outs retention? year, renewal that When any anticipated lower the

Lisa Palmer

level move estimated projection we levels. a low so so out, have a are the low of is actual Wes experiencing move there outs, pretty actually still is that we still experience -- at

incorporating projection is as So, closure, the board follow potential potential really its up in anchor the some across well side. as the shop

Wes Golladay

boxes did And all competitively on one? the type assets bid on returns toys or of bankruptcy target? any you then when what additional you competitively bid do look to And and you

Hap Stein

amount term and to, were one think at start Yes, auction asset we bid to need was stepped the companies Toys so into there I limited a the of under fortunately prepared remaining other on Box, to bidding. didn’t

Lisa Palmer

of put more proceedings, into, of the an in And we and about our totals in essentially from be into there we returns opportunities space will we whether I it bankruptcy going purchase lot redevelopment that our was work redevelopment line think opportunity. From the with rest those a what a underwrite approved mean for redevelopments.

Operator

with is Jefferies. proceed Hoglund next question. from Our with your George question Please

George Hoglund

your and stores? wondering exposure was what's to I Sprint T-Mobile

Lisa Palmer

I don’t that have … know that we

Hap Stein

We to that. you get will on back

Lisa Palmer

be It anything to have any not it's will get that can't high, offline. on. you back certainly very we But we because focus

George Hoglund

the And for you you to line, that of decision-making the lease potential store come a know tenants? more do long-term then how to process your where just we terms amendments changes bankruptcies or get closings of in think you of about kind point think down

Hap Stein

Jim I we leases to color thanks approached and Toys the can some were just renegotiations that, instance add for mean no and do on mean, I we by thanks. to said but

of the quality say see some all tenant the an we and on to So, that you're overwhelming opportunity portfolio trend a not there exceptions to but in reasons is evaluate any especially not meaningful merit aren't that certainly with going every to always but to that's don't that given trend, trend. be at going that conversation various the every for

George Hoglund

color. Thanks for the

Operator

proceed with next please is Raymond Mings from question. Our question Collin with your James,

Collin Mings

Hi, good everybody. morning

just just acquisition question about on your that more platforms response did comment doing earlier opportunities joint then think Christy's heard I follow JV you're I maybe to more think ups environment. remind acquisition clarify from the partners, quick potentially activity JV broadly a two how to reference in Just I in me, mean current to ventures, thinking in you clarify maybe priorities and you could us activity and more with allocation capital

Hap Stein

got partnerships. I'd you core JV adding partnerships call several what those We JV know and we see to don't

However, some amount within within recycling of there's to occur amount that's that would modest partnerships. a each of those co-investment be those JVs. may certain of there I reiterate activity going occurs just a activity

by do that our and a a a of so meaning expertise know we development ventures property ventures in land we Ballard the the a in and case the of owned the town decent mine partner there. owned that Secondly, case do amount can were real country basis and them we're with joint institution and of on brought in XX-XX joint help family wanted came the capital [bine] we expertise the in in potential you and to real development retail have where they

Collin Mings

some a no be to up you just strategy of as JV is fair. still Okay, same through a that outlined kind that guys acquisitions so of the could really continuation change the there giving that owned, margin wholly platform maybe us heads have there, opposed a just kind of on

Hap Stein

would it but capital be-- Regency's be in and out. from Yes, modest very it'll

Collin Mings

this lot think of just but or of potential you'll portfolio to bring to questions you from do already properties going you the seen discussion market, or then disposition last think the have see one-off sales obviously on of starting you more about most a just execute to a properties and buyers Okay any back in one in bringing touched interest your more you on basis. as any

Mac Chandler

basis, and and all given property one I could is portfolio we them sale. will like these but between likely Collin we see a nothing size where geography a to definitely I'd say, up the situation a one-off sell, differences intend basis, two the the together given execute maybe large on what on there a one-off bundled

Collin Mings

the Okay, time. thanks for

Operator

and and the the Ladies we've of turn Stein call back Hap answer reached session end closing to like for I'd to comments. the gentlemen, and question

Hap Stein

good much. and interest appreciate and you the We week, Regency in rest time very a you thank hope your of have

Operator

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

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