Regency Centers Corp (NASDAQ:REG) Q3 2016 Earnings Conference Call - Final Transcript

Nov 02, 2016 • 10:00 am ET


Regency Centers Corp (NASDAQ:REG) Q3 2016 Earnings Conference Call - Final Transcript


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Greetings, and welcome to the Regency Centers Corp. Third Quarter 2016 Earnings Conference Call. At this time all participants are in a listen-only mode. An interactive question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder this conference is being recorded.

I would now like to turn the conference over to your host, Mr. Mike Mas. Thank you, you may begin.

Mike Mas

Good morning and welcome to Regency's third quarter 2016 earnings conference call. Joining me today are Hap Stein, our Chairman and CEO; Lisa Palmer our President and Chief Financial Officer; Mac Chandler, Executive Vice President of Development; Jim Thompson, Executive Vice President of Operations; and Chris Leavitt, Senior Vice President and Treasurer.

Before we begin, I'd like to address forward-looking statements that may be discussed on the call. Forward-looking statements involve risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements. Please refer to the documents filed by Regency Centers Corporation with the SEC, specifically the most recent reports on Forms 10-K and 10-Q which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements.

In addition, on today's call we will reference certain non-GAAP financial measures. More information regarding these non-GAAP financial measures can be found in company documents filed with the SEC. Further with respect to our supplemental disclosure, please note the change in presentation of certain financial statements, which now reflect updated SEC guidelines on pro-rata disclosure.

Finally, we request the callers observe a two question limit during the Q&A portion of our call to allow everyone a chance to participate. If you have additional questions, please rejoin the queue.

I will now turn the call over to Hap.

Hap Stein

Thanks Mike. Good morning and thank you for joining us. Our best-in-class team continues to perform at a high level executing on our tried and true strategy that has consistently delivered impressive results in every facet of our business. First, our operating portfolio, which by all relevant measures, is recognized as one of the best in the industry, is nearly 96% leased. This was achieved in the phase of recent bankruptcies and anchor move-outs and shop leasing remains vibrant and move-out louder. Further, the anchor vacancies present our team with opportunities for upgrades over the prior tenants. Our development and redevelopment pipeline is looking even more visible. Further positioning us to deliver on an average of more than $200 million of annual new starts of high quality shopping centers at very attractive returns.

Third, reinforced by our recent capital market's activity over the past few months, we will benefit from a sector-leading balance sheet that affords us complex ability to capitalize on compelling investment opportunities and whether and even profit from future disruptions in the capital markets. And finally, our talented and D team is focused on executing our proven business model that capitalizes on this distinguishing assets and in turn creating shareholder value, consistent gains and core earnings and