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TheStreet Open House

Regency Centers' CEO Discusses Q2 2012 Results - Earnings Call Transcript

Martin Stein

Thank you Lisa and good afternoon and good morning to those, not on the East Coast. I’m extremely encouraged by the continued and significant progress that is been made towards the key objectives in all aspects of our business. We realized another quarter of improving operating fundamentals. It is gratifying that these results are meeting Regency’s higher performance standards. While Brian will spend more time in this area, I want to highlight a few key accomplishments that are evidenced of the quality of the portfolio and the focus of Regency’s management team. Leasing volumes remain robust. We continue to strengthening of our smaller shop spaces. Percent leased reached 94% for the first time since 2008.

Bad debt expense is still trending towards pre-recession levels. And pricing power well uneven is steadily moving in our favor. These improved underlined fundamentals translated in the same property NOI growth on a year-to-date basis of 3.8%.

In addition to the positive operating results of our portfolio, the $300 million of developments started since the beginning of 2009, continue to register impressive performance. Currently they are more than 90% leased with projected average returns on the incremental basis of 9.3%. I really like the four developments started this year, which will ultimately represent an investment of close to $150 million and create meaningful value for our shareholders.

These new developments reflect latencies narrowed focus on building and redeveloping dominant in field shopping centers with demonstrated demand from best-in-class retailers. Substantial progress was made on executing our clearly articulated capital recycling strategy; it has also enabled us to further strengthen the balance sheet. Last week, we closed on the $321 million portfolio sale. Bruce and Brian will describe this in more detail as well as how this and other recent impending recycling transactions are enhancing what was already a higher quality portfolio and its future NOI growth.

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