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

Together with acquisitions to date and those in our pipeline, we will have meaningfully increase the allocation of capital to dominant centers with good prospects in core markets while lowering our exposure to nonstrategic assets and markets, and reducing debt. We think caution with the balance sheet to lower leverage makes sense given the uncertainty that we are all experiencing and seeing in today’s world.

Most important of all, despite the dilutive impact from the portfolio sale being a significant net seller and operating at a lower level of leverage we will be even better positioned the compound per share Core FFO including moderate growth in 2013 by sustaining growth 2.5% to 3.5% from our portfolio of dominant centers with annual gross or anchor sales averaging more in $26 million and $500 per square foot and Trade area household incomes of approximately $100,000 in average population densities of 100,000 people and those aren’t future targets that’s the existing portfolio and a key metrics of full network portfolio.

Bi-annually developing a $150 million to $200 million of dominant shopping centers at compelling returns on invested capital brings a unique combination of in house capabilities, presence in key markets, anchoring retailer relationships, an impressive track record. And opportunistically enhancing and already solid balance sheet in excess to capital and lastly by continuing the focus energy from our dedicated and talented team towards achieving these critical goals and objectives. I also want to note that since the portfolio sale was at a minimum NAV neutral in the short term the growth we are generating NOI and the value being created from developments should translate into 5% plus growth in per share NAV this year and into the future. Bruce.

Bruce Johnson

Thank you Hap good afternoon everyone. From our financial results perspective we had a really good second quarter. Core FFO per share was $0.69 which was higher than our stated guidance range. Continued improvement in operating fundamentals was a principal driver with same property NOI growing by 3.6% this quarter – 85% of the same property growth came from increased space rent and the remainder was mostly lower bad debt expense.

Read the rest of this transcript for free on seekingalpha.com

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