Floris Van Dijkum

Roth conceded anchors have not transitioned as far as shops, but described larger rent spreads and escalators appearing in five-year increments on previously flat long-term anchor leases.

Wibbenmeyer explained Regency controls sites through contracts rather than speculative purchases, closing only once entitlements, preleasing, and hard bids are in hand.

Nick explained Regency does not maintain a large land bank, options land and de-risks before closing. Key differentiator is ability to negotiate with landowners through track record, information access, and grocer relationships. Lisa framed it as virtuous cycle of team, relationships, and experience.

Nick: ~25% of $1B forward pipeline in redevelopment. Impediment is gaining access to real estate for reimagining. Lisa clarified growth in ground-up % is from pipeline expansion, not reduced redev focus. Floris noted first year of $1B+ EBITDA milestone.

Alan described creative strategies like tenant relocations to unlock space. Renewal retention comfortable at ~75%, providing healthy balance of retention and merchandising upgrades.

Lisa confirmed they're surpassing prior peaks and believe higher levels are achievable. Alan added 'there is no ceiling' while noting strategic redevelopment vacancy.

Lisa emphasized scarcity of quality space means retailers will continue pursuing best locations for highest sales, helping manage margin pressures.

Nick acknowledged Brentwood is at the higher end for traffic but couldn't provide exact ranking off the top of his head. Offered to follow up.

Nick clarified that both development and redevelopment span infill and suburban markets. Mixed-use is a small component, handled through partnerships.

Asked whether the Bethesda Row mortgage maturity could prompt a JV interest sale. Management ruled out wholesale JVs on marquee assets but sees selective sharpshooting JVs as a low-cost capital tool.

Assembly Row update and future development plans

Comparable pool coverage and SNO pipeline breakdown

COO sees more upside from anchor-side leasing (175K sq ft in process for vacant space). Small shop at 93%+ leased; maintaining some frictional vacancy to drive rents. Overall occupancy trending upward.

CEO said it is not just initial yield math but long-term IRR creation. When spread gets too wide (citing mid-$80s stock vs mid-6s cap rates), buybacks win. Business mandate is to grow the company, not just arbitrage cap rate vs share price.

CFO detailed $25M in comparable pool, $41-42M total including non-comparable. 80% expected in 2025, weighted to H2 with 55% of starts in the second half.

CEO emphasized risk-adjusted return discipline over format preference. Federal's mixed-use experience reduces risk, but numbers must work. Will not overpay for prestige assets.

Dave framed ancillary income as a percent-of-revenue growth opportunity via national advertising, solar, EV charging and specialty leasing of underused space.

Jamieson confirmed CapEx load should taper as economic occupancy grows. Value engineering and relationship leverage reducing costs. Flynn called AFFO inflection point the driver attracting private capital, noting supply under construction ticked to 0.2%, lowest of any sector.

Cooper evaluating existing multifamily fleet for monetization. Coulter Avenue nearing stabilization with exit strategy to be determined. New Chester project in Daly City recently broke ground. Flynn emphasized first ring suburb strategy as Kimco differentiator with parking lots as underutilized assets.

Cooper expects to accelerate disposition pace in 2026. Close to 9% of ABR from long-term ground leases. Separately parceling required for optimal pricing. Flynn emphasized recurring nature of program as new ground leases backfill dispositions.

Jamieson cited multiyear service contracts, vendor negotiations leveraging scale, and AI/analytics for margin improvement. Teichman described lease administration transformation using AI to enhance recovery rates and accelerate collections.

Cohen preferred discretionary over autopilot approach for buybacks, citing nimbleness advantage. Flynn added balance sheet discipline constrains buyback volume. Multiple capital deployment options evaluated dynamically.

Flynn set aspirational target of 10% NOI from apartments by end of decade. Prioritization based on market feasibility, not size. Two largest (1,000+ units) are master plans with phased activation.

Eli said the strength is broad-based across malls, outlets and mills, all positive comping with traffic up, with luxury and jewelry strong, 16 straight months of positive juniors comps, and only restaurants and some border/tourist outlets running softer.

Not running out of opportunities. Redeveloped centers performing 1,000 to 1,500 basis points above comparable brands across portfolio. Returns beyond 9% not formally underwritten but clearly present.

Brian said SNO at 210bps at year-end, consistent with prior years. Stable number is positive, means replacing tenants and filling space. Luxury well less than half but quality matters more than quantity.

Brian said SNO at 310bps, Kering dropped from top 10 because other retailers opened more stores. About 50-60bps of the 310bps pipeline is luxury tenants.

Brian said SNO grew to 340bps. Focus now on optimizing occupancy through tenant mix replacement across all asset classes. TRG occupancy dip driven by smaller portfolio and Forever 21.

Brian said SNO grew to 300bps (~$150M of rent) from 250bps. Expect 30-40% to hit in back half of 2025, bulk in 2026 with some spillover to 2027. Includes signed Forever 21 spaces.

David cited confidentiality constraints but confirmed NAV and earnings accretive. Noted they have taken over Kering's team and see upside in the business.

Did not quantify NOI; gave only the geographic concentration of the signed-not-occupied pipeline.

Doug estimated ~$75/sq ft average on vacant space, all dropping to bottom line. Mike noted 800K sq ft of the leased-occupied gap is in Midtown Manhattan at $100-105/sq ft rents, a particularly meaningful component. Did not provide a total dollar figure.

Doug provided market-by-market TI outlook: Boston CBD declining, Urban Edge stable, D.C. CBD stable, Northern Virginia slightly declining, Midtown NY modestly declining, West Coast elevated but no longer increasing. Concession improvements tracked tightly with market vacancy.

Doug and Mike explained the decline is entirely from Skymark development entering service (year-over-year comparison, not sequential). Skymark at ~90% occupancy, leasing better than expected. Stabilized residential portfolio remains strong with rising rents in tight Boston and Reston markets. Portfolio getting smaller in 2026 before growing again.

Owen detailed development opportunities by market: Midtown NYC supported by rents, DC via distressed acquisitions, Back Bay getting closer. On acquisitions, BXP continues evaluating deals but nothing specific near-term.

Jim laid out the disciplined capital-allocation framework and said acquisition pricing is too high for now; direct.

Risoleo noted CMBS market briefly closed but has reopened. Expects transaction activity to pick up later in 2025 once policy clarity emerges. Luxury pricing still commands premiums with low new supply.

Ghosh provided the aggregate 8-point gap but could not break it down between resorts and urban on the spot, promising to follow up.