Financial Data and Key Metrics Changes - The company reported a 12% increase in FFO as adjusted year-over-year and an 8% increase year-to-date [4] - Same property net operating income (NOI) increased by 7.4% for the quarter and 5.6% year-to-date [4] - Same property occupancy rose to 96.7%, up 10 basis points from the prior quarter, while SHOP occupancy reached a record high of 92.5%, up 270 basis points year-over-year [5][10] Business Line Data and Key Metrics Changes - The company executed 42 leasing deals totaling 482,000 square feet in the second quarter, including 27 renewals at a 12% spread and 15 new leases at a 19% spread [9] - The redevelopment pipeline totals $142 million with an expected return of 15% [13] Market Data and Key Metrics Changes - The investment sales market for retail assets is thriving, with the company selling $66 million of assets at a blended cap rate of 4.9% [6] - The company has acquired $552 million of high-quality shopping centers at a 7.2% cap rate and sold $493 million of non-core low-growth assets at a 5.2% cap rate [7] Company Strategy and Development Direction - The company’s strategy is anchored by five key strengths, including a concentrated portfolio in the densely populated DC to Boston Corridor and a strong redevelopment pipeline [6] - The company aims to exceed 93% SHOP occupancy by 2025 and is focused on capital recycling to enhance growth [10][38] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the retail sector's recovery, noting strong demand for space and upward pressure on rents [5] - The company increased its 2025 FFO as adjusted guidance by $0.02 per share to a range of $1.40 to $1.44, reflecting a 5% growth over 2024 at the midpoint [6][18] Other Important Information - The company has a resilient balance sheet with $1.5 billion in nonrecourse mortgages and only 9% of total debt maturing through 2026 [7][16] - Management highlighted a favorable trend in G&A expenses, projecting a reduction of 3% from 2024 [18] Q&A Session Summary Question: What is the upside potential for occupancy and how is it translating into lease contracts? - Management indicated that they believe they can achieve between 93-94% SHOP occupancy and have real pricing power, allowing for better lease terms and conditions [21][24] Question: What are the current trends in capital recycling and cap rates? - Management noted that the acquisition market is heating up, with banks becoming more active and competitive in pricing, leading to higher expectations from sellers [26][27] Question: Any updates on Kohl's and its impact on the company? - Management is monitoring Kohl's but does not see an imminent decision regarding store closures, as Kohl's is performing well in the Northeast [32][34] Question: How does the company view its redevelopment plans in light of market improvements? - Management expressed confidence in deploying capital into existing assets due to strong tenant demand and the potential for higher rents [40] Question: Can you elaborate on the expected decline in CapEx? - Management explained that the replacement of struggling tenants with high-quality credit tenants and the completion of significant renovations will lead to lower future CapEx [61][64]

Company Overview - PECO's total enterprise value is $7.3 billion[7] - The company's dividend yield is 3.5%, based on an annualized rate of $1.23 per share[7] - PECO retains 94% of its portfolio[7] Portfolio Composition & Strategy - 70% of PECO's ABR (Annual Base Rent) comes from necessity-based neighbors[7] - 85% of PECO's ABR is anchored by 1 or 2 grocery sales[7] - Grocery/Pharmacy/Liquor account for 23% of imported COGS (Cost of Goods Sold)[34] Financial Performance & Guidance - PECO's Q2 2025 Net Income per Share is $0.31[54] - The company's Core FFO (Funds From Operations) per share for Q2 2025 is $1.29[54] - PECO projects a full-year 2025 Core FFO per share between $2.55 and $2.60[54] - Same-Center NOI (Net Operating Income) growth is guided between 3.10% and 3.60% for full-year 2025[54] Acquisition Activity - PECO's 2025 YTD (Year-to-Date) acquisitions total $279.7 million[54] - The company anticipates total acquisitions between $350 million and $450 million for full-year 2025[54] - PECO has acquired 1,173,733 GLA (Gross Leasable Area) in 2025 YTD acquisitions[52]

Investor Presentation July 2025 1 Disclaimer This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements include, without limitation, statements concerning our business and growth strategies, investment, financing and leasing activities, including estimated development costs, and trends in our business, including trends in the market for s ...

Financial Performance - Q2 2025 Adjusted Funds From Operations (AFFO) increased by 5.6% to $34 million[9] - Q2 2025 AFFO per share increased by 1.7% to $0.59[9] - Year-to-date (YTD) AFFO increased by 6.6% to $67.8 million[12] - YTD AFFO per share increased by 3.5% to $1.19[12] - Increased FY2025 AFFO guidance to $2.40 - $2.41 per share from $2.38 - $2.41 per share[9] Portfolio Metrics - Invested $95.5 million at an 8.1% initial cash yield YTD[9] - Portfolio occupancy is 99.7%[12] - Weighted average lease term (WALT) is 10.0 years[12, 44, 109] - Tenant rent coverage is 2.6x[12, 17, 44, 114] - 99.9% YTD rent collections[12] Investment and Capital Structure - More than $90 million of investments are under contract, with the majority expected to close in 6-9 months[9] - Total liquidity exceeds $400 million, including $7 million in cash, $119 million in unsettled forward equity, and $275 million in revolver capacity[12] - Net debt to EBITDA is 5.2x (4.6x pro forma for unsettled forward equity)[12]

Group 1 - The report by CBRE highlights that in the first half of 2025, Beijing's non-core business districts delivered two urban renewal projects, resulting in only 240,000 square meters of new commercial space [1] - In the second half of 2025, over 390,000 square meters of retail properties are expected to open in secondary business districts, including partially operational projects like Zhongguancun Daluocheng and Longfusi Phase II [1] - Despite a 3.7% decline in restaurant revenue from January to May 2025, the restaurant sector accounted for 48% of new store openings, indicating strong demand for dining establishments [1] Group 2 - The sports and outdoor retail category showed strong performance, with Anta's flagship store opening in Changping Super Extreme He Shenghui West District, contributing to a 4 percentage point increase in overall apparel retail store openings to 31% [2] - The overall net absorption of retail space in the city reached 162,000 square meters, with the vacancy rate rising by 0.2 percentage points to 7.5% [2] - Average rent for first-floor shopping centers continued to decline, dropping 0.7% to 30.8 yuan per square meter per day, particularly in secondary business districts due to intense competition and adjustments in projects [2]

Portfolio Highlights - The portfolio is concentrated in the DC to Boston corridor, the most densely populated region in the U S, with an average 3-mile population density of 200,000 people[1] - Grocers anchor 80% of the assets, generating sales of $900/ft[1,30] - Leased occupancy is 96 6%[7,10] - 90% of portfolio NOI is generated from properties situated in the D C to Boston corridor[19] Financial Performance and Growth - Targeting a long-term, annual growth rate of 4-5% per share in Funds from Operations as Adjusted[1] - A sector-leading pipeline of signed but not opened leases accounting for 9% of net operating income[4,68] - Redevelopment initiatives totaling $156 million, expected to deliver a 14% return[4,15,74,77] - Same-property NOI Growth with Redevelopment was 3 8% in 1Q25[9,15] - The company projects FFO as Adjusted to be between $1 37 and $1 42 per diluted common share for 2025[16,138] Strategic Capital Recycling - Since October 2023, the company acquired $552 million of high-quality shopping centers at a 7 2% cap rate and sold $452 million of non-core, low growth assets at a 5 2% cap rate[4,80,99]

Business Strategy and Portfolio - Regency Centers aims to create thriving environments for retailers and communities[45] - The company focuses on high-quality, grocery-anchored neighborhood and community centers in strong suburban trade areas[56] - Regency targets long-term organic Same Property NOI growth of 25% to 30% annually[236] - The company's capital allocation strategies prioritize accretive investing and defined quality[175] Financial Performance and Growth - Regency has outperformed peers in AFFO growth by a cumulative 48% over the last decade[100, 263] - Since 2014, Regency has outperformed peers in dividend growth by a cumulative 27%[100, 263] - The company targets over $1 billion in development and redevelopment projects over the next 5 years[85] - Regency anticipates approximately 15% Core Operating Earnings per share accretion in 2024 due to the Urstadt Biddle merger[165] Operational Highlights - Since 1Q21, Regency has absorbed +490 bps of shop space, growing ABR by ~$29 million[109] - The company's SP shop % leased is at a record high[109] - Regency's total recurring capex remains at a consistent pace of 10–11% of NOI[258]

Core Viewpoint - The Macerich Company has announced the acquisition of Crabtree Mall for $290 million, which is expected to yield an initial return of approximately 11% and is aligned with the company's Path Forward Plan aimed at enhancing operational performance and asset value [1][2][3]. Acquisition Details - The acquisition involves Crabtree Mall, a Class A retail center in Raleigh, NC, covering approximately 1.3 million square feet [1]. - The expected initial yield on the acquisition is around 11%, with a potential yield of approximately 12.5% when considering current leases that will commence in 2027 [2]. - A strategic investment plan of about $60 million is planned for redevelopment and leasing to maximize the mall's performance from 2025 to 2028 [2]. Financial Strategy - The acquisition was funded using cash on hand and $100 million borrowed from a revolving line of credit, with plans to repay this borrowing within 30 days using proceeds from a $160 million two-year term loan [3]. - The financing strategy is designed to maintain the company's de-leveraging targets under the Path Forward Plan [3]. Market Position and Growth Potential - Crabtree Mall is positioned in the high-growth Raleigh-Cary, NC MSA, which is recognized for its innovation and wealth, anchored by the Research Triangle Park [4]. - The mall features over 200 stores and generates $429 million in annual sales, with a sales per square foot of $951 and over 8.7 million annual visitors [6]. Company Overview - Macerich is a self-managed real estate investment trust (REIT) focused on high-quality retail properties in densely populated U.S. markets, owning 41 million square feet of real estate across 38 retail centers [7]. - The company has been recognized for its sustainability efforts, achieving a 1 Global Real Estate Sustainability Benchmark ranking for the North American retail sector for ten consecutive years [8].

Tanger (SKT) 2025 Conference Summary Company Overview - Tanger is a retail-focused Real Estate Investment Trust (REIT) with 44 years of history, 32 years listed on NYSE, and a significant presence in the outlet sector with 37 outlets in the U.S. and 2 in Canada [3][4] - The company has expanded into the open-air lifestyle business with three centers located in Huntsville, Alabama, Little Rock, Arkansas, and Cleveland, Ohio [4] Financial Highlights - Tanger has an equity value of approximately $4 billion and an enterprise value of $5.7 billion, with a low leverage ratio of about 5x debt to EBITDA [4] - The company has delivered same-center Net Operating Income (NOI) growth of approximately 5% over the last four years, with guidance for 2025 set at 2% to 4% [7] - Funds From Operations (FFO) growth guidance for 2025 is between 4% to 8%, which would be the highest in the retail sector [7] - A recent dividend increase of 6.5% aligns with free cash flow, maintaining a low payout ratio of 60% compared to the sector average of 75% [7] Growth Strategy - The growth strategy is based on three pillars: internal growth through remerchandising, intensifying existing real estate, and external growth through acquisitions [5][6] - Over the last 18 months, Tanger has invested approximately $650 million into five new assets, including a new outlet center in Nashville, Tennessee [6] Retail Environment Insights - Retailers are optimistic despite concerns about tariffs, with over 90% indicating a focus on supply chain diversity post-COVID [10][11] - The outlet business is evolving, with retailers using it to clear excess inventory and as a utility for brand exposure [14][31] - The company sees a shift in consumer behavior, with local customers becoming increasingly important due to remote work trends [17] Customer Experience and Remerchandising - Tanger has adapted its centers to enhance customer experience by adding food and beverage options, entertainment venues, and experiential retail [18][22] - The Nashville center exemplifies this shift, featuring a community gathering space and a mix of local food and beverage options [21] Tenant Management and Leasing Strategy - The company is proactive in managing its tenant portfolio, replacing underperforming tenants like Forever 21 with brands that align with current consumer trends [26] - Food and beverage now represent 7.5% of the shopping center area, indicating a strategic pivot towards diverse tenant categories [25] Market Position and Competitive Advantage - Tanger's open-air format allows for lower operational costs compared to traditional malls, with a CapEx load of about 15% of NOI, significantly lower than other retail formats [30][32] - The company benefits from a lack of new retail development in the U.S., making existing spaces more valuable [24][42] Acquisition Strategy and Financial Capacity - Recent acquisitions have yielded initial returns of 8% to 8.5%, with a focus on properties that can enhance the overall portfolio [42] - Tanger has a low leverage ratio and significant forward equity capacity, allowing for continued investment in unique acquisition opportunities [43] Conclusion - Tanger is well-positioned in the retail real estate market, leveraging its unique outlet format, proactive tenant management, and strategic growth initiatives to drive value for shareholders [39][43]

Summary of Regency Centers (REG) 2025 Conference Call Industry Overview - The grocery business is characterized as a low-margin industry, requiring partnerships with top operators to thrive [1] - There is intense competition among grocers, necessitating improvements in customer experience to remain relevant [3] - The physical presence of grocery stores is crucial for profitability, with a focus on in-store customer experiences [2] Company Performance and Strategy - Regency Centers aims for a steady state growth of approximately 3% annually in their same property portfolio, with potential for additional growth through development and occupancy increases [5][6] - The company has achieved a consistent development program, targeting over $250 million in new starts annually for the past two years, with expectations to continue this trend [7][8] - Regency has maintained and grown its dividend through the pandemic, reflecting strong earnings growth [10][11] Tenant Health and Market Dynamics - The health of the tenant base is reported to be strong, with a watch list indicating normal tenant churn but overall stability [12][14] - Post-COVID recovery has led to a stronger base of retailers, with a focus on high-quality shopping centers [13] - Regency has successfully increased rent-paying occupancy, distinguishing itself from peers in the sector [17][19] Development and Acquisition Strategy - Development remains a priority, with a focus on sourcing high-quality opportunities despite challenges in the retail development landscape [20][21] - The company emphasizes the importance of relationships with grocers and local developers to secure development opportunities [22] - Acquisitions are considered secondary to development, with a focus on high-quality, accretive growth profiles [27][28] Market Trends and Challenges - The retail landscape is evolving, with a noted shift towards e-commerce, but there remains a strong appreciation for physical shopping experiences [34][35] - The company is monitoring the drugstore sector closely, noting ongoing consolidation and potential impacts on their portfolio [39][41] - The potential for renewed merger discussions between major tenants like Kroger and Albertsons is acknowledged, but deemed unlikely at this time [44][45] Key Metrics and Future Outlook - Regency Centers has a target of achieving a 5% growth algorithm, factoring in occupancy increases and development contributions [6][8] - The company is positioned well for future earnings growth, with a strong pipeline of development projects and a resilient tenant base [8][28]