Regency Centers Corporation (REG) Earnings Call Transcript & Summary

Good morning. I would now like to turn the meeting over to Michael Herman, Senior Vice President, General Counsel and Corporate Secretary of Regency Centers.

Thank you. Good morning, and welcome to Regency Centers Corporation's 2021 Annual Meeting of Shareholders. I'm Michael Herman, Senior Vice President, General Counsel and Corporate Secretary of Regency Centers. It's now my pleasure to turn the meeting over to Martin E. Stein Jr., our Executive Chairman.

Thank you, Mike. Good morning, ladies and gentlemen. On behalf of the company, I want to welcome and thank you for joining us at this virtual meeting of the shareholders of Regency Centers Corporation. At this time, the annual meeting of shareholders is now called to order. First and foremost, we hope all who are listening in today are staying self -- safe and healthy. We chose to conduct a virtual-only format this year for the safety of our shareholders. This format allows for our shareholders to participate remotely and nonshareholders will also have the ability to listen to this webcast over the Internet. Our rules of conduct and procedures have been posted to the web portal. It is our intention to conduct this meeting in accordance with those rules. The company has appointed Broadridge Financial Services to act as our inspector of election. The polls to vote online are now open. I will answer questions from shareholders submitted in the appropriate field on the virtual meeting screen provided for shareholders. Before asking a question, we invite you to refer to our proxy statement for this meeting, which contains information regarding our proposals to be taken up at this meeting. We do not plan to answer questions unrelated to these proposals or for which the answers are clearly covered in our proxy statement. We invite you to listen to our earnings call scheduled for Friday, May 7, 2021, for business related updates as we will not be addressing questions related to business or financial matters during this meeting. I've been informed that a proper notice of the meeting and the company's proxy statement were mailed to our shareholders on or about March 24, 2021. The Board of Directors fixed March 12, 2021, as the record date. And as of that date, there were 169,828,955 shares entitled to vote. We are informed by the inspector of election that there are over approximately 157 million or 30 -- or 93% of the shares represented here today, either in person or by proxy. Since this represents more than a majority of the voting power of all outstanding stock entitled to vote, a quorum is present for this meeting. Before we conduct the business of our meeting, I would like to introduce our Board of Directors, who are all present. Joe Azrack, a Director since 2017, is the principal of Azrack & Company; Bryce Blair, a Director since 2014, serves as Chairman of Invitation Homes; Ron Blankenship, a Director since 2001, is our lead independent director and also serves as a Director of Civeo Corp; Deirdre Evens, a Director since 2018, is Executive Vice President and General Manager of Records and Information Management of Iron Mountain Incorporated; Tom Furphy, a Director since 2019, is CEO and Managing Director of Consumer Equity Partners; Karin Klein, Director since 2019, is founding Partner of Bloomberg Beta; Peter Linneman, a Director since 2017, also serves as Director of AG Mortgage Investment Trust and Paramount Group, Inc.; Dave O'Connor, a Director since 2011, is Co-founder of High Rise Capital Management and also serves as Director of Prologis, Inc.; Lisa Palmer, a Director since 2018, is our President and CEO; Tom Wattles, a Director since 2001, also serves as Director of Columbia Property Trust. A more complete biography of each of our directors can be found in our proxy statement. Turning now to the business of our meeting. The first matter to be acted upon is the election of 11 directors to serve until the 2022 Annual Meeting. Information with respect to the nominees is set forth in the proxy statement. No other nominations were recommended for consideration. If there are comments specifically related to the election of directors, this would be the appropriate time to raise them. Hearing none, I declare the nominations closed. The next matter to be acted upon is to approve an advisory resolution on executive compensation. Management's statement in support of such vote is set forth in the proxy statement. If there are comments specifically relating to the compensation of our named executive officers, this would be the appropriate time to raise them. Hearing none, I declare the matter closed. The next matter to be acted upon is the ratification of the appointment of KPMG as our independent registered public accountants for 2021. Management's statement in support of such vote is set forth in the proxy statement. If there are comments specifically related to the appointment of KPMG as our independent registered public accountants, this would be the appropriate time to raise them. Hearing none, I declare the matter closed. At this time, we will answer questions that may have been submitted by our shareholders. We have allotted 10 minutes to answer questions. Again, please note that only questions that are relevant to the proposals presented in this meeting will be answered at this time. Are there any questions? Hearing none, this concludes all questions related to the purpose of this meeting. No questions have been submitted. Thank you to all shareholders who have submitted questions. The questions submitted -- Please vote your shares now with respect to those matters, if you have not already voted. Now that everyone has had the opportunity to vote, I now declare polls closed at 9:08 a.m. Eastern Time. Mike Herman as the company's corporate Secretary, please report the preliminary results of the shareholder vote.

Thank you, Hap. We've been informed by the inspector of election that the preliminary record will reflect that sufficient votes were cast prior to and during our meeting. So that first, all directors nominated to serve on the Board until the 2022 annual meeting have been elected. The advisory resolution on executive compensation has been approved. And third, KPMG will serve as Regency Centers independent registered public accountants for the year ending December 31, 2021. Final tabulation of the shareholder vote on these proposals, which will also reflect any votes cast today at this meeting, will be reported in our Form 8-K, which we will file shortly with the SEC.

Thank you, Mike. That concludes the formal business for this meeting. I declare that the 2021 annual Shareholders meeting to be adjourned. I would like to thank everyone for participating in this year's Shareholders' meeting of Regency Centers Corporation. We invite you to join our earnings call scheduled for May 7, 2021, details of which can be located on our investor page. Have a great day. Thank you.

Thank you for attending today's meeting. You may now disconnect.