Sydney Rome

Sydney Rome asked for expectations regarding rent spreads and whether they are anticipated to remain at current elevated levels.

Answer

Alan Roth, East Region President and Chief Operating Officer, expressed pride in the team's commitment to elevated rent spreads, gap spreads, and embedded rent steps. He highlighted that 85% of Q3 new shop leases included 3% or higher embedded rent steps, with 25% at 4% or higher, indicating a sustainable approach in a supply-constrained environment.

Sydney Rome asked for Regency's expectations regarding rent spreads, specifically if they anticipate current elevated percentages to continue.

Answer

Alan Roth, East Region President and COO, expressed pride in the team's commitment to maintaining elevated rent spreads, particularly gap spreads and embedded rent steps. He highlighted that 85% of Q3 new shop leases included 3% or higher embedded rent steps, with 25% at 4% or higher, indicating a focus on long-term sustainable growth in a supply-constrained environment.