REG
#Thank you.
<UNK>, it will really depend on if we have ---+ if any other investment opportunities.
We still have some equity to put to use.
But to the extent that can find acquisitions or increase the size of our development pipeline, and we would think about funding that not with ---+ just not just with equity but potentially with new debt, and also potentially with property sales.
And it will depend on really the capital markets at that time.
Because right at this moment, there's no need for additional debt.
Tremendous amount of flexibility, as both <UNK> and I indicated.
Well, we own several larger community shopping centers.
We have a great property in Raleigh, North Carolina, an iconic shopping center that we've owned for well over 10 years.
We redeveloped an iconic property, made it iconic, in Westlake in Southern California.
So community shopping centers, some of whom ---+ some of which have some lifestyle components, have been a part of our strategy long term and will continue to be.
But I would still say that it's in the 20%-plus percent range today as a percentage of NOI.
And it may go up some, but not substantially.
As we said often, our strategy is community and neighborhood shopping centers, and will continue to be so.
We don't ---+ the renewal also was the bittersweet.
It was actually Barnes & Noble.
So we did ---+ there is significant upside in that rent, even after.
Renewal option was even a large increase.
What we had underwritten was that it was going to be down for little while, while we replaced it with a better operator.
Such that it was bittersweet.
We kept the income at a higher rent, but now we have to wait, I believe, the renewal was for five years.
So now we have to for another five years in order to replace that tenant.
Beyond that, we do have ---+ so Washington Sports Club is also a short-term renewal.
And we anticipate that we will have the opportunity to replace that as well at a higher rent
And we have the right to terminate when we find a replacement operator.
And then the other upside is really ---+ it comes from smaller spaces.
And then the redevelopment of the vacant parcel.
I'm a female.
We don't think north, south, east, west.
It actually ---+ so the front door today actually comes out to Clarendon Boulevard.
So it's facing the Barnes & Noble.
We could potentially reconfigure that so that that the door could face the Whole Foods and do ground-floor retail so that it is ---+ it does have Clarendon exposure.
We think that there's incredible amount of upside there.
It really does sit on the pin corner of the property.
So Cheesecake Factory is down the other ---+ I guess that would be, it's toward DC, I know that ---+ no, it's the other way.
It's opposite DC.
It's down the other end.
Very well could be restaurants.
But I wouldn't anticipate it being a large-use restaurant like that.
I would anticipate smaller, and have some outdoor seating because there is a little bit of a courtyard there.
But again, we are in the really early stages.
We did give ourselves some time to really explore what would be the best long-term use
Throughout the project we expect to be able to add some additional excellent restaurant operators.
We think that's a real opportunity there.
And just to note, the parcel that's available is an old Sears, which is, as <UNK> and <UNK> indicated, is strategically located on the site.
Thanks, <UNK>.
We appreciate your time and interest in Regency.
Thank you very much.
And everybody have a great day, and the rest of the week.
And if you're in hot weather, stay cool.
