Regency Centers Corporation (NasdaqGS:REG) will look for acquisitions. Michael Mas Chief Financial Officer said, "So the priority is going to continue to be development and redevelopment. And the way we've organized our investment thesis is that the free cash flow on a leverage-neutral basis will be prioritized for our development business.
That being said, we will have excess free cash flow, leverage-neutral free cash flow that can be deployed into acquisitions. What we are looking for on acquisitions are definitive consistent quality, consistent to accretive growth profiles. And thirdly, and most importantly, we want to make sure we're allocating capital on accretive to earnings basis.
And the third one is where it becomes more difficult. And the third one is the pricing of real estate has become so efficient commercial real estate, grocery-anchored commercial real estate that our ability to drive earnings growth there can be more limited, which is why we are so grateful and appreciative of this development business that we've built over many decades of time. We have a prioritized earnings -- definitive earnings accretive place to invest our free cash flow.
That being said, our track record would tell you that we will find opportunities in the acquisitions market. We are leveraging the same dispersed platform that we do on development to source acquisitions. We will find the needles in the haystack across the country where we can make that -- those 3 -- we can meet those 3 objectives, and we can deploy our capital accretively and add high-quality grocery-anchored shopping centers to the portfolio".
