Business
Regency Centers Reports First Quarter 2020 Results and Provides Business Update Related to COVID-19
JACKSONVILLE, Fla., May 07, 2020 (GLOBE NEWSWIRE) -- Regency Centers Corporation (“Regency” or the “Company”) today reported financial and operating results
About this update from Regency Centers Corporation
[{"type":"text","content":"JACKSONVILLE, Fla., May 07, 2020 (GLOBE NEWSWIRE) -- Regency Centers Corporation (“Regency” or the “Company”) today reported financial and operating results for the period ended March 31, 2020, and provided a business update related to COVID-19.\n First Quarter 2020 Highlights For the three months ended March 31, 2020, Net (Loss) Income Attributable to Common Stockholders (“Net Loss”) of ($0.15) per diluted share.First quarter NAREIT Funds From Operations (“NAREIT FFO”) of $0.98 per diluted share.Same property Net Operating Income (“NOI”), excluding termination fees, declined by 0.7%, as compared to the same period in 2019 driven by known bankruptcy moveouts and a higher rate of uncollectible lease income related to the COVID-19 pandemic. As of March 31, 2020, the same property portfolio was 95.0% leased.Total comparable leasing volume of 1.5 million square feet of new and renewal leases, with trailing twelve month rent spreads of 7.4%.In January, Regency sold two properties for a gross sales price of $98.4 million. The Company also purchased additional interests in two joint venture properties for a total of $60.5 million. The Company further strengthened its liquidity position through the settlement of its 2019 forward equity sales under its at-the-market program (“ATM”) at a weighted average sale prices of $67.99 per share, generating $125.8 million in net proceeds together with a line draw of $500 million on its existing revolving credit facility, bringing total liquidity to $1.3 billion.At March 31, 2020, net debt-to-operating EBITDAre ratio on a pro-rata basis was 5.3x.On May 4, 2020, Regency’s Board of Directors (the “Board”) declared a quarterly cash dividend on the Company’s common stock of $0.595 per share. COVID-19 Business Update Highlights The Company’s 416 properties have remained open and operating during the entirety of the COVID-19 pandemic.As of the end of April, approximately 40% of Regency’s tenants were closed based on pro-rata Annual Base Rent (“ABR”).62% of April 2020 pro-rata base rent was collected through May 5, 2020. “Throughout this challenging time, Regency has continued to focus on the well-being of our team members, tenants, and the people in the neighborhoods that our properties serve. We are very proud of our dedicated teams throughout the country, as they have worked closely with tenants and ven...