Business
Regency Centers Reports Fourth Quarter and Full Year 2022 Results
JACKSONVILLE, Fla., Feb. 09, 2023 (GLOBE NEWSWIRE) -- Regency Centers Corporation (“Regency” or the “Company”) (Nasdaq: REG) today reported financial and
About this update from Regency Centers Corporation
[{"type":"text","content":"JACKSONVILLE, Fla., Feb. 09, 2023 (GLOBE NEWSWIRE) -- Regency Centers Corporation (“Regency” or the “Company”) (Nasdaq: REG) today reported financial and operating results for the period ended December 31, 2022. For the three months ended December 31, 2022 and 2021, Net Income was $0.56 per diluted share and $0.39 per diluted share, respectively. For the twelve months ended December 31, 2022 and 2021, Net Income was $2.81 per diluted share and $2.12 per diluted share, respectively. Fourth Quarter and Full Year 2022 Highlights Reported Nareit FFO of $1.05 per diluted share for the fourth quarter, and $4.10 per diluted share for the full yearReported Core Operating Earnings of $0.98 per diluted share for the fourth quarter, and $3.83 per diluted share for the full yearGenerated Core Operating Earnings per share year-over-year growth, excluding the collection of receivables reserved during 2020 and 2021, of approximately 9% for the full yearIncreased Same Property NOI year-over-year, excluding lease termination fees and the collection of 2020 and 2021 receivables reserved, by 5.8% in the fourth quarter and 6.3% for the full yearIncreased Same Property percent leased by 80 basis points year-over-year to 95.1%, and Same Property percent commenced by 110 basis points year-over-year to 92.8%Increased Same Property shop percent leased by 200 basis points year-over-year to 92.0%Executed 6.9 million square feet of comparable new and renewal leases during the full year at a blended cash rent spread of +7.4%Completed property acquisitions of $210 million and property dispositions of $179 million during the full year, both at Regency’s sharePro-rata net debt-to-operating EBITDAre was 5.0x at December 31, 2022 Subsequent Highlights On February 8, 2023, Regency’s Board of Directors (the “Board”) declared a quarterly cash dividend on the Company’s common stock of $0.65 per shareIncluded for the fourth consecutive year on Newsweek’s 2023 Most Responsible Companies List, ranked top 75 “We are incredibly proud of our strong performance in 2022, a testament to the quality of our shopping centers, the health and resiliency of our tenants, and the hard work of our team,” said Lisa Palmer, President and Chief Executive Officer. “Our leasing and value creation pipelines are supported by continued robust tenant demand, providing us great momentum into 2...