Business
Regency Centers Reports Second Quarter 2020 Results and Provides Business Update Related to COVID-19
JACKSONVILLE, Fla., Aug. 03, 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., Aug. 03, 2020 (GLOBE NEWSWIRE) -- Regency Centers Corporation (“Regency” or the “Company”) today reported financial and operating results for the period ended June 30, 2020, and provided a business update related to COVID-19.\n Second Quarter 2020 Highlights For the three months ended June 30, 2020, Net Income Attributable to Common Stockholders (“Net Income”) of $0.11 per diluted share.For the three months ended June 30, 2020, NAREIT Funds From Operations (“NAREIT FFO”) of $0.61 per diluted share.Same property Net Operating Income (“NOI”), excluding termination fees, declined by 20.1%, as compared to the three months ended June 30, 2019, driven by a higher rate of uncollectible lease income related to the COVID-19 pandemic. As of June 30, 2020, the same property portfolio was 94.5% leased.Completed a public offering of $600 million 3.70% unsecured notes due 2030.At June 30, 2020, net debt-to-operating EBITDAre ratio on a pro-rata basis was 5.6x.Published annual Corporate Responsibility Report, highlighting the Company’s key achievements and continued commitment to Our People, Our Communities, Ethics and Governance, and Environmental Stewardship.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 415 properties have remained open and operating during the entirety of the COVID-19 pandemic.As of the end of July, approximately 95% of Regency’s tenants were open based on pro-rata Annual Base Rent (“ABR”).72% of second quarter pro-rata base rent was collected through July 31, 2020 (77% when including executed rent deferral agreements).75% of July pro-rata base rent was collected through July 31, 2020 (79% when including executed rent deferral agreements). “As we’ve continued to navigate through these uncertain times over the last several months, Regency’s top priority has remained the safety and well-being of our team members, tenants, and our neighbors in our communities,” said Lisa Palmer, President and Chief Executive Officer. “We recognize that there are still challenging times ahead, but we are encouraged by the progress our tenants have made reopening their businesses around the country, and we continue to have confidence in the long term success of our high-quality portfolio with a ...