Business
Regency Centers Reports Second Quarter 2023 Results
JACKSONVILLE, Fla., Aug. 03, 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., Aug. 03, 2023 (GLOBE NEWSWIRE) -- Regency Centers Corporation (“Regency” or the “Company”) (Nasdaq: REG) today reported financial and operating results for the period ended June 30, 2023 and provided updated 2023 earnings guidance. For the three months ended June 30, 2023 and 2022, Net Income was $0.51 per diluted share and $0.61 per diluted share, respectively. Second Quarter 2023 Highlights Reported Nareit FFO of $1.03 per diluted share and Core Operating Earnings of $0.96 per diluted share for the second quarterRaised 2023 Nareit FFO guidance to a range of $4.11 to $4.15 per diluted share and 2023 Core Operating Earnings guidance to a range of $3.89 to $3.93 per diluted shareThe midpoint of 2023 Core Operating Earnings guidance represents approximately 5% year-over-year growth, excluding the collection of receivables reserved during 2020-2021Increased Same Property NOI year-over-year by 3.6% in the second quarter, excluding lease termination fees and the collection of receivables reserved during 2020-2021Increased Same Property percent leased by 70 basis points year-over-year to 95.2%, and Same Property percent commenced by 50 basis points year-over-year to 92.7%Increased Same Property shop percent leased by 170 basis points year-over-year to 92.7%Executed 2.0 million square feet of comparable new and renewal leases during the second quarter at blended rent spreads of +11.7% on a cash basis and +20.0% on a straight-lined basisStarted approximately $175 million of new development and redevelopment projects and completed approximately $68 million of redevelopment projects in the second quarter, at the Company’s shareAs of June 30, 2023, Regency’s in-process development and redevelopment projects had estimated net project costs of $410 millionIssued the Company’s sixth annual Corporate Responsibility Report, illustrating Regency’s continued commitment to and leadership in ESGPro-rata net debt-to-operating EBITDAre was 4.9x at June 30, 2023On May 18, 2023, the Company and Urstadt Biddle Properties Inc. (“Urstadt Biddle”) (NYSE: UBA and UBP) entered into a definitive merger agreement by which Regency will acquire Urstadt Biddle in an all-stock transaction, including the assumption of debt and preferred stock Subsequent Highlights On August 1, 2023, Regency’s Board of Directors (the “Board”) declared a quarterly...