Business
Regency Centers Reports Second Quarter 2024 Results
JACKSONVILLE, Fla., Aug. 01, 2024 (GLOBE NEWSWIRE) -- Regency Centers Corporation (“Regency Centers”, “Regency” or the “Company”) (Nasdaq: REG) today reported
About this update from Regency Centers Corporation
[{"type":"text","content":"JACKSONVILLE, Fla., Aug. 01, 2024 (GLOBE NEWSWIRE) -- Regency Centers Corporation (“Regency Centers”, “Regency” or the “Company”) (Nasdaq: REG) today reported financial and operating results for the period ended June 30, 2024 and provided updated 2024 earnings guidance. For the three months ended June 30, 2024 and 2023, Net Income Attributable to Common Shareholders was $0.54 per diluted share and $0.51 per diluted share, respectively. Second Quarter Highlights Reported Nareit FFO of $1.06 per diluted share and Core Operating Earnings of $1.02 per diluted shareRaised 2024 Nareit FFO guidance to a range of $4.21 to $4.25 per diluted share and 2024 Core Operating Earnings guidance to a range of $4.06 to $4.10 per diluted shareThe midpoint of 2024 Core Operating Earnings guidance represents approximately 4% year-over-year growth, excluding the collection of receivables reserved during 2020-2021Increased Same Property NOI year-over-year, excluding lease termination fees and the collection of receivables reserved during 2020 and 2021, by 3.3%Increased Same Property percent leased by 80 basis points year-over-year to 95.8%, and Same Property shop percent leased by 80 basis points year-over-year to 93.5%Executed 2.2 million square feet of comparable new and renewal leases at blended rent spreads of +9.2% on a cash basis and +18.2% on a straight-lined basisRepurchased approximately 3.3 million shares of Regency stock for $200 million, at an average price of $60.48 per shareStarted approximately $40 million of new development and redevelopment projects, bringing year-to-date total project starts to $120 millionAs of June 30, 2024, Regency's in-process development and redevelopment projects had estimated net project costs of $578 millionIn May, S&P Global upgraded Regency's outlook to 'Positive' and affirmed the Company's BBB+ credit ratingPro-rata net debt and preferred stock to operating EBITDAre at June 30, 2024 was 5.3x, and 5.2x as adjusted for the annualized impact of the EBITDAre contribution from Urstadt BiddleIssued our annual Corporate Responsibility report in May, highlighting achievements and progress within our corporate responsibility program and initiatives Subsequent Highlights On July 31, 2024, Regency’s Board of Directors (the “Board”) declared a quarterly cash dividend on the Company’s common stock of $0.67 per share “W...