Business
Regency Centers Reports Third Quarter 2020 Results and Provides Business Update Related to the COVID-19 Pandemic
JACKSONVILLE, Fla., Nov. 05, 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., Nov. 05, 2020 (GLOBE NEWSWIRE) -- Regency Centers Corporation (“Regency” or the “Company”) today reported financial and operating results for the period ended September 30, 2020, and provided a business update related to the COVID-19 pandemic.\n Third Quarter 2020 Highlights For the three months ended September 30, 2020, Net Income Attributable to Common Stockholders (“Net Income”) of $0.07 per diluted share.For the three months ended September 30, 2020, Nareit Funds From Operations (“Nareit FFO”) of $0.60 per diluted share.Same property Net Operating Income (“NOI”), excluding termination fees, declined by 15.2%, as compared to the three months ended September 30, 2019, driven by a higher rate of uncollectible lease income related to the COVID-19 pandemic.As of September 30, 2020, the same property portfolio was 93.4% leased.Total comparable leasing volume of 1.4 million square feet of new and renewal leases, with trailing twelve month rent spread of +5.7%.At September 30, 2020, net debt-to-operating EBITDAre ratio on a pro-rata basis was 5.9x.Regency’s Board of Directors (the “Board”) declared a quarterly cash dividend on the Company’s common stock of $0.595 per share.Completed redemption of outstanding $300 million 3.75% Senior Unsecured Notes due 2022. COVID-19 Business Update Highlights All of the company’s 400+ properties have remained operating during the entirety of the COVID-19 pandemic.As of the end of October, approximately 97% of Regency’s tenants were open based on pro-rata Annual Base Rent (“ABR”).86% of third quarter and 77% of second quarter pro-rata base rent, respectively, were collected through October 31, 2020 (89% and 86%, including executed rent deferral agreements, respectively).87% of October pro-rata base rent was collected through October 31, 2020 (88% including executed rent deferral agreements). “Regency’s dedicated teams around the country have remained committed to helping our tenants operate safely and successfully,” said Lisa Palmer, President and Chief Executive Officer. “Although there continues to be uncertainty in the current environment, we are encouraged by the increase in retailer confidence and continued resilience of our tenants and shoppers. This is evidenced not only by our significant progress on rent collections and deferral agreements, but also by increased leasing...