Business
Regency Centers Reports Third Quarter 2021 Results
JACKSONVILLE, Fla., Nov. 04, 2021 (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., Nov. 04, 2021 (GLOBE NEWSWIRE) -- Regency Centers Corporation (“Regency” or the “Company”) (Nasdaq:REG) today reported financial and operating results for the period ended September 30, 2021. For the three months ended September 30, 2021, Net Income was $0.69 per diluted share, compared to $0.07 per diluted share for the three months ended September 30, 2020. Third Quarter 2021 Highlights Reported Nareit FFO of $1.12 per diluted share for the third quarterUpdated 2021 Nareit FFO guidance to a range of $3.93 – $3.97 per diluted shareReported that Same Property Net Operating Income (“NOI”), excluding lease termination fees, increased 24.4% during the third quarter over the same period a year agoIncreased percent leased by 90 basis points sequentially to 93.8% in the Same Property portfolio as of September 30, 2021Collected 98% of third quarter pro-rata billed base rent, as of November 1, 2021Executed 2.0 million square feet of comparable new and renewal leases during the third quarter at a blended rent spread of +5.1%Completed property dispositions of $47 million, at Regency’s share of gross sales priceCompleted the acquisition of its partner’s 80% interest in the seven-property USAA Joint Venture (“USAA JV”) portfolio for $178 millionAchieved pro-rata net debt-to-operating EBITDAre of 5.0x at September 30, 2021 Subsequent Highlights On November 2, 2021, Regency’s Board of Directors (the “Board”) declared a quarterly cash dividend on the Company’s common stock of $0.625 per share, an increase of 5% from the prior quarterly dividendThe Company is currently under contract to acquire Blakeney Shopping Center in South Charlotte, North Carolina, for $181 million, with the transaction expected to close in the fourth quarter “We are very pleased with another quarter of solid results and continued improvement in operating trends, further accelerating our path to recovery. The dividend increase reflects our confidence in the recovery of NOI and balance sheet strength to pre-pandemic levels, as well as a return to sustained growth over the long term,” said Lisa Palmer, President and Chief Executive Officer. “We remain committed to maximizing cash flow growth while enhancing portfolio value within our development pipeline and in our pursuit of additional accretive investment opportunities.” Financial Results Net Income Fo...