Yum! Brands, Inc. · NYSE:YUM
Yum! Brands — Q3 2023 Earnings Presentation
13 slides from Yum! Brands's earnings presentation, Nov 1, 2023
Slide 1: 3Q23 Earnings Presentation
3Q23 Earnings Presentation November 2023 43 Purchase Street| Rye, NY
Slide 2: Safe Harbor and Non-GAAP Disclosures
Safe Harbor and Non-GAAP Disclosures Forward-Looking Statements Certain statements in this document regarding anticipated financial, business, legal or other outcomes including business and market Risk Factors Related to Corporate Matters conditions, outlook and other similar statements relating to
Slide 3: Regency's Unequaled Strategic Advantages
Regency’s Unequaled Strategic Advantages High Quality Open-Air Shopping Center Portfolio 80%+ grocery-anchored neighborhood & community centers Necessity, service, convenience, and value retailers serving the essential needs of our communities Well located in suburban trade areas with compelli
Slide 4: Regency's Mission, Vision, & Values
Regency's Mission, Vision, & Values Mission Regency Centers creates thriving environments for retailers and service providers to connect with surrounding neighborhoods and communities. Vision To elevate quality of life as an integral thread in the fabric of our communities. WE DO WE CONNECT WE WE AR
Slide 5: 2023 Earnings Guidance Summary
2023 Earnings Guidance Summary Full Year 2023 Guidance (in thousands, except per share data) 3Q YTD Current Guidance Previous Guidance Net Income Attributable to Common Shareholders per diluted share $1.56 $2.02 - $2.04 $2.05 - $2.09 Nareit Funds From Operations (“Nareit FFO”) per diluted share $3.1
Slide 6: Nareit FFO – '22 Actual to '23 Guidance Reconciliation
EARNINGS GUIDANCE Nareit FFO – ‘22 Actual to ‘23 Guidance Reconciliation Growth in SP NOI (ex. term fees, ex. ‘20/’21 reserve collections) is contributing +17c/share to 2023 FFO at the midpoint Guidance for COE per share growth (ex. ‘20/’21 reserve collections) is +5-6% at the midpoint in 2023 M
Slide 7: SP NOI Growth – Guidance Reconciliation
SP NOI Growth – Guidance Reconciliation Updated guidance for 2023 SP NOI Growth (ex. Term Fees, ex. ‘20/’21 reserve collections) is ~3.5% (+25bps) Excludes the impact of all ‘20/’21 reserve collections ($20M in 2022 and an estimated $4M in 2023) Primary drivers of our ~3.5% SP NOI growth guida
Slide 8: 2024 Earnings Considerations
2024 Earnings Considerations Non-Recurring Items 2024 UBP Merger Accretion & Other Impacts ‘20/’21 Reserve Collections: We are not anticipating ~$1.5% COE Accretion: Our assumption for ~1.5% COE accretion in 2024 remains unchanged any material covid-period reserve collections in 2024 (repres
Slide 9: Strong Balance Sheet Position
Strong Balance Sheet Position Capital Structure Pro Rata Debt Maturity Profile as of September 30, 2023 (% of total capitalization) Regency aims to have < 15% of total debt maturing in any given year <1% 1% 5% 3% 21% $15.8 Billion Total 69% Capitalization Weighted Average Interest Rate: 3.9% Weighte
Slide 10: In-Process Developments & Redevelopments
In-Process Developments & Redevelopments As of 9/30/2023, Regency's in-process development & redevelopment projects totaled $440 million at ~8% estimated stabilized yields SunVet Buckhead Landing Bloom on Third Long Island, NY Atlanta, GA Los Angeles, CA Estimated Future Spend In-Process Development
Slide 11: Future Redevelopment Opportunities
Future Redevelopment Opportunities Our redevelopment pipeline serves to enhance value through: • Improved competitive positioning • Refreshment of the exterior façade and tenant merchandising mix • Construction of additional buildings, tenant expansions, and/or outdoor placemaking Avenida Biscayne W
Slide 12: Regency's Approach to Corporate Responsibility
Regency’s Approach to Corporate Responsibility Corporate Responsibility is at the foundation of who we are and what we do We believe that acting responsibly is strategic to the long-term sustainability and success of our business, our stakeholders, and the environment Our Corporate Responsibility pr
Slide 13: Glossary of Terms
APPENDI X Glossary of Terms Adjusted Funds From Operations (AFFO): An additional performance measure used by Regency that reflects cash available to fund the Company’s business needs and distribution to shareholders. AFFO is calculated by adjusting Operating FFO for (i) capital expenditures necessar