Slide 1: 2020 Earnings And Valuation Guidance
FEBRUARY 12, 2020 2020 Earnings And Valuation Guidance Mellody Farm | Chicago, IL Regency Centers
Slide 2: Forward-Looking Statements
Forward-Looking Statements Forward-looking statements involve risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements. Please refer to the documents filed by Regency Centers Corporation (“Regency” or the “Compa
Slide 3: Roadmap to 3.0%+ Average Annual Same Property NOI Growth
Roadmap to 3.0%+ Average Annual Same Property NOI Growth Same Property NOI Growth Contractual Rent Steps Mark-to-Market Rent Paying Occupancy Value Creation Rent Spreads Annual embedded steps in >80% of leases = ~125 bps Redevelopment Contribution = ~75 bps Mid-to-High Single Digit Spreads = ~75 - 1
Slide 4: 2020 Same Property NOI Guidance
2020 Same Property NOI Guidance 2020 SP NOI Growth Guidance: 0%+ Categories of Growth Approximate % Impact +125 bps Contractual Rent Steps Annual embedded rent steps +75 bps Rent Spreads (Lease mark-to-market) Rent spreads in the mid-to-high single digits Rent Paying Occupancy -140 bps Bankruptcies
Slide 5: 2020 Guidance Rollforward of NAREIT FFO
2020 Guidance Rollforward of NAREIT FFO All figures pro-rata in thousands, except per share information Guidance +/- Notes 2019 NAREIT FFO Per Diluted Share $3.89 Total NOI Growth 0.02 Includes SP NOI (2020 guidance of 0%+), Development NOI contributions and Non Same Property pool 2019 Dispositions
Slide 6: Initial 2020 Guidance
Initial 2020 Guidance All figures pro-rata in thousands, except per share information 2019A 2020E Net Income / Share(1) $1.43 $1.47 - $1.50 NAREIT FFO / Share(1)(2) $3.89 $3.90 - $3.93 Same Property Same property NOI as adjusted growth without termination fees 2.1% 0%+ New Investments Development an
Slide 7: Reconciliation of Net Income to NAREIT FFO Per Diluted Share
Reconciliation of Net Income to NAREIT FFO Per Diluted Share NAREIT FFO Guidance: Full Year 2020 Low High Net income attributable to common stockholders $1.47 1.50 Adjustments to reconcile net income to NAREIT FFO: Depreciation and amortization 2.43 2.43 NAREIT Funds From Operations $3.90 3.93 Recon
Slide 8: Non-GAAP Measures Definitions
The Company uses certain non-GAAP performance measures, in addition to the required GAAP presentations, as we believe these measures improve the understanding of the Company's operational results. Regency manages its entire real estate portfolio without regard to ownership structure, although certai