Group 1 - Regency Centers Corporation will have its President and CEO, Lisa Palmer, present at the 2025 Citi Global Property CEO Conference on March 4, 2025, at 8:50 am ET [1][2] - The presentation will be available via a webcast, and a replay will be accessible for one year after the conference [2] - Regency Centers is a leading national owner, operator, and developer of shopping centers, focusing on suburban trade areas with strong demographics [4] Group 2 - The company's portfolio includes properties with productive grocers, restaurants, service providers, and top retailers that engage with their communities [4] - Regency Centers operates as a fully integrated real estate company and is a qualified real estate investment trust (REIT), self-administered, self-managed, and a member of the S&P 500 Index [4]

Property Ownership and Portfolio - As of December 31, 2024, Regency Centers Corporation had full or partial equity ownership interests in 482 properties, encompassing 57.3 million square feet of gross leasable area[32]. - The pro-rata share of gross leasable area is 48.8 million square feet, including properties owned through unconsolidated real estate partnerships[32]. - As of December 31, 2024, the total number of consolidated properties is 379, with a Gross Leasable Area (GLA) of 43,876 thousands square feet and an overall leased percentage of 96.2%[162]. - The total number of unconsolidated properties is 103, with a GLA of 13,439 thousands square feet and a leased percentage of 96.8% as of December 31, 2024[164]. - The company derives a significant portion of its annualized base rent (ABR) from properties concentrated in California (23.4%), Florida (20.5%), and New York-Newark-Jersey City (12.3%), making it vulnerable to economic conditions in these areas[84]. - Approximately 22% of the company's ABR comes from local tenants, who may be more susceptible to economic downturns and changing retail trends, increasing the risk of lease defaults[88]. - The company’s properties in Florida account for 24.2% of the total GLA, with a leased percentage of 96.5% as of December 31, 2024[162]. - The company’s properties in California represent 19.0% of the total GLA, maintaining a leased percentage of 96.0%[162]. - The company’s properties in Texas have a GLA of 3,518 thousands square feet, with a leased percentage of 96.9% as of December 31, 2024[162]. Financial Performance and Metrics - The company reported a year-over-year revenue growth of 12.2% for the last quarter, reaching $1.5 billion[173]. - The company reported a revenue increase of 7.8% year-over-year, reaching $788 million[1]. - The company reported a revenue increase of 8.7% year-over-year, reaching $1.2 billion in Q3 2023[1]. - The company reported a revenue increase of 16.5% year-over-year, reaching $2.26 billion[1]. - The company reported a revenue increase of 20% in Q4 2023 compared to the previous year, reaching $4.1 billion[1]. - The company reported a revenue increase of 14.8% year-over-year, reaching $2.65 billion[1]. - The company reported a revenue increase of 40% year-over-year, reaching $2.4 billion[1]. - The company reported a revenue increase of 19.8% year-over-year, reaching $1.91 billion[1]. - The company reported a revenue increase of 9.1% year-over-year, reaching $1.5 billion in Q3 2023[1]. - The company reported a revenue increase of 4.2% year-over-year, reaching $2.49 billion for the quarter[1]. - The company reported a year-over-year gross revenue increase of 39.6%[183]. - Total revenues for 2024 were $1.45 billion, compared to $1.32 billion in 2023, marking a significant increase[204][206]. Strategic Initiatives and Growth Plans - The company plans to invest $50 million in sustainability initiatives over the next two years[173]. - The company is expanding its market presence by entering three new states, aiming for a 10% market share in those regions[173]. - The company is expanding its market presence with plans to open 10 new locations in the next fiscal year[5]. - The company is expanding its market presence in the Southeast region, targeting a 15% market share by the end of the year[5]. - The company plans to open 50 new retail locations in key markets, aiming for a 20% increase in foot traffic[8]. - The company is exploring potential acquisitions to enhance its product offerings and market share[179]. - The company is actively pursuing partnerships with local businesses to enhance community engagement and drive foot traffic[183]. Environmental and Governance Commitments - Regency Centers aims to generate same property net operating income (NOI) growth that consistently ranks at or near the top of its shopping center peers[34]. - The company has set a target to reduce absolute Scope 1 and 2 greenhouse gas (GHG) emissions by 28% by 2030, measured against a 2019 baseline[52]. - Regency Centers plans to achieve net-zero Scope 1 and 2 GHG emissions across all operations by 2050[52]. - The company is committed to best-in-class corporate governance, emphasizing integrity and transparency in its reporting practices[48]. - The company promotes philanthropic efforts and charitable giving, with significant contributions made by both the company and its employees to local non-profits[47]. Operational Challenges and Risks - Economic challenges such as inflation, labor shortages, and supply chain constraints are impacting tenants' ability to pay rent, which could lead to increased uncollectible lease income[74]. - The company reported that high interest rates may adversely impact borrowing costs, real estate valuations, and stock prices, potentially affecting future business plans and growth[70]. - The company anticipates that prolonged high interest rates could negatively affect the valuation of its real estate asset portfolio and stock price, impacting capital raising efforts[72]. - The company faces potential adverse impacts on business and liquidity due to unfavorable developments in the banking and financial services industry, which could impair access to capital and increase financing costs[76]. - The company may experience significant revenue reductions if a major tenant files for bankruptcy and rejects its leases, impacting cash flows and net income[90]. - The company is exposed to risks associated with mixed-use developments, which may present unique challenges and require different management expertise compared to retail-only projects[97]. - The company is exposed to risks related to climate change, which may increase operational costs and affect property values[107]. Corporate Structure and Governance - The company appointed new executive officers, including Alan T. Roth as East Region President & COO and Nicholas A. Wibbenmeyer as West Region President & CIO, both effective January 1, 2024[64]. - The company utilizes non-GAAP measures such as Nareit Funds from Operations (Nareit FFO) to provide insights into operational performance, excluding gains on sales and impairments of real estate[66]. - The company must distribute at least 90% of its REIT taxable income to qualify as a REIT, which may limit its ability to fund capital needs from operational income[118]. - The company is required to make annual distributions equal to at least 90% of its real estate investment trust taxable income to maintain its REIT status[190]. - The company has a stock repurchase program authorized for up to $250 million, which will expire on June 30, 2026, unless modified or terminated earlier[191]. Financial Health and Liquidity - The company maintains a conservative balance sheet to provide liquidity and financial flexibility, managing debt maturities to weather economic downturns[39]. - The company relies on external capital sources, which may not be available on favorable terms, impacting its ability to fund future capital needs[118]. - The company carries various types of insurance, but uninsured losses or losses exceeding coverage may materially impact financial results[110]. - The company reported a cumulative total shareholder return of 144.73% as of December 31, 2024, compared to the S&P 500's 197.02%[193]. - The company declared a common stock dividend of $0.705 per share, payable on April 2, 2025[227].

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Financial Data and Key Metrics Changes - The company reported strong same property NOI and earnings growth, reflecting robust tenant demand and value-driving opportunities [7][8] - Core operating earnings growth was just over 5% excluding prior year collections, with same property NOI growth of 3.6% for the year [26][29] - The company increased its dividend by 5% in the fourth quarter, indicating continued financial strength [8] Business Line Data and Key Metrics Changes - The company executed nearly 2,000 leases in 2024, covering over 9.4 million square feet, achieving record high leasing activity [12][13] - Same property leased rate ended the year at 96.7%, with shop occupancy lease rate at 94.1% [13] - Cash rent spreads finished the year at approximately 11% in Q4, with renewal rent spreads nearly at 9%, the highest in over fifteen years [14][15] Market Data and Key Metrics Changes - Tenant demand remained strong across all regions, particularly in groceries, restaurants, health and wellness, personal services, and off-price categories [12] - The company has close to $500 million in projects in process, with blended returns exceeding 9% [21][22] Company Strategy and Development Direction - The company aims to maintain a strong development platform, targeting $250 million or more in project starts for 2025 [9][19] - The focus remains on grocery-anchored developments, with a disciplined approach to capital allocation [67][108] - The company is actively pursuing acquisition opportunities while prioritizing development and redevelopment projects [65][68] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about continued strong momentum, supported by a sector-leading balance sheet and liquidity position [11][30] - The company anticipates same property NOI growth in the range of 3.2% to 4% for 2025, driven primarily by base rent growth [29] - Management noted that while tenant bankruptcies are a concern, the company's exposure to credit risk is manageable [17][30] Other Important Information - The company raised $100 million of equity in Q4, enhancing liquidity and balance sheet capacity [31] - The credit loss forecast for 2025 is in line with historical averages, reflecting a cautious but stable outlook [30][54] Q&A Session Summary Question: Development and Redevelopment Plans for 2025 - The company plans to find another $250 million in development or redevelopment opportunities in 2025, maintaining a steady pipeline [39] Question: Drivers of Earnings Guidance - Earnings guidance is primarily driven by same property NOI growth, with additional contributions from accretive capital allocation and share repurchases [44][45] Question: Credit Loss Reserve Explanation - The credit loss reserve of 75 to 100 basis points includes uncollectible lease income and potential lost base rent from bankruptcies, with a focus on manageable exposure [50][52] Question: Same Store NOI Range and Spread Drivers - The same store NOI range for the year is slightly better than expected, with move-outs and credit loss being significant factors [58][60] Question: Transaction Market and Cap Rates - The company is actively pursuing acquisition opportunities, with expectations of maintaining a spread of 150 basis points over acquisitions [69][70] Question: Operating Expenses Management - Operating expenses grew less than 1% year-over-year due to diligent management and contract negotiations [120][121] Question: Impact of Economic Policies - Management does not expect significant material impact from immigration policies or tariffs, citing the resilience of the consumer in their trade areas [126][128] Question: Stability of Development Yields - The company is focused on maintaining development yields above 7%, with careful underwriting to account for potential cost increases [135][138]

Core Viewpoint - Regency Centers Corporation (REG) reported strong fourth-quarter 2024 results, with NAREIT funds from operations (FFO) per share of $1.09, exceeding estimates and reflecting a 6.9% year-over-year increase [1][2][3] Financial Performance - Total revenues for Q4 2024 were $372.5 million, a 3.6% increase from the previous year, but slightly below the consensus estimate of $373.2 million [2] - For the full year 2024, NAREIT FFO per share was $4.30, up from $4.15 in the prior year, and total revenues reached $1.42 billion, marking a 9.9% increase [3] Leasing Activity - In Q4 2024, Regency executed approximately 2.3 million square feet of new and renewal leases with a blended cash rent spread of 10.8% [4] - The same property portfolio was 96.7% leased as of December 31, 2024, reflecting a 60 basis points increase sequentially and a 100 basis points increase year-over-year [4] - The same property net operating income (NOI) increased 4.0% year-over-year to $235.3 million, with base rents contributing 3.3% to this growth [5] Development Projects - As of December 31, 2024, Regency's in-process development and redevelopment projects had estimated net project costs of approximately $497 million, with 39% of the costs incurred to date [6] Acquisitions - In October 2024, Regency, in partnership with an institutional joint venture, acquired University Commons - Austin in Round Rock, TX, for around $14 million at the company's share [7] Balance Sheet - As of December 31, 2024, Regency had nearly $1.4 billion of capacity under its revolving credit facility, with a pro-rata net debt and preferred stock to operating EBITDAre ratio of 5.2X [8] 2025 Outlook - The company provided initial guidance for 2025, expecting NAREIT FFO per share in the range of $4.52-$4.58, above the current consensus estimate of $4.49 [10] - Same property NOI growth (excluding termination fees) is anticipated to be between 3.2% and 4.0% [10]

4Q24 Earnings Presentation February 2025 Midtown East | Raleigh, NC 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 conditions, outlook and other similar statements relating to Regency's future events, developments, or financial or operational performance or results such as our 2025 Guidance, are "forward-looking statements" made pursuant to the safe harbor pro ...

Core Viewpoint - Regency Centers (REG) reported quarterly funds from operations (FFO) of $1.09 per share, exceeding the Zacks Consensus Estimate of $1.07 per share, and showing an increase from $1.02 per share a year ago, indicating a positive trend in performance [1][2] Financial Performance - The company achieved revenues of $372.54 million for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 1.85% and up from $359.6 million year-over-year [2] - Over the last four quarters, Regency Centers has consistently exceeded consensus FFO estimates, achieving this four times [2] Market Performance - Regency Centers shares have declined approximately 1.2% since the beginning of the year, contrasting with the S&P 500's gain of 3.1%, indicating underperformance relative to the broader market [3] Future Outlook - The current consensus FFO estimate for the upcoming quarter is $1.12 on revenues of $378.2 million, and for the current fiscal year, it is $4.49 on revenues of $1.54 billion, suggesting expectations for continued growth [7] - The estimate revisions trend for Regency Centers is currently favorable, contributing to a Zacks Rank 2 (Buy) for the stock, indicating expectations for outperformance in the near future [6] Industry Context - The REIT and Equity Trust - Retail industry, to which Regency Centers belongs, is currently ranked in the top 32% of over 250 Zacks industries, suggesting a favorable industry outlook that could positively impact stock performance [8]

Financial Performance - Net Income Attributable to Common Shareholders for Q4 2024 was $0.46 per diluted share, compared to $0.47 per diluted share in Q4 2023[17]. - Full year Net Income Attributable to Common Shareholders was $2.11 per diluted share for 2024, up from $2.04 per diluted share in 2023[17]. - For Q4 2024, Net Income Attributable to Common Shareholders was $83.1 million, or $0.46 per diluted share, a decrease from $86.4 million, or $0.47 per diluted share in Q4 2023[22]. - Net income attributable to common shareholders for Q4 2024 was $83,066,000, a decrease of 3.0% from $86,361,000 in Q4 2023[33]. - Net income attributable to common shareholders for the year ended December 31, 2024, was $386.7 million, a 7.5% increase from $359.5 million in 2023[62]. - Nareit Funds From Operations (Nareit FFO) for Q4 2024 was reported at $1.09 per diluted share, and $4.30 per diluted share for the full year[20]. - Nareit FFO for Q4 2024 was $199.5 million, or $1.09 per diluted share, compared to $190.0 million, or $1.02 per diluted share in Q4 2023, representing a 7.9% increase[22]. - Nareit Funds From Operations (FFO) for the year ended 2024 increased to $790,892, up 7.4% from $736,086 in 2023[79]. - Core Operating Earnings for Q4 2024 were $1.04 per diluted share, with full year earnings at $4.13 per diluted share[20]. - Core Operating Earnings for Q4 2024 were $190.6 million, or $1.04 per diluted share, up from $184.4 million, or $0.99 per diluted share in Q4 2023, reflecting a 6.0% increase[22]. - Core Operating Earnings per share (diluted) rose to $4.13 for the year ended 2024, compared to $3.95 in 2023, reflecting a 4.6% increase[79]. Property Performance - Same Property NOI increased by 4.0% year-over-year for Q4 2024, and by 3.6% for the full year[20]. - Same Property NOI for Q4 2024 increased by 4.0% year-over-year, with Same Property base rents contributing 3.3% to this growth[22]. - Same Property NOI for the year ended December 31, 2024, was $939,848 million, up 2.7% from $915,042 million in 2023[76]. - Same Property NOI without termination fees for the year ended 2024 was $934,974, reflecting a growth of 3.1% from $907,172 in 2023[54]. - Same Property percent leased reached a record high of 96.7%, increasing by 100 basis points year-over-year[20]. - Regency's Same Property portfolio was 96.7% leased as of December 31, 2024, an increase of 60 basis points sequentially and 100 basis points year-over-year[22]. - The percentage of leased properties increased to 96.3% as of December 31, 2024, compared to 95.1% in December 2023[56]. - The occupancy rate across all properties was reported at 96.3% as of December 31, 2024, indicating strong leasing performance[110]. - The overall occupancy rate for all properties is 96.3%, with an annual base rent (ABR) totaling $1,186,227,000[113]. Leasing Activity - Executed 8.1 million square feet of new and renewal leases in 2024, with blended rent spreads of +9.5% on a cash basis[20]. - The company executed approximately 2.3 million square feet of new and renewal leases in Q4 2024 at a blended cash rent spread of +10.8%[24]. - In Q4 2024, the total leasing transactions reached 426, with a Gross Leasable Area (GLA) of 2,298,000 sq. ft., and a new base rent of $27.49 per sq. ft., reflecting a rent spread of 10.8%[102]. - For new leases in Q4 2024, the weighted average lease term was 9.0 years, with a new base rent of $34.40 per sq. ft. and a cash rent spread of 15.9%[102]. - The total annual base rent (ABR) across all properties as of December 31, 2024, was $1,186,227,000, with an average ABR per sq. ft. of $25.16[110]. - The company achieved a rent spread of 12.8% for new leases over the past 12 months, indicating strong demand and pricing power[102]. Development and Redevelopment - Initiated over $35 million in new development and redevelopment projects in Q4 2024, totaling $258 million for the year[20]. - The company plans to spend approximately $250 million on development and redevelopment in 2025, compared to $228.8 million in 2024[26]. - Total in-process developments and redevelopments amount to $497 million, with 94% leased and an estimated yield of 9% +/-[96]. - Ground-up developments have incurred costs of $238 million, with an average stabilization yield of 7% +/- and 79% leased[96]. - Redevelopments total $259 million in costs, achieving a stabilization yield of 10% +/- and 96% leased[96]. Financial Guidance - Regency's 2025 guidance for Net Income Attributable to Common Shareholders per diluted share is projected to be between $2.25 and $2.31, up from $2.11 in 2024[26]. - Nareit Funds From Operations (Nareit FFO) per diluted share is expected to be between $4.52 and $4.58 for 2025, up from $4.30 in 2024[147]. - Same property NOI growth without termination fees is projected to be between 3.2% and 4.0% for 2025, compared to 3.6% in 2024[147]. - Development and redevelopment spend for 2025 is estimated at approximately $250,000,000, compared to $228,847,000 in 2024[147]. - Acquisitions for 2025 are projected to be around $135,000,000, up from $91,905,000 in 2024[147]. Debt and Capital Structure - Total Debt Outstanding as of December 31, 2024, was $4,408,700, an increase from $4,153,949 in 2023[84]. - The weighted average contractual interest rate for total debt was 4.11% as of December 31, 2024, compared to 3.9% in 2023[84]. - The percentage of fixed debt increased to 98.3% in 2024 from 96.3% in 2023, indicating a shift towards more stable financing[84]. - The net debt to total market capitalization ratio stands at 24.1% as of December 31, 2024, a slight decrease from 26.7% in the previous quarter[88]. - Fixed charge coverage ratio is reported at 4.7x for December 31, 2024, indicating strong ability to cover fixed charges[88]. Market and Economic Outlook - Forward-looking statements indicate that the company anticipates potential impacts from economic and geopolitical challenges on its operations[41]. - The company emphasizes the importance of non-GAAP measures for evaluating financial performance and trends[36]. Tenant and Property Mix - Grocery tenants represent 20% of the total ABR, while quick service/fast casual restaurants account for 13%[115]. - The top 50 CBSAs contribute 83.4% of the total ABR, indicating a strong concentration of revenue in these areas[113]. - Major tenants include Publix, CVS, and Whole Foods, contributing to high occupancy rates in various locations[134]. - The average rent per square foot across the portfolio is $21.56, with major tenants including Publix, TJ Maxx, and CVS[131].

Core Insights - Regency Centers Corporation reported a slight decrease in net income attributable to common shareholders for Q4 2024, with earnings of $0.46 per diluted share compared to $0.47 in Q4 2023 [1][6] - For the full year 2024, net income attributable to common shareholders increased to $2.11 per diluted share from $2.04 in 2023 [1][6] - The company provided initial earnings guidance for 2025, projecting net income per diluted share between $2.25 and $2.31 [14][15] Financial Results - Reported Nareit FFO for Q4 2024 was $1.09 per diluted share, up from $1.02 in Q4 2023, and for the full year, it increased to $4.30 from $4.15 [5][11] - Core Operating Earnings for Q4 2024 were $1.04 per diluted share, compared to $0.99 in Q4 2023, with full-year earnings rising to $4.13 from $3.95 [5][11] - Same Property NOI increased by 4.0% year-over-year for Q4 2024 and by 3.6% for the full year, excluding lease termination fees [5][11][24] Portfolio Performance - The occupancy rate reached a record high of 96.7%, with a year-over-year increase of 100 basis points [5][11] - The company executed 8.1 million square feet of comparable new and renewal leases in 2024, achieving blended rent spreads of +9.5% on a cash basis [5][11] - Same Property shop percent leased increased to 94.1%, reflecting a 60 basis point year-over-year improvement [5][11] Capital Allocation and Balance Sheet - Regency started over $35 million in new development and redevelopment projects in Q4 2024, totaling $258 million for the year [5][11] - The company raised $100 million of common stock through its ATM program at an average price of $74.66 per share [5][11] - As of December 31, 2024, Regency's pro-rata net debt and preferred stock to operating EBITDAre was 5.2x [5][11] Acquisitions and Dispositions - In Q4 2024, Regency acquired University Commons in Austin, Texas, for approximately $14 million [16] - The company disposed of two small office buildings in Greenwich, Connecticut, for about $5 million [16] - Subsequent to year-end, Regency acquired its partner's interest in Putnam Plaza for approximately $10 million [16] Dividend Information - On February 4, 2025, the Board declared a quarterly cash dividend of $0.705 per share, payable on April 2, 2025 [16] - The Board also declared dividends on Series A and Series B preferred stock, payable on April 30, 2025 [16]

Regency Centers Corp. (REG) is slated to report fourth-quarter and full-year 2024 results on Feb. 6, after the closing bell. The company’s quarterly results are likely to display year-over-year growth in revenues and funds from operations (FFO) per share.See the Zacks Earnings Calendar to stay ahead of market-making news.In the last reported quarter, this Jacksonville, FL-based retail real estate investment trust (REIT) reported NAREIT FFO per share of $1.07, outpacing the Zacks Consensus Estimate of $1.04. ...