Regency Centers(REG) - 2025 Q1 - Quarterly Report

Financial Performance - Net income attributable to common shareholders for Q1 2025 was $106.2 million, slightly down from$106.4 million in Q1 2024[120] - Net income attributable to common shareholders for the three months ended March 31, 2025, was $106.174 million, a decrease of$187, compared to $106.361 million in 2024[135] - Total real estate revenue increased by$17.136 million to $396.135 million for the three months ended March 31, 2025, compared to$378.999 million in 2024[139] - Nareit FFO attributable to common stock and unit holders for the three months ended March 31, 2025, was $210.749 million, an increase from$199.967 million in 2024[142] - Cash flows from operations for the three months ended March 31, 2025, were $161.0 million, compared to$167.8 million in 2024[149] - Net cash provided by operating activities decreased by $6.7 million to$161.0 million for the three months ended March 31, 2025, compared to $167.8 million in 2024[155] - Net cash used in investing activities increased by$37.8 million to $180.1 million in 2025, primarily due to an$83.2 million acquisition of two operating properties[156] - Net cash provided by financing activities decreased by $77.6 million to$35.8 million in 2025, with significant debt-related activities including a $200 million draw from the Line[163] Property and Leasing Performance - Pro-rata same property NOI, excluding termination fees, increased by 4.3$25.81 from $25.56, while for unconsolidated properties, it rose to$24.82 from $24.51[122] - The percentage leased for all properties remained stable at 96.3$1.22 billion available on its credit line as of March 31, 2025, which expires on March 23, 2028[123] - The company plans to require approximately $856.2 million in capital over the next 12 months for leasing commissions, tenant improvements, and maturing debt repayments[150] - The company has$430.3 million of loan maturities in the next 12 months, including $250 million of unsecured public debt maturing in November 2025[147] - The company expects to address maturing obligations through refinancing, available liquidity, and proceeds from potential property sales[147] - As of March 31, 2025, 89.4$498.5 million, slightly up from $497.3 million at the end of 2024[123] - The company invested$101.4 million in real estate development, redevelopment, and capital improvements during the three months ended March 31, 2025, up from $60.9 million in 2024[159] - The company has ongoing development projects with estimated net development costs of$238.8 million and a total of 586 thousand square feet of gross leasable area (GLA) as of March 31, 2025[162] - Redevelopment costs increased significantly, with total redevelopment projects in-process amounting to 259.7 million as of March 31, 2025[162] - The company plans to continue developing and redeveloping shopping centers for long-term investment, focusing on enhancing its portfolio through various redevelopment strategies[161] Financial Health and Ratings - The company received a credit rating upgrade to A- with a stable outlook from S&P Global Ratings in February 2025[123] - The company maintained compliance with various financial covenants as of March 31, 2025, and expects to continue this compliance[154] - The average interest rate for fixed rate debt was 4.11% as of March 31, 2025, while the average for variable rate debt was 5.21%[174] - An increase of 100 basis points in interest rates could decrease future earnings and cash flows by approximately 2.7 million per year based on $274.6 million of floating rate mortgage debt[170] - The company believes it can successfully issue new secured or unsecured debt to fund maturing obligations despite potential capital market volatility[169] Tenant and Partnership Information - Tenants currently in bankruptcy represent 0.9$2.5 million due to increases from occupancy and positive rental spreads on new and renewal leases[135] - As of March 31, 2025, the total assets of the real estate partnerships amounted to $2,808,448,000, a decrease of 1.2$2,843,157,000 on December 31, 2024[164] - The liabilities of the real estate partnerships were $1,653,665,000, down 1.4$1,676,507,000 as of December 31, 2024[164] - Regency's pro-rata share of equity in real estate partnerships was $435,909,000, reflecting a decrease of 1.9$444,354,000 at the end of 2024[164] - The company acquired a 33.3% share in a property partnership for $10.3 million, resulting in 100$5.1 million to $48.0 million for the three months ended March 31, 2025, compared to$42.9 million in the same period of 2024[134] - Management fee income for the three months ended March 31, 2025, was $6,812,000, an increase of 6.5$6,396,000 in the same period of 2024[167] - Scheduled principal repayments on notes payable for 2025 total $29,991,000, with total notes payable reaching$1.5 billion maturing through 2034[165] - 91.8% of the notes payable had a weighted average fixed interest rate of 3.9%, while the remaining had a variable interest rate of 6.5% as of March 31, 2025[165]