Financial Performance - Net Income Attributable to Common Shareholders for Q4 2024 was $0.46 per diluted share, compared to $0.47 in Q4 2023[19] - Full year Net Income Attributable to Common Shareholders was $2.11 per diluted share for 2024, up from $2.04 in 2023[19] - For Q4 2024, Net Income Attributable to Common Shareholders was $83.1 million, or $0.46 per diluted share, down from $86.4 million, or $0.47 per diluted share in Q4 2023[24] - 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[36] - Net income attributable to common shareholders for the year ended December 31, 2024, was $386,738 million, an increase from $359,500 million in 2023[80] Funds From Operations - Reported Nareit FFO of $1.09 per diluted share for Q4 2024 and $4.30 per diluted share for the full year[22] - 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[24] - Nareit Funds From Operations (Nareit FFO) for the year ended 2024 increased to $790.892 million, up 7.4% from $736.086 million in 2023[58] - Nareit Funds From Operations (FFO) for Q4 2024 increased to $199.472 million, up from $190.038 million in Q4 2023, with FFO per share rising to $1.09 from $1.02[83] Core Operating Earnings - Core Operating Earnings for Q4 2024 were $1.04 per diluted share, with full year earnings at $4.13 per diluted share[22] - Core Operating Earnings for Q4 2024 reached $190.6 million, or $1.04 per diluted share, up from $184.4 million, or $0.99 per diluted share in Q4 2023[24] - Core Operating Earnings for Q4 2024 were $190.578 million, reflecting a growth of 3.3% compared to $184.381 million in Q4 2023[58] Same Property Performance - Same Property NOI increased by 4.0% year-over-year for Q4 and by 3.6% for the full year, excluding lease termination fees[22] - Same Property NOI for Q4 2024 increased by 4.0% year-over-year, with Same Property base rents contributing 3.3% to this growth[24] - For the full year 2024, Same Property NOI grew by 3.6% compared to 2023, with base rents contributing 2.9% to this growth[24] - Same Property NOI for Q4 2024 was $237,033,000, reflecting a 3.8% increase compared to $228,381,000 in Q4 2023[36] - Same Property NOI without termination fees for the year ended 2024 was $934.974 million, representing a growth of 3.1% from $907.172 million in 2023[58] Leasing Activity - Executed 8.1 million square feet of comparable new and renewal leases in 2024, with blended rent spreads of +9.5% on a cash basis[22] - 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%[26] - In Q4 2024, 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%[107] - The total number of leasing transactions for the past 12 months was 1,662, with a GLA of 8,133,000 sq. ft. and an average new base rent of $26.99 per sq. ft., resulting in a rent spread of 9.5%[107] Development and Redevelopment - Initiated over $35 million in new development and redevelopment projects in Q4 2024, totaling $258 million for the year[22] - The company plans to spend approximately $250 million on development and redevelopment in 2025, compared to $228.8 million in 2024[28] - Ground-up development expenditures for Q4 2024 were $19.476 million, significantly higher than $6.690 million in Q4 2023, indicating a focus on expanding operational capacity[85] - The total estimated costs for ground-up developments and redevelopments in-process is $545 million, with 41% of costs incurred[104] Acquisitions and Dispositions - Regency completed acquisitions totaling approximately $92 million and dispositions totaling approximately $112 million in 2024[26] - The company completed property acquisitions totaling $91.9 million in 2024, with an average cap rate of 6.4%[99] - Dispositions in 2024 totaled $111.9 million, with an average cap rate of 5.4%[100] Debt and Financing - Pro-rata net debt and preferred stock to operating EBITDAre was 5.2x as of December 31, 2024[22] - Total Debt Outstanding as of December 31, 2024, was $4.409 billion, an increase from $4.154 billion as of December 31, 2023[88] - Fixed rate debt constituted 98.3% of total debt as of December 31, 2024, compared to 96.3% in the previous year, indicating a shift towards more stable financing[88] - The company reported a provision for impairment of real estate of $14.3 million for Q4 2024, compared to no provision in Q4 2023[66] Market Capitalization and Equity - The market equity value of common shares and equivalents as of December 31, 2024, was $13.489 billion, an increase from $12.441 billion in 2023[58] - Total market capitalization as of December 31, 2024, reached $18.636 billion, up from $17.263 billion in 2023[58] Future Guidance - Regency's 2025 guidance projects Net Income Attributable to Common Shareholders per diluted share to be between $2.25 and $2.31, up from $2.11 in 2024[28] - Full Year 2025 guidance for net income attributable to common shareholders per diluted share is projected to be between $2.25 and $2.31, compared to $2.11 in 2024[152] - Same property NOI growth for 2025 is guided at 3.2% to 4.0%, compared to 3.6% in 2024[152] Tenant and Property Mix - Grocery tenants account for 20% of the total ABR, followed by Quick Service/Fast Casual restaurants at 13%[120] - Shop tenants (defined as <10K SF) make up 57% of the ABR, while Anchor tenants (defined as >10K SF) account for 43%[120] - The company maintains a diverse tenant mix, enhancing stability and reducing vacancy risks across its portfolio[130] Operational Efficiency - The company is exploring new technology solutions to enhance operational efficiency and tenant engagement[130] - Future strategies include enhancing tenant mix and exploring new development opportunities to increase overall ABR and occupancy rates[118]
Regency Centers(REGCO) - 2024 Q4 - Annual Results