Regency Centers(REGCP) - 2024 Q4 - Annual Results

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[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 Q4 2024 was $83.066 million, a decrease from $86.361 million in Q4 2023, while the full year net income increased to $386.738 million from $359.500 million[83] Funds from Operations - Nareit FFO for Q4 2024 was reported at $1.09 per diluted share, with a full year total of $4.30 per diluted share[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, reflecting a 7.9% increase[24] - Nareit Funds From Operations (Nareit FFO) for Q4 2024 increased to $199.472 million, up 4.3% from $190.038 million in Q4 2023[58] - 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[152] Core Operating Earnings - Core Operating Earnings for Q4 2024 were $1.04 per diluted share, with a full year total of $4.13 per diluted share[22] - 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, indicating a 6.2% growth[24] - Core Operating Earnings for Q4 2024 reached $190.578 million, compared to $184.381 million in Q4 2023, and full year Core Operating Earnings increased to $760.662 million from $700.856 million[83] Same Property Performance - 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[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] - Same Property NOI for Q4 2024 was $237,033,000, reflecting a 3.8% increase compared to $228,381,000 in Q4 2023[36] - Full year 2024 Same Property NOI growth was 3.6%, with guidance for 2025 set between +3.2% to +4.0%[28] Leasing Activity - Executed 8.1 million square feet of comparable new and renewal leases during the full year, achieving blended rent spreads of +9.5% on a cash basis[22] - Regency 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] 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 started development and redevelopment projects with estimated net project costs of approximately $258 million in 2024, including over $35 million in Q4[26] - Development and redevelopment spending for 2025 is estimated at approximately $250,000,000, compared to $228,847,000 in 2024[152] Debt and Financial Ratios - Pro-rata net debt and preferred stock to operating EBITDAre was 5.2x as of December 31, 2024[22] - Outstanding debt as of December 31, 2024, was $4.984 billion, up from $4.689 billion in 2023[58] - The company maintains a net debt to total market capitalization ratio of 24.1% as of December 31, 2024, reflecting a stable financial position[92] - The interest coverage ratio stands at 5.3x for the quarter ending December 31, 2024, indicating strong ability to meet interest obligations[92] Dividend Information - A quarterly cash dividend of $0.705 per share was declared on February 4, 2025[22] - The company declared dividends of $0.705 per common share for Q4 2024, up from $0.67 in Q4 2023[58] Market and Asset Overview - 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, compared to $17.264 billion in 2023[58] - Total assets as of December 31, 2024, were $1.02 billion, an increase from $936.4 million in 2023[71] Strategic Initiatives - The company’s management highlighted ongoing efforts in market expansion and new product development as part of their strategic initiatives moving forward[66] - The company is exploring potential acquisitions to further diversify its portfolio and enhance market presence[130] - Future strategies include enhancing tenant mix and exploring new acquisition opportunities to drive growth[140]