Financial Performance - Net Income Attributable to Common Shareholders for Q1 2025 was $106.2 million, or $0.58 per diluted share, consistent with Q1 2024[20]. - Nareit FFO for Q1 2025 was $210.7 million, or $1.15 per diluted share, an increase from $200.0 million, or $1.08 per diluted share in Q1 2024[25]. - Core Operating Earnings for Q1 2025 were $199.4 million, or $1.09 per diluted share, compared to $193.1 million, or $1.04 per diluted share in Q1 2024[26]. - Net income attributable to common shareholders for Q1 2025 was $106,174, compared to $106,361 in Q1 2024, reflecting a slight decrease[65]. - Nareit Funds From Operations (Nareit FFO) increased to $210,749 in Q1 2025 from $199,967 in Q1 2024, representing a growth of 5.9%[65]. - Core Operating Earnings for the three months ended March 31, 2025, were $199,443, up from $193,068 in 2024, with Core Operating Earnings per share increasing to $1.09 from $1.04[89]. - Total revenues for Q1 2025 increased to $380,912,000, up from $363,852,000 in Q1 2024, representing a growth of 4.3%[76]. Property Operations - Same Property NOI increased by 4.3% year-over-year, excluding lease termination fees, with Same Property base rents contributing 4.0% to this growth[23]. - Same Property NOI for Q1 2025 was $273.8 million, reflecting a 4.5% increase from $262.9 million in Q1 2024[39]. - Same Property NOI without termination fees grew by 4.3% year-over-year, reaching $271,498 in Q1 2025[65]. - Same Property percent leased ended the quarter at 96.5%, up 100 basis points year-over-year, while Same Property percent commenced was 93.5%, up 170 basis points year-over-year[23]. - The percentage leased for all properties remained stable at 96.3% as of March 31, 2025, consistent with the previous quarter[67]. - The overall occupancy rate across all properties is 96.3%, with a total annual base rent of $1,200,671,000, averaging $25.24 per square foot[3]. Leasing Activity - Executed 1.4 million square feet of comparable new and renewal leases during the quarter at blended rent spreads of +8.1% on a cash basis and +18.6% on a straight-lined basis[23]. - Leasing statistics for Q1 2025 show 384 transactions covering 1,409,000 square feet with a new base rent of $28.22 per square foot, reflecting an 8.1% cash rent spread[110]. - New leases in Q1 2025 totaled 84 transactions for 187,000 square feet, with a new base rent of $38.29 per square foot and a 22.7% straight-lined rent spread[110]. - Renewals in Q1 2025 accounted for 300 transactions covering 1,222,000 square feet, with a new base rent of $26.66 per square foot and a cash rent spread of 7.9%[110]. Acquisitions and Investments - Acquired Brentwood Place, a community center in Nashville, TN, for $119 million on March 14, 2025[23]. - The company completed acquisitions totaling approximately $133 million in Q1 2025, including Brentwood Place for $119 million[33]. - In Q1 2025, Regency completed acquisitions totaling $133.032 million, with a weighted average cap rate of 5.4%[103]. Debt and Financing - Pro-rata net debt and preferred stock to operating EBITDAre at March 31, 2025 was 5.3x[23]. - Total debt outstanding as of March 31, 2025, was $4,641,240,000, an increase from $4,408,700,000 as of December 31, 2024, representing a rise of 5.3%[93]. - The weighted average contractual interest rate for total debt was 4.16% as of March 31, 2025, compared to 4.1% as of December 31, 2024[93]. - The interest coverage ratio stands at 5.3x, indicating strong ability to meet interest obligations[97]. Guidance and Projections - Net Income Attributable to Common Shareholders per diluted share for 2025 is guided at $2.25 - $2.31, consistent with previous guidance[31]. - Nareit Funds From Operations (FFO) per diluted share is projected to be $4.52 - $4.58 for 2025, unchanged from prior guidance[31]. - Core Operating Earnings per diluted share is expected to be $4.30 - $4.36 for 2025, maintaining previous guidance[31]. - Same property NOI growth without termination fees is projected at 4.3%, compared to a previous range of +3.2% to +4.0%[31]. Development Projects - Regency's in-process development and redevelopment projects had estimated net project costs of $499 million at a blended yield of 9% as of March 31, 2025[23]. - Total in-process developments and redevelopments amount to $499 million, with 51% of costs incurred and an estimated stabilized yield of 9% +/-[105]. - Ground-up development expenditures were $34,154,000 in Q1 2025, significantly higher than $15,875,000 in Q1 2024, indicating a growth of 115.1%[91]. Shareholder Returns - Dividends declared per common share increased to $0.705 in Q1 2025 from $0.670 in Q1 2024, indicating a positive trend in shareholder returns[65].
Regency Centers(REGCO) - 2025 Q1 - Quarterly Results