Regency Centers(REGCP) - 2025 Q1 - Quarterly Results

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, up 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 per diluted share for 2025 is projected to be between $2.25 and $2.31, consistent with previous guidance[31] - Nareit Funds From Operations (FFO) per diluted share is expected to be between $4.52 and $4.58 for 2025, unchanged from prior guidance[31] - Core Operating Earnings per diluted share guidance for 2025 is also set at $4.30 to $4.36, maintaining previous estimates[31] Property and Leasing Performance - Same Property NOI increased by 4.3% year-over-year, excluding lease termination fees, with base rents contributing 4.0% to this growth[23] - Same Property percent leased ended the quarter at 96.5%, an increase of 100 basis points year-over-year[23] - Executed 1.4 million square feet of comparable new and renewal leases during Q1 2025 at blended rent spreads of +8.1% on a cash basis and +18.6% on a straight-lined basis[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] - The percentage of leased retail operating properties remained stable at 96.5% for Q1 2025, consistent with Q4 2024[77] Acquisitions and Developments - 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] - 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% +/-[106] Debt and Financial Ratios - Pro-rata net debt and preferred stock to operating EBITDAre was 5.3x as of March 31, 2025[23] - Outstanding debt rose to $5,208,574 as of March 31, 2025, compared to $4,984,071 at the end of 2024, indicating increased leverage[65] - 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, reflecting a growth of 5.3%[93] - The company's total consolidated debt to total consolidated assets ratio is 27%, well below the required maximum of 65%[98] - The fixed charge coverage ratio is 4.7x, demonstrating strong ability to cover fixed financial obligations[98] Revenue and Income Growth - Total revenues for Q1 2025 increased to $380,912,000, up from $363,852,000 in Q1 2024, representing a growth of 4.3%[77] - Lease income rose to $371,079,000 in Q1 2025, compared to $353,106,000 in Q1 2024, reflecting an increase of 5.1%[77] - The company reported a consolidated NOI of $247,796 for the three months ended March 31, 2025, compared to $239,334 in 2024[80] 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] Market and Portfolio Overview - The company reported a total of 483 properties as of March 31, 2025, unchanged from the previous quarter[67] - The total gross leasable area (GLA) for all properties increased to 57,654,000 square feet as of March 31, 2025, from 57,013,000 square feet a year earlier[67] - The company has a diverse portfolio with properties in multiple states, enhancing its market presence and revenue stability[4] Future Guidance and Projections - Same property NOI growth without termination fees is projected at 4.3%, aligning with previous guidance of +3.2% to +4.0%[31] - General and administrative (G&A) expense is guided at $93,000 to $96,000 for 2025, with a year-to-date actual of $22,193[138] - Development and redevelopment spend is guided at approximately +/- $250,000 for 2025, with a year-to-date actual of $66,906[138]