Regency Centers Reports Second Quarter 2024 Results

Core Insights - Regency Centers Corporation reported a net income attributable to common shareholders of $99.3 million, or $0.54 per diluted share for Q2 2024, compared to $86.8 million, or $0.51 per diluted share in Q2 2023, indicating a year-over-year increase in profitability [4][5][6] - The company raised its 2024 Nareit FFO guidance to a range of $4.21 to $4.25 per diluted share, and Core Operating Earnings guidance to a range of $4.06 to $4.10 per diluted share, reflecting a positive outlook for the year [2][13] - Regency's Same Property NOI increased by 3.3% year-over-year, excluding lease termination fees and the collection of receivables reserved during 2020 and 2021 [2][6][23] Financial Performance - Nareit FFO for Q2 2024 was $196.4 million, or $1.06 per diluted share, up from $176.8 million, or $1.03 per diluted share in Q2 2023 [5][19] - Core Operating Earnings for Q2 2024 were $189.3 million, or $1.02 per diluted share, compared to $164.7 million, or $0.96 per diluted share in the same period last year [5][19] - The company executed approximately 2.2 million square feet of comparable new and renewal leases at blended rent spreads of +9.2% on a cash basis and +18.2% on a straight-lined basis [2][7] Portfolio and Leasing Activity - As of June 30, 2024, Regency's Same Property portfolio was 95.8% leased, an increase of 80 basis points year-over-year [6][7] - The Same Property shop percent leased was 93.5%, also reflecting an increase of 80 basis points compared to the previous year [6][7] - The company started approximately $40 million of new development and redevelopment projects in Q2 2024, bringing the year-to-date total to $120 million [2][9] Capital Allocation and Shareholder Returns - Regency repurchased approximately 3.3 million shares of its stock for $200 million at an average price of $60.48 per share during the quarter [2][10] - The Board declared a quarterly cash dividend of $0.67 per share on July 31, 2024, payable on October 3, 2024 [3][12] - The company has a new share repurchase program authorized for up to $250 million, effective until July 30, 2026 [10] Corporate Responsibility and Credit Rating - S&P Global upgraded Regency's outlook to 'Positive' and affirmed its BBB+ credit rating in May 2024 [2][11] - The company issued its annual Corporate Responsibility report in May, highlighting its commitment to environmental, social, and governance initiatives [8]