Regency Centers(REG) ZACKS·2025-02-07 17:45Core Viewpoint - Regency Centers Corporation (REG) reported strong fourth-quarter 2024 results, with NAREIT funds from operations (FFO) per share of $1.09, exceeding estimates and reflecting a 6.9% year-over-year increase [1][2][3] Financial Performance - Total revenues for Q4 2024 were $372.5 million, a 3.6% increase from the previous year, but slightly below the consensus estimate of $373.2 million [2] - For the full year 2024, NAREIT FFO per share was $4.30, up from $4.15 in the prior year, and total revenues reached $1.42 billion, marking a 9.9% increase [3] Leasing Activity - In Q4 2024, Regency executed approximately 2.3 million square feet of new and renewal leases with a blended cash rent spread of 10.8% [4] - The same property portfolio was 96.7% leased as of December 31, 2024, reflecting a 60 basis points increase sequentially and a 100 basis points increase year-over-year [4] - The same property net operating income (NOI) increased 4.0% year-over-year to $235.3 million, with base rents contributing 3.3% to this growth [5] Development Projects - As of December 31, 2024, Regency's in-process development and redevelopment projects had estimated net project costs of approximately $497 million, with 39% of the costs incurred to date [6] Acquisitions - In October 2024, Regency, in partnership with an institutional joint venture, acquired University Commons - Austin in Round Rock, TX, for around $14 million at the company's share [7] Balance Sheet - As of December 31, 2024, Regency had nearly $1.4 billion of capacity under its revolving credit facility, with a pro-rata net debt and preferred stock to operating EBITDAre ratio of 5.2X [8] 2025 Outlook - The company provided initial guidance for 2025, expecting NAREIT FFO per share in the range of $4.52-$4.58, above the current consensus estimate of $4.49 [10] - Same property NOI growth (excluding termination fees) is anticipated to be between 3.2% and 4.0% [10]