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Regency Centers Reports First Quarter 2025 Results
REGRegency Centers(REG) GlobeNewswire·2025-04-29 20:15

Core Insights - Regency Centers Corporation reported stable net income for Q1 2025, maintaining 0.58perdilutedshare,consistentwithQ12024[4]−ThecompanyexperiencedstronggrowthinSamePropertyNetOperatingIncome(NOI),increasingby4.30.58 per diluted share, consistent with Q1 2024 [4] - The company experienced strong growth in Same Property Net Operating Income (NOI), increasing by 4.3% year-over-year, excluding lease termination fees [9][15] - Regency's credit rating was upgraded to "A-" with a stable outlook by S&P Global Ratings in February 2025 [8][16] Financial Results - Net Income Attributable to Common Shareholders for Q1 2025 was 106.2 million, slightly down from 106.4millioninQ12024[4]−NareitFundsFromOperations(FFO)forQ12025was106.4 million in Q1 2024 [4] - Nareit Funds From Operations (FFO) for Q1 2025 was 210.7 million, or 1.15perdilutedshare,comparedto1.15 per diluted share, compared to 200.0 million, or 1.08perdilutedshareinQ12024[5][24]−CoreOperatingEarningsforQ12025was1.08 per diluted share in Q1 2024 [5][24] - Core Operating Earnings for Q1 2025 was 199.4 million, or 1.09perdilutedshare,upfrom1.09 per diluted share, up from 193.1 million, or 1.04perdilutedshareinQ12024[6][24]PortfolioPerformance−SamePropertypercentleasedwas96.51.04 per diluted share in Q1 2024 [6][24] Portfolio Performance - Same Property percent leased was 96.5%, an increase of 100 basis points year-over-year [8][15] - Same Property anchor percent leased was 98.3%, up 130 basis points year-over-year, while Same Property shop percent leased was 93.7%, an increase of 70 basis points year-over-year [8][15] - The company executed 1.4 million square feet of comparable new and renewal leases during the quarter, achieving blended rent spreads of +8.1% on a cash basis and +18.6% on a straight-lined basis [8][15] Capital Allocation and Balance Sheet - Regency's in-process development and redevelopment projects had estimated net project costs of 499 million, with a blended yield of 9% [8][11] - The company completed acquisitions totaling approximately 133millioninQ12025,includingtheacquisitionofBrentwoodPlacefor133 million in Q1 2025, including the acquisition of Brentwood Place for 119 million [16] - As of March 31, 2025, Regency had approximately 1.2billionofcapacityunderitsrevolvingcreditfacility[16]2025Guidance−Thecompanyreaffirmedits2025earningsguidanceforNareitFFO,CoreOperatingEarnings,andSamePropertyNOIgrowth,projectingNareitFFOperdilutedsharebetween1.2 billion of capacity under its revolving credit facility [16] 2025 Guidance - The company reaffirmed its 2025 earnings guidance for Nareit FFO, Core Operating Earnings, and Same Property NOI growth, projecting Nareit FFO per diluted share between 4.52 and $4.58 [14] - Same Property NOI growth without termination fees is expected to be between +3.2% and +4.0% for 2025 [14]