Regency Centers Corporation (“Regency” or the “Company”) (Nasdaq: REG) today reported financial and operating results for the period ended March 31, 2023 and provided updated 2023 earnings guidance. For the three months ended March 31, 2023 and 2022, Net Income was $0.57 per diluted share and $1.14 per diluted share, respectively.
First Quarter 2023 Highlights
- Reported Nareit FFO of $1.08 per diluted share and Core Operating Earnings of $1.03 per diluted share for the first quarter
- Raised 2023 Nareit FFO guidance to a range of $4.07 to $4.15 per diluted share and 2023 Core Operating Earnings guidance to a range of $3.87 to $3.93 per diluted share
- The midpoint of 2023 Core Operating Earnings guidance represents 4.5% year-over-year growth, excluding the collection of receivables reserved during 2020-2021
- Increased Same Property NOI year-over-year by 6.3% in the first quarter, excluding lease termination fees and the collection of receivables reserved during 2020-2021
- Increased Same Property percent leased by 80 basis points year-over-year to 95.1%, and Same Property percent commenced by 70 basis points year-over-year to 92.8%
- Increased Same Property shop percent leased by 170 basis points year-over-year to 92.1%
- Executed 1.1 million square feet of comparable new and renewal leases during the first quarter at a blended cash rent spread of +5.5% and a blended straight-lined rent spread of +14.1%
- As of March 31, 2023, Regency’s in-process development and redevelopment projects had estimated net project costs of approximately $303 million
- Pro-rata net debt-to-operating EBITDAre was 4.9x at March 31, 2023
Subsequent Highlights
- On May 2, 2023, Regency’s Board of Directors (the “Board”) declared a quarterly cash dividend on the Company’s common stock of $0.65 per share
The strength of our first quarter results and operating trends are evidence that our business remains very healthy, supported by continued robust leasing demand,” said Lisa Palmer, President and Chief Executive Officer. “The resiliency of our asset class, combined with Regency’s high-quality portfolio, experienced team, strong balance sheet and liquidity position, and access to capital put us in an advantageous position to drive sustainable cash flow growth and to opportunistically and accretively invest capital.
To replay the First Quarter 2023 Earnings Conference Call or access the presentation material, visit Regency's Investor Relations page.