Regency Centers Corporation (“Regency” or the “Company”) (Nasdaq: REG) today reported financial and operating results for the period ended September 30, 2022 and provided updated 2022 earnings guidance. For the three months ended September 30, 2022 and 2021, Net Income was $0.51 per diluted share and $0.69 per diluted share, respectively.
Third Quarter 2022 Highlights
Reported Nareit FFO of $1.01 per diluted share and Core Operating Earnings of $0.94 per diluted share for the third quarter
Raised 2022 Nareit FFO guidance to a range of $4.00 to $4.03 per diluted share
Raised 2022 Core Operating Earnings guidance to a range of $3.75 to $3.78 per diluted share, representing a 7% year-over-year increase at the midpoint excluding prior year collections
Increased Same Property NOI excluding lease termination fees and prior year collections by 2.6% during the third quarter over the same period a year ago
Increased Same Property percent leased by 20 basis points sequentially to 94.7%, and Same Property small shop percent leased by 40 basis points sequentially to 91.4%
Executed quarterly volume of 2.3 million square feet of comparable new and renewal leases during the third quarter at a blended cash rent spread of +7.0%
Net project costs for Regency’s in-process development and redevelopment projects were approximately $398 million as of September 30, 2022
Achieved pro-rata net debt-to-operating EBITDAre of 5.0x as of September 30, 2022
In September, Moody’s Investors Service affirmed its Baa1 senior unsecured debt rating for Regency and revised its outlook from stable to positive
Subsequent to quarter end, on October 12, 2022, completed the acquisition of East Meadow Plaza in East Meadow, NY at a gross purchase price of $30 million at Regency’s share
Subsequent to quarter end, on November 2, 2022, Regency’s Board of Directors (the “Board”) declared a quarterly cash dividend on the Company’s common stock of $0.65 per share, an increase of 4% from the prior quarterly dividend
We are pleased to report another quarter of solid results, and remain encouraged by continued robust tenant demand and overall operating trends, said Lisa Palmer, President and Chief Executive Officer. "While the macroeconomic backdrop is more challenging today, Regency is well-positioned given the demographic profile of our shopping centers, our value creation expertise, and the strength of our balance sheet to weather economic storms. With solid contractual rent growth, mark-to-market upside in our leases, room to further grow occupancy, and execution on our self-funded development and redevelopment strategy, we are positioned to continue to drive solid and sustainable growth.