--- title: Regency Centers Reports Second Quarter 2023 Results description: Regency Centers reported financial and operating results for the period ended June 30, 2023 — one of the strongest and most active in its history. image: https://connect.regencycenters.com/hubfs/Featured%20Announcement%20%281250%20%C3%97%20729%20px%29%20%283%29.png --- - [Home](https://www.regencycenters.com/) - [Properties](https://connect.regencycenters.com/properties) - [In Development](https://connect.regencycenters.com/in-development) - [Regency](https://connect.regencycenters.com/regency) - [Contact](https://connect.regencycenters.com/contact) - [Investors](http://investors.regencycenters.com) - [Tenants](https://connect.regencycenters.com/tenants) - [Blog](https://connect.regencycenters.com/blog) - [Corporate Responsibility](https://www.regencycenters.com/corporate-responsibility) - [Leadership](https://www.regencycenters.com/leadership) - [Investors](http://investors.regencycenters.com) - [Tenants](https://www.regencycenters.com/tenants) - [Careers](https://www.regencycenters.com/regency/careers) [![Regency Centers](https://www.regencycenters.com/ResourcePackages/Regency/assets/dist/images/regency-centers.svg)](https://www.regencycenters.com/) [![Search](https://www.regencycenters.com/ResourcePackages/Regency/assets/dist/images/icon-search.svg) Properties](https://www.regencycenters.com/properties) ![Menu](https://www.regencycenters.com/ResourcePackages/Regency/assets/dist/images/icon-menu.svg) Menu - [Properties](https://www.regencycenters.com/properties) - [In Development](https://www.regencycenters.com/in-development) - [Regency](https://www.regencycenters.com/regency) - [Contact](https://www.regencycenters.com/contact) Search - [Inside Regency](https://connect.regencycenters.com/blog/topic/inside-regency) - [News Releases](https://connect.regencycenters.com/blog/topic/news-releases) - [Retailer News](https://connect.regencycenters.com/blog/topic/retailer-news) # Regency Centers Reports Second Quarter 2023 Results [Regency Centers](https://connect.regencycenters.com/blog/author/regency-centers) [News Releases](https://connect.regencycenters.com/blog/topic/news-releases) August 7, 2023 - [Tweet](https://twitter.com/share) Regency Centers Corporation (“Regency” or the “Company”) (Nasdaq: REG) reported financial and operating results for the period ended June 30, 2023 and provided updated 2023 earnings guidance. For the three months ended June 30, 2023 and 2022, Net Income was $0.51 per diluted share and $0.61 per diluted share, respectively. **Second Quarter 2023 Highlights** - Reported Nareit FFO of $1.03 per diluted share and Core Operating Earnings of $0.96 per diluted share for the second quarter - Raised 2023 Nareit FFO guidance to a range of $4.11 to $4.15 per diluted share and 2023 Core Operating Earnings guidance to a range of $3.89 to $3.93 per diluted share - The midpoint of 2023 Core Operating Earnings guidance represents approximately 5% year-over-year growth, excluding the collection of receivables reserved during 2020-2021 - Increased Same Property NOI year-over-year by 3.6% in the second quarter, excluding lease termination fees and the collection of receivables reserved during 2020-2021 - Increased Same Property percent leased by 70 basis points year-over-year to 95.2%, and Same Property percent commenced by 50 basis points year-over-year to 92.7% - Increased Same Property shop percent leased by 170 basis points year-over-year to 92.7% - Executed 2.0 million square feet of comparable new and renewal leases during the second quarter at blended rent spreads of +11.7% on a cash basis and +20.0% on a straight-lined basis - Started approximately $175 million of new development and redevelopment projects and completed approximately $68 million of redevelopment projects in the second quarter, at the Company’s share - As of June 30, 2023, Regency’s in-process development and redevelopment projects had estimated net project costs of $410 million - Issued the Company’s sixth annual [Corporate Responsibility Report](https://www.regencycenters.com/corporate-responsibility), illustrating Regency’s continued commitment to and leadership in ESG - Pro-rata net debt-to-operating EBITDA*re* was 4.9x at June 30, 2023 - On May 18, 2023, the Company and Urstadt Biddle Properties Inc. (“Urstadt Biddle”) (NYSE: UBA and UBP) entered into a definitive merger agreement by which Regency will acquire Urstadt Biddle in an all-stock transaction, including the assumption of debt and preferred stock **Subsequent Highlights** - On August 1, 2023, Regency’s Board of Directors (the “Board”) declared a quarterly cash dividend on the Company’s common stock of $0.65 per share > ![Headshot of Lisa Palmer](https://connect.regencycenters.com/hs-fs/hubfs/Lisa%20Palmer%202018%20(2).jpg?width=174&height=261&name=Lisa%20Palmer%202018%20(2).jpg)Regency’s second quarter was one of the strongest and most active in our history, reflected in tremendous leasing progress, robust development starts, and the announcement of our merger with Urstadt Biddle,” said [Lisa Palmer, President and Chief Executive Officer](https://www.regencycenters.com/employee/9308/Lisa-Palmer). “Our success revolves around the hard work of our exceptional teams, the quality of our portfolio, and the strength of our balance sheet. And importantly, we remain well positioned to continue to drive sustainable cash flow growth. To replay the First Quarter 2023 Earnings Conference Call or access the presentation material, visit Regency's [Investor Relations page](https://investors.regencycenters.com/). ##### Connect With Us [Join Our Mailing List](https://www.regencycenters.com/connect-with-us/)  > [Explore Our Markets](https://www.regencycenters.com/properties/our-markets)  > [Find a Space For Your Place](https://www.regencycenters.com/properties)  > ##### Related Stories [May 05 Regency Centers Reports First Quarter 2023 Results](https://connect.regencycenters.com/blog/first-quarter-2023-results) [Nov 04 Regency Centers Reports Third Quarter 2022 Results](https://connect.regencycenters.com/blog/regency-centers-reports-third-quarter-2022-results) [May 14 Regency Centers Earns 18th Consecutive First Coast Healthiest Companies Award](https://connect.regencycenters.com/blog/18th-first-coast-healthiest-companies-award) [Feb 05 Regency Centers Announces Lone Tree Village Development in Colorado](https://connect.regencycenters.com/blog/regency-centers-announces-lone-tree-village-a-king-soopers-anchored-retail-destination-serving-the-ridgegate-community) [Jan 29 Regency Centers Acquires Mount Sinai Shopping Center in Long Island](https://connect.regencycenters.com/blog/mount-sinai-shopping-center-in-long-island) [Feb 05 Regency Centers Announces Lone Tree Village Development in Colorado](https://connect.regencycenters.com/blog/regency-centers-announces-lone-tree-village-a-king-soopers-anchored-retail-destination-serving-the-ridgegate-community) [Sep 24 Regency Centers Unveils Ellis Village Center in Northern California](https://connect.regencycenters.com/blog/regency-centers-unveils-ellis-village-center-in-northern-california) [Jul 24 Regency Centers Completes $357M Portfolio Acquisition in Southern California](https://connect.regencycenters.com/blog/regency-centers-acquisition-southern-california) [May 05 Regency Centers Reports First Quarter 2023 Results](https://connect.regencycenters.com/blog/first-quarter-2023-results) Subscribe [![Regency Centers](https://www.regencycenters.com/ResourcePackages/Regency/assets/dist/images/regency-centers.svg)](https://connect.regencycenters.com/) - [Careers](https://www.regencycenters.com/regency/careers) - [Investors](http://investors.regencycenters.com/) - [News](http://investors.regencycenters.com/news-releases) - [Fresh Look](https://www.regencycenters.com/regency/fresh-look) - [Tenants](https://www.regencycenters.com/tenants) - [Contact](https://www.regencycenters.com/contact) [Find a Property](https://www.regencycenters.com/properties) [Leasing Agent](https://www.regencycenters.com/contact) ![Reg Listed NYSE](https://connect.regencycenters.com/hubfs/blog2018/images/stock-ticker.svg) [Regency Centers Facebook](https://www.facebook.com/RegencyCenters) [Regency Centers Twitter](https://twitter.com/RegencyCenters) [Regency Centers Instagram](https://www.instagram.com/regencycenters/) [Regency Centers LinkedIn](https://www.linkedin.com/company/regency-centers/) MEMBER **S&P 500** Regency Centers is a preeminent national owner, operator, and developer of shopping centers located in suburban trade areas with compelling demographics. ©2026 Regency Centers [Terms of Service](https://www.regencycenters.com/terms-of-service) [Privacy Policy](https://www.regencycenters.com/privacy-policy) Cookie Settings ![Quantcast](https://pixel.quantserve.com/pixel/p-XHwFJLhjBpfmt.gif) ![](https://connect.regencycenters.com/hubfs/Email%20(Blog)%20(3).png) ```json { "@context" : "https://schema.org", "@type" : "BlogPosting", "author" : { "@type" : "Person", "name" : "Regency Centers", "url" : "https://connect.regencycenters.com/blog/author/regency-centers" }, "dateModified" : "2024-10-01T18:29:38.681Z", "datePublished" : "2023-08-07T18:38:23.000Z", "headline" : "Regency Centers Reports Second Quarter 2023 Results", "image" : [ "https://connect.regencycenters.com/hubfs/Featured%20Announcement%20%281250%20%C3%97%20729%20px%29%20%283%29.png" ], "mainEntityOfPage" : { "@id" : "https://connect.regencycenters.com/blog/regency-centers-second-quarter-2023-results", "@type" : "WebPage" }, "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "url" : "/hs/hsstatic/content_shared_assets/static-1.4081/img/vast.png" }, "name" : "Regency Centers" } } ```