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Mar 31, 2021
Regency Centers Q1 2021 Earnings Report
Regency Centers reported financial results for Q1 2021, provided an update on the COVID-19 pandemic, and updated its 2021 Nareit FFO guidance.
Key Takeaways
Regency Centers reported a net income of $0.47 per diluted share for the quarter ended March 31, 2021, compared to a net loss of ($0.15) per diluted share for the same period in 2020. The company realized a percent leased of 92.5% in the same property portfolio as of March 31, 2021 and collected 93% of first quarter pro-rata base rent as of May 3, 2021.
Reported Nareit FFO of $0.90 per diluted share for the first quarter.
Updated 2021 Nareit FFO guidance to a range of $3.33 – $3.43 per diluted share.
Same Property Net Operating Income (“NOI”), excluding lease termination fees, decreased 1.6% during the first quarter.
Realized percent leased of 92.5% in the same property portfolio as of March 31, 2021.
Forward Guidance
Regency Centers provided updated 2021 guidance concurrently with the first quarter 2021 earnings release.
Positive Outlook
- Net Income Attributable to Common Stockholders per diluted share: $1.43 - $1.53
- Nareit Funds From Operations (“Nareit FFO”) per diluted share: $3.33 - $3.43
- Core Operating Earnings per diluted share: $3.16 - $3.26
- Same Property Net Operating Income ('SPNOI') Growth (ex. termination fees): +6.0% to +8.5%
- Included Impact of Prior Period Collections on SP NOI Range: +425bps
Challenges Ahead
- Net G&A expense (pro-rata): $77,000 - $81,000
- Net interest expense (pro-rata): $164,000 - $165,000
- Recurring third party fees & commissions (pro-rata): $23,000 - $24,000
- Development and Redevelopment Spend (pro-rata): +/- $150,000
Historical Earnings Impact
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Avg. Return Before/After Earnings
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