Loading...
•
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.
Regency Centers
Regency Centers
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
- Dispositions +/- $150,000