Regency Centers Q1 2024 Earnings Report

Regency Centers reported financial results for Q1 2024 and provided updated 2024 earnings guidance.

Key Takeaways

Regency Centers reported a successful quarter with strength in tenant demand driving robust activity across operating shopping centers and development business. Same Property percent leased increased by 90 basis points year-over-year to 95.8%, and Same Property shop percent leased increased by 150 basis points year-over-year to a Company record high of 93.5%.

Reported Nareit FFO of $1.08 per diluted share and Core Operating Earnings of $1.04 per diluted share.

Increased Same Property NOI year-over-year, excluding lease termination fees and the collection of receivables reserved during 2020 and 2021, by 2.1%.

Increased Same Property percent leased by 90 basis points year-over-year to 95.8%, and Same Property shop percent leased by 150 basis points year-over-year to a Company record high of 93.5%.

Started approximately $80 million of new development and redevelopment projects, including The Shops at Stone Bridge in Cheshire, CT, a $67 million Whole Foods anchored ground-up development.

Core Operating Earnings

$1.04