Regency Centers Q3 2022 Earnings Report
Key Takeaways
Regency Centers reported Net Income of $0.51 per diluted share and Nareit FFO of $1.01 per diluted share for the third quarter of 2022. The company raised its 2022 Nareit FFO guidance to a range of $4.00 to $4.03 per diluted share and increased Same Property NOI excluding lease termination fees and prior year collections by 2.6%.
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
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%
Regency Centers
Regency Centers
Forward Guidance
Regency Centers updated its 2022 guidance, with Nareit FFO per diluted share expected to be in the range of $4.00 to $4.03 and Core Operating Earnings per diluted share in the range of $3.75 to $3.78.
Positive Outlook
- Net Income Attributable to Common Stockholders per diluted share $2.70 - $2.73
- Nareit Funds From Operations (Nareit FFO) per diluted share $4.00 - $4.03
- Core Operating Earnings per diluted share $3.75 - $3.78
- Same property NOI growth without termination fees +2.0% to +2.5%
- Same property NOI growth without termination fees or collection of PY reserves +5.25% to +5.75%
Challenges Ahead
- Net G&A expense $86,000 - $88,000
- Net interest expense $166,000 - $167,000
- Recurring third party fees & commissions $24,000 - $25,000
- Development and Redevelopment spend +/- $130,000
- Acquisitions +/- $200,908