Regency Centers Q3 2023 Earnings Report

Regency Centers reported third quarter results, highlighting Nareit FFO of $1.02 per diluted share and Core Operating Earnings of $0.97 per diluted share.

Key Takeaways

Regency Centers reported strong third-quarter results, driven by positive momentum in their business, robust tenant demand, and progress in their value creation pipeline. The company completed the acquisition of Urstadt Biddle, acquired two additional shopping centers, and raised their dividend. Same Property NOI grew by 2.9%, and Same Property percent leased increased to 95.4%.

Reported Nareit FFO of $1.02 per diluted share, including a $0.01 impact from merger transition expense, and Core Operating Earnings of $0.97 per diluted share.

Same Property NOI grew year-over-year by 2.9% in the third 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 95.4%, with Same Property shop percent leased increasing by 180 basis points to 93.2%.

Executed 1.8 million square feet of comparable new and renewal leases during the quarter at blended rent spreads of +9.3% on a cash basis and +17.2% on a straight-lined basis.

Same Property % Leased

94.6%

Previous year: 94.7%

-0.1%