Regency Centers Q3 2024 Earnings Report
Key Takeaways
Regency Centers reported strong third quarter results, highlighted by a 4.9% increase in Same Property NOI and an increase in Same Property percent leased to 96.1%. The company raised its 2024 Nareit FFO and Core Operating Earnings guidance, reflecting confidence in continued success.
Reported Nareit FFO of $1.07 per diluted share and Core Operating Earnings of $1.03 per diluted share.
Increased Same Property NOI for the third quarter by 4.9% year-over-year, excluding lease termination fees and the collection of receivables reserved during 2020 and 2021.
Increased Same Property percent leased by 20 basis points sequentially and 80 basis points year-over-year to 96.1%.
Executed 1.8 million square feet of comparable new and renewal leases at blended rent spreads of +9.3% on a cash basis and +20.7% on a straight-lined basis.
Regency Centers
Regency Centers
Forward Guidance
Regency Centers raised its 2024 Nareit FFO guidance to a range of $4.27 to $4.29 per diluted share and 2024 Core Operating Earnings guidance to a range of $4.12 to $4.14 per diluted share.