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Dec 31, 2020
Regency Centers Q4 2020 Earnings Report
Regency Centers reported financial results for Q4 2020 and provided an update on the COVID-19 pandemic.
Key Takeaways
Regency Centers reported a Net Income of $0.23 per diluted share for the fourth quarter of 2020. Nareit FFO was $0.76 per diluted share, impacted by one-time items and uncollectible lease income related to the COVID-19 pandemic. Same property NOI, excluding termination fees, decreased by 10.5%.
Reported Nareit FFO for the fourth quarter of $0.76 per diluted share, including one-time items and uncollectible lease income.
Same property Net Operating Income (NOI), excluding termination fees, decreased 10.5% due to higher uncollectible lease income from the COVID-19 pandemic.
Realized percent leased of 92.9% in the same property portfolio as of December 31, 2020.
Collected 92% of fourth quarter pro-rata base rent as of February 8, 2021.
Forward Guidance
Regency Centers offered initial 2021 guidance concurrently with the fourth quarter 2020 earnings release.
Positive Outlook
- The midpoint area of our range is based on a “status quo” scenario, which assumes a continuation of our fourth quarter 2020 same-property NOI and collection rates.
- The higher end of our range is based on a “continued improvement” scenario, which assumes further lifting of restrictions and added federal stimulus, leading to increases in collection rates.
Challenges Ahead
- While we are gratified to return to more customary guidance practices as transparency remains a key tenet of our values, we believe a wide range of potential outcomes is prudent given the uncertainty that remains in our operating environment
- The potential outcomes can best be described as three independent scenarios, which each could result in different and distinct impacts to the Net Operating Income.
- The lower end of our guidance range is based on a “reverse course” scenario, which assumes more shutdowns and increased restrictions, leading to a decline in rent collection rates.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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