Regency Centers Q4 2024 Earnings Report
Key Takeaways
Regency Centers reported a strong fourth quarter in 2024, marked by robust tenant demand, record-high occupancy levels, and significant value creation through its investments platform. The company's Same Property portfolio reached 96.7% leased, accompanied by strong rent growth and a high volume of development and redevelopment starts.
Reported Nareit FFO of $1.09 per diluted share for the fourth quarter.
Reported Core Operating Earnings of $1.04 per diluted share for the fourth quarter.
Increased Same Property NOI for the fourth quarter by 4.0% year-over-year, excluding lease termination fees and the collection of receivables reserved during 2020 and 2021.
Increased Same Property percent leased by 60 basis points sequentially and 100 basis points year-over-year to a new record high of 96.7%.
Regency Centers
Regency Centers
Forward Guidance
Regency Centers provided initial 2025 guidance, anticipating continued growth in key financial metrics.
Positive Outlook
- Net Income Attributable to Common Shareholders per diluted share $2.25 - $2.31
- Nareit Funds From Operations (“Nareit FFO”) per diluted share $4.52 - $4.58
- Core Operating Earnings per diluted share $4.30 - $4.36
- Same property NOI growth without termination fees +3.2% to +4.0%
- Share/unit issuances $100,000
Challenges Ahead
- Non-cash revenues +/-$45,000
- G&A expense, net $93,000-$96,000
- Interest expense, net and Preferred stock dividends $231,000-$234,000
- Management, transaction and other fees +/-$27,000
- Share/unit repurchases $0