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Dec 31, 2024
Regency Centers Q4 2024 Earnings Report
Regency Centers reported its financial and operating results for the fourth quarter and full year ended December 31, 2024, and provided initial 2025 earnings guidance.
Key Takeaways
Regency Centers reported a strong fourth quarter with increased Same Property NOI and record-high occupancy levels, driven by robust tenant demand and significant value creation through its investments platform.
Reported Nareit FFO of $1.09 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 collection of reserved receivables.
Increased Same Property percent leased to a new record high of 96.7%.
Executed 2.3 million square feet of comparable new and renewal leases at a blended cash rent spread of +10.8% on a cash basis.
Regency Centers
Regency Centers
Forward Guidance
Regency Centers provided initial 2025 guidance, anticipating continued growth in Net Income, Nareit FFO, and Core Operating Earnings per diluted share, along with increased development and acquisition activities.
Positive Outlook
- Net Income Attributable to Common Shareholders per diluted share is projected to increase to $2.25-$2.31.
- Nareit Funds From Operations per diluted share is expected to be $4.52-$4.58.
- Core Operating Earnings per diluted share is forecasted to be $4.30-$4.36.
- Same property NOI growth without termination fees is anticipated to be +3.2% to +4.0%.
- Development and Redevelopment spend is projected to increase to approximately $250 million.
Challenges Ahead
- Interest expense, net and Preferred stock dividends are expected to increase to $231,000-$234,000.
- Acquisitions cap rate is projected to decrease to +/- 5.5%.
- Dispositions cap rate is projected to increase to +/- 6.0%.
- Share/unit issuances are projected to be $100,000.
- Merger-related transition expense is projected to be $0, indicating no further benefit from this item.