Regency Centers Reports First Quarter 2017 Results
JACKSONVILLE, FL. (May 9, 2017) - Regency Centers Corporation (“Regency” or the “Company”) today reported financial and operating results for the period ended March 31, 2017.
First Quarter 2017 Highlights
Completed the previously announced merger with Equity One on March 1, 2017.
Same property Net Operating Income (“NOI”), net of termination fees, increased 3.7% as compared to the same period in the prior year for the newly combined portfolio.
As of March 31, 2017, the total portfolio was 95.3% leased while the same property portfolio was 96.0% leased.
Executed 1.1 million square feet of new and renewal leases on a comparable basis, resulting in 8.2% blended rent spreads.
Started two ground-up development projects representing a total investment of $61 million.
As of March 31, 2017, a total of 30 projects were in the process of development or redevelopment representing a combined investment of $515 million.
Completed the sale of two tranches of senior unsecured notes: $350 million 3.6% notes due 2027 and $300 million 4.4% notes due 2047.
On March 2, 2017, after the close of trading, Regency was added to the benchmark S&P 500 Index.
Quarterly common stock dividend increased to $0.53 per share.
“This was an exciting quarter for Regency. We completed the merger with Equity One and are making tremendous progress with the integration of the portfolio into Regency’s platform. The merger further establishes Regency as the preeminent owner and developer of high-quality, grocery anchored neighborhood and community centers,” said Martin E. “Hap” Stein, Jr., Chairman and Chief Executive Officer. “Our centers are more than 95% leased and same property NOI grew at 3.7%, further building on our previous 5 straight years of 3.5% or greater NOI growth. We continue to benefit from healthy tenant demand for our best-in-class portfolio located in affluent suburban and near urban in-fill trade areas in the country’s most desirable gateway, 18+ hour, and growth markets. Our industry leading development platform continues to provide expanded growth opportunities as evidenced by our development starts during the quarter with a total investment of approximately $61 million. And our fortress balance sheet is as strong as ever providing us with superior flexibility, supporting our growth and positioning Regency to create long term shareholder value.”
Regency reported a Net Loss Attributable to Common Stockholders (“Net Loss”) for the first quarter of $33.2 million, or $0.26 per diluted share, compared to Net Income Attributable to Common Stockholders of $47.9 million, or $0.49 per diluted share, for the same period in 2016. The Net Loss for the first quarter includes one-time merger related costs of $69.7 million, or $0.55 per share.
The Company reported NAREIT Funds From Operations (“NAREIT FFO”) for the first quarter of $34.2 million, or $0.27 per diluted share. Excluding the one-time merger related costs of $69.7 million, NAREIT FFO for
The following information was filed by Regency Centers Corp (REG) on Wednesday, May 10, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Ticker: REG CIK: 910606 Form Type:10-Q Quarterly Report Accession Number: 0000910606-17-000012 Submitted to the SEC: Wed May 10 2017 3:58:06 PM EST Accepted by the SEC: Wed May 10 2017 Period: Friday, March 31, 2017 Industry: Real Estate Investment Trusts