Regency Centers Pref Share REG 6.25 Perp 09/21/23 | 8-K: FY2025 Q1 EPS: USD 0.58

EPS: As of FY2025 Q1, the actual value is USD 0.58.

Net Income

• For the three months ended March 31, 2025, Net Income Attributable to Common Shareholders was $106.2 million, or $0.58 per diluted share, compared to $106.4 million, or $0.58 per diluted share, for the same period in 2024.

Nareit FFO

• Nareit FFO for the three months ended March 31, 2025 was $210.7 million, or $1.15 per diluted share, compared to $200.0 million, or $1.08 per diluted share, for the same period in 2024.

Core Operating Earnings

• Core Operating Earnings for the three months ended March 31, 2025 was $199.4 million, or $1.09 per diluted share, compared to $193.1 million, or $1.04 per diluted share, for the same period in 2024.

Same Property NOI

• Same Property Net Operating Income (NOI), excluding lease termination fees, increased by 4.3% compared to the same period in 2024.

Occupancy

• As of March 31, 2025, Regency’s Same Property portfolio was 96.5% leased, an increase of 100 basis points compared to March 31, 2024.

Leasing Activity

• During the three months ended March 31, 2025, Regency executed approximately 1.4 million square feet of comparable new and renewal leases at a blended cash rent spread of +8.1% and a blended straight-lined rent spread of +18.6%.

Developments and Redevelopments

• As of March 31, 2025, Regency’s in-process development and redevelopment projects had estimated net project costs of $499 million at a blended yield of 9%.

Property Transactions

• During the first quarter of 2025, the Company completed acquisitions for a combined total of approximately $133 million at Regency’s share, including Brentwood Place in Nashville, TN for approximately $119 million.

Balance Sheet

• On February 25, 2025, S&P upgraded Regency’s credit rating to “A-” with a stable outlook.
• As of March 31, 2025, Regency had approximately $1.2 billion of capacity under its revolving credit facility.

Cash Flow

• Pro-rata net debt and preferred stock to operating EBITDAre at March 31, 2025 was 5.3x.

2025 Guidance

• Regency Centers reaffirmed its 2025 earnings guidance for Nareit FFO, Core Operating Earnings, and Same Property NOI growth.
• Net Income Attributable to Common Shareholders per diluted share is expected to be between $2.25 and $2.31.
• Nareit FFO per diluted share is expected to be between $4.52 and $4.58.
• Core Operating Earnings per diluted share is expected to be between $4.30 and $4.36.

Outlook / Guidance

• Regency aims to have less than 15% of total debt maturing in any given year.
• S&P Global Ratings upgraded Regency’s credit rating to “A-” with a stable outlook in February.