Regency Centers Corp (REG, Financial) released its earnings report for the third quarter of 2023 on November 3, 2023. The company reported a net income of $0.50 per diluted share for the period ended September 30, 2023, a slight decrease from $0.51 per diluted share for the same period in 2022.
Financial Highlights
Regency Centers Corp (REG, Financial) reported Nareit FFO of $1.02 per diluted share for Q3 2023, which includes a $0.01 per diluted share impact for merger transition expense, and Core Operating Earnings of $0.97 per diluted share. The company raised its 2023 full year Nareit FFO guidance to a range of $4.13 to $4.15 per diluted share and 2023 full year Core Operating Earnings guidance to a range of $3.93 to $3.95 per diluted share.
The company's Same Property NOI grew year-over-year by 2.9% in the third quarter, excluding lease termination fees and the collection of receivables reserved during 2020-2021. Same Property percent leased increased by 70 basis points year-over-year to 95.4%, and Same Property percent commenced by 40 basis points year-over-year to 92.7%.
Acquisitions and Dividends
Regency Centers Corp (REG, Financial) completed the previously announced acquisition of Urstadt Biddle Properties, Inc. on August 18, 2023. The company also acquired a 20% interest in Old Town Square, a shopping center in Chicago, IL, for $5.5 million at Regency’s share. Subsequent to the quarter end, the company acquired Nohl Plaza, a shopping center in Orange County, CA, for a gross purchase price of $25.3 million.
On November 2, 2023, Regency’s Board of Directors declared a quarterly cash dividend on the Company’s common stock of $0.67 per share, an increase of approximately 3% from the prior quarterly dividend.
Company Outlook
Regency Centers Corp (REG, Financial) updated its 2023 guidance, with Net Income Attributable to Common Shareholders per diluted share expected to be in the range of $2.02-$2.04. The company also expects Nareit Funds From Operations ("Nareit FFO") per diluted share to be in the range of $4.13-$4.15, and Core Operating Earnings per diluted share to be in the range of $3.93-$3.95.
Regency Centers Corp (REG, Financial) is a preeminent national owner, operator, and developer of shopping centers located in suburban trade areas with compelling demographics. The company's portfolio includes thriving properties merchandised with highly productive grocers, restaurants, service providers, and best-in-class retailers that connect to their neighborhoods, communities, and customers.
Explore the complete 8-K earnings release (here) from Regency Centers Corp for further details.
