Regency Centers (REG) Misses Q2 EPS by 6c; Lowers FY18 EPS Guidance Below Consensus

Regency Centers (NYSE: REG) reported Q2 EPS of $0.28, $0.06 worse than the analyst estimate of $0.34.

• Net Income Attributable to Common Stockholders (“Net Income”) of $0.28 per diluted share.
• NAREIT Funds From Operations (“NAREIT FFO”) of $0.93 per diluted share.
• Same property Net Operating Income (“NOI”), excluding termination fees, increased 4.2% as compared to the same period in the prior year.
• As of June 30, 2018, the same property portfolio was 95.5% leased. Spaces less than 10,000 square feet (“Small Shops”) were 92.2% leased.
• Acquisition and disposition activity of $71.0 million and $32.5 million, respectively.
• On a year-to-date basis, including the property sales subsequent to quarter end, the Company has sold properties for a combined gross sales price of $142.9 million at a weighted average cap rate of 7.9%.
• Completed two developments with a combined net development cost of $110.9 million at an average return of 7.0%.
• As of June 30, 2018, a total of 21 properties were in development or redevelopment representing a total investment of $348.5 million.

“Regency’s unequaled combination of strategic advantages produced another quarter of gratifying results. Our best-in-class national portfolio of high quality shopping centers, located in densely populated and affluent trade areas, continues to attract market leading grocers and retailers allowing for consistent and impressive NOI growth,” said Martin E. “Hap” Stein, Jr., Chairman and Chief Executive Officer. “Led by a dedicated and experienced team, Regency is well positioned to compound growth in earnings, cash flow, and dividends.”

GUIDANCE:

Regency Centers sees FY2018 EPS of $1.32-$1.36, versus the consensus of $1.56.

For earnings history and earnings-related data on Regency Centers (REG) click here.

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