Regency Centers (REG) Tops Q3 EPS by 3c; Raises FY18 FFO Mid-Point Guidance, Lowers FY18 EPS Mid-Point Guidance

Regency Centers (NYSE: REG) reported Q3 EPS of $0.41, $0.03 better than the analyst estimate of $0.38.

• For the three months ended September 30, 2018, Net Income Attributable to Common stockholders (“Net Income”) of $0.41 per diluted share.
• For the three months ended September 30, 2018, NAREIT Funds from Operations (“NAREIT FFO”) of $0.96 per diluted share.
• Year-to-date same property Net Operating Income (“NOI”) as adjusted, excluding termination fees, increased 3.8% as compared to the same period in 2017.
• As of September 30, 2018, percent leased for the same property portfolio increased 30 basis points sequentially to 95.9%. Spaces less than 10,000 square feet (“Small Shops”) were 92.3% leased, an increase of 10 basis points sequentially.
• For the three months ended September 30, 2018, rent spreads on comparable new and renewal leases were 35.2% and 5.9%, respectively, with total rent spreads of 10.1%.
• For the three months ended September 30, 2018, total leasing volume exceeded 2.3 million square feet of new and renewal leases.
• On a year-to-date basis, including transactions subsequent to quarter end, the Company sold 9 properties for a total sales price of $194.7 million and acquired 6 properties for a total purchase price of $145.1 million, at Regency’s share.
• As of September 30, 2018, a total of 22 properties were in development or redevelopment representing a total investment of $354.4 million.
• On August 7, 2018, S&P Global Ratings affirmed its BBB+ issuer credit rating on Regency and revised its outlook upward to positive from stable.

“I am extremely pleased with our performance this quarter and year-to-date as Regency’s exceptional portfolio continues to benefit from the momentum of successful retailers and our best-in-class team, producing 3.8% same property NOI growth year-to-date and reaching nearly 96% leased,” said Martin E. “Hap” Stein, Jr., Chairman and Chief Executive Officer. “I am confident that Regency has never been better positioned to navigate the rapidly evolving retail landscape, and consistently achieve sector leading earnings and dividend growth.”

GUIDANCE:

Regency Centers sees FY2018 EPS of $1.32-$1.35, versus the consensus of $1.47.

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

You May Also Be Interested In

• Amphenol (APH) Tops Q1 EPS by 7c, offers guidance
• Visa (V) stock rises as Q2 earnings, revenue come ahead of estimates
• Bok Financial Corp (BOKF) Misses Q1 EPS by 27c