Regency Centers (REG) Reports In-Line Q4 EPS; Provides FY20 EPS Guidance Below Consensus

Regency Centers (NASDAQ: REG) reported Q4 EPS of $0.40, in-line with the analyst estimate of $0.40.

Fourth Quarter and Full Year 2019 Highlights

• For the three months ended December 31, 2019, Net Income Attributable to Common Stockholders (“Net Income”) of $0.24 per diluted share.
• Fourth quarter NAREIT Funds From Operations (“NAREIT FFO”) of $1.00 per diluted share.
• Year-to-date same property Net Operating Income (“NOI”), excluding termination fees, increased 2.1%, as compared to the same period in 2018.
• As of December 31, 2019, the same property portfolio was 95.1% leased.
• Fourth quarter total comparable leasing volume of 1.8 million square feet of new and renewal leases, with total rent spreads of 11.3%.
• On a trailing twelve months basis, rent spreads on comparable new and renewal leases were 13.1% and 7.4%, respectively, with total rent spreads of 8.5%.
• During the fourth quarter, Regency sold three shopping centers for a combined sales price of $58.8 million.
• For the full year 2019, the Company started nearly $265 million of developments and redevelopments and completed $230 million at a projected stabilized yield of 7.2%.
• During the quarter, Regency was included in Newsweek’s inaugural America’s Most Responsible Companies 2020 list. The Company was named as one of the Top 10 companies in the Real Estate and Housing sector.
• On February 4, 2020, Regency’s Board of Directors (the “Board”) declared a quarterly cash dividend on the Company’s common stock of $0.595 per share, representing an annualized increase of 1.7%.

“Regency’s team delivered another year of good results. We finished the year with solid earnings growth and healthy leasing volumes as retailers and service providers remain focused on the importance and value of high quality physical locations to provide customers with the best possible combination of convenience, service and experience,” said Lisa Palmer, President and Chief Executive Officer.

GUIDANCE:

Regency Centers sees FY2020 EPS of $1.47-$1.50, versus the consensus of $1.56.

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

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