Regency Centers (REG) Reports Q1 Core Operating Earnings of $0.91

Regency Centers (NASDAQ: REG) reported Q1 core operating earnings of $0.91, versus $0.91 reported last year.

First Quarter 2020 Results

• Regency reported Net Loss for the first quarter of ($25.3) million, or ($0.15) per diluted share, compared to Net Income Attributable to Common Stockholders of $90.4 million, or $0.54 per diluted share, for the same period in 2019.
• Net Loss in the first quarter of 2020 included a non-cash goodwill impairment charge of $132.1 million, or $0.78 per diluted share. The market disruptions related to the significant economic impacts of the COVID-19 pandemic triggered evaluation of reporting unit fair values for goodwill recoverability.
• The Company reported NAREIT FFO for the first quarter of $166.1 million, or $0.98 per diluted share, compared to $159.8 million, or $0.95 per diluted share, for the same period in 2019.
• The Company reported Core Operating Earnings for the first quarter of $153.7 million, or $0.91 per diluted share, compared to $152.7 million, or $0.91 per diluted share, for the same period in 2019.

“Throughout this challenging time, Regency has continued to focus on the well-being of our team members, tenants, and the people in the neighborhoods that our properties serve. We are very proud of our dedicated teams throughout the country, as they have worked closely with tenants and vendors to ensure our properties are operating safely and our tenants are able to continue to seamlessly provide essential goods and services to our communities during this critical time,” said Lisa Palmer, President and Chief Executive Officer. “While there are still many challenges in front of us, we are confident that Regency is well-positioned to succeed over the long term due to our high-quality portfolio with a focus on necessity, convenience, and value retailers, our healthy balance sheet, the long term value creation opportunities in our development and redevelopment pipeline, and most importantly, our phenomenal team,” continued Palmer.

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

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