Regency Centers (NYSE: REG) reported Q1 EPS of $0.31, $0.05 worse than the analyst estimate of $0.36.

“Well conceived and well merchandised shopping centers, located in affluent and dense infill communities and neighborhoods, remain a critical component to a retailers success, as demonstrated by another quarter of solid results from Regency’s preeminent portfolio” stated Martin E. “Hap” Stein, Jr., Chairman and Chief Executive Officer. “Regency’s unequaled combination of strategic advantages will continue to enable us to meet the challenges of the ever-changing retail environment and further position us to attract winning retailers and grow shareholder value.”

First Quarter 2018 Highlights

• First quarter Net Income Attributable to Common Stockholders (“Net Income”) of $0.31 per diluted share.
• First quarter NAREIT Funds From Operations (“NAREIT FFO”) of $0.96 per diluted share.
• Same property Net Operating Income (“NOI”) as adjusted, excluding termination fees, increased 4.0% as compared to the same period in the prior year, which reflects adjustments for the Equity One merger.
• As of March 31, 2018, the same property portfolio was 95.7% leased.
• As of March 31, 2018, a total of 19 properties were in development or redevelopment representing a total investment of approximately $454 million.
• Acquired three shopping centers during the quarter and one subsequent to quarter end for approximately $134 million.
• Repurchased 2.145 million shares of common stock at an average price of $58.24 per share for $125 million as part of the Company’s previously announced stock repurchase program.
• Completed a public offering of $300 million 4.125% notes due 2028 (the “Notes”) and increased the size of its unsecured revolving credit facility (the “Facility”) to $1.25 billion while extending the maturity date of the Facility to 2023.
• On April 26, 2018, Lisa Palmer and Deirdre J. Evens were elected to Regency’s Board of Directors (the “Board”) along with nine returning directors.

GUIDANCE:

Regency Centers sees FY2018 EPS of $1.33-$1.38, versus the consensus of $1.46.

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