JACKSONVILLE, Fla., May 02, 2024 (GLOBE NEWSWIRE) -- Regency Centers Corporation ("Regency Centers", "Regency" or the "Company") (NASDAQ:REG) today reported financial and operating results for the period ended March 31, 2024 and provided updated 2024 earnings guidance. For the three months ended March 31, 2024 and 2023, Net Income Attributable to Common Shareholders was $0.58 per diluted share and $0.57 per diluted share, respectively. First Quarter Highlights Reported Nareit FFO of $1.08 per diluted share and Core Operating Earnings of $1.04 per diluted share Increased Same Property NOI year-over-year, excluding lease termination fees and the collection of receivables reserved during 2020 and 2021, by 2.1% Increased Same Property percent leased by 90 basis points year-over-year to 95.8%, and Same Property shop percent leased by 150 basis points year-over-year to a Company record high of 93.5% Executed 1.8 million square feet of comparable new and renewal leases at blended rent spreads of +8.5% on a cash basis and +17.4% on a straight-lined basis Started approximately $80 million of new development and redevelopment projects, including The Shops at Stone Bridge in Cheshire, CT, a $67 million Whole Foods anchored ground-up development As of March 31, 2024, Regency's in-process development and redevelopment projects had estimated net project costs of $547 million In February, Regency received a credit rating upgrade by Moody's Investors Service to A3 with a stable outlook Pro-rata net debt and preferred stock to operating EBITDAre at March 31, 2024 was 5.4x, and was 5.2x as adjusted for the annualized impact of the EBITDAre contribution from Urstadt Biddle As previously disclosed, on January 8, 2024, Regency priced a public offering of $400 million of senior unsecured notes due 2034, with a coupon of 5.25% As previously disclosed, on January 18, 2024, the Company entered into an amended and restated credit agreement providing an unsecured revolving credit facility in the amount of $1.5 billion Subsequent Highlights On May 1, 2024, Regency's Board of Directors (the "Board") declared a quarterly cash dividend on the Company's common stock of $0.67 per share "We had another successful quarter, with strength in tenant demand driving robust activity across our operating shopping centers and development business," said Lisa Palmer, President and Chief Executive Officer. "This is evident in our record pipeline of executed leases and growth in our in-process development and redevelopment projects to more than a half billion dollars, supporting continued positive momentum for the balance of the year and into 2025." Financial Results Net Income Attributable to Common Shareholders For the three months ended March 31, 2024, Net Income Attributable to Common Shareholders was $106.4 million, or $0.58 per diluted share, compared to Net Income Attributable to Common Shareholders of $97.3 million, or $0.57 per diluted share, for the same period in 2023. Nareit FFO For the three months ended March 31, 2024, Nareit FFO was $200.0 million, or $1.08 per diluted share, compared to $186.5 million, or $1.08 per diluted share, for the same period in 2023. Core Operating Earnings For the three months ended March 31, 2024, Core Operating Earnings was $193.1 million, or $1.04 per diluted share, compared to $177.8 million, or $1.03 per diluted share, for the same period in 2023. Portfolio Performance Same Property NOI First quarter 2024 Same Property Net Operating Income ("NOI"), excluding lease termination fees and the collection of receivables reserved during 2020 and 2021, increased by 2.1% compared to the same period in 2023. Same Property base rents contributed 2.7% to Same Property NOI growth in the first quarter of 2024. Occupancy As of March 31, 2024, Regency's Same Property portfolio was 95.8% leased, an increase of 20 basis points sequentially and an increase of 90 basis points compared to March 31, 2023. Same Property anchor percent leased, which includes spaces greater than or equal to 10,000 square feet, was 97.2%, an increase of 30 basis points sequentially and an increase of 50 basis points compared to March 31, 2023. Same Property shop percent leased, which includes spaces less than 10,000 square feet, was 93.5%, an increase of 10 basis points sequentially and an increase of 150 basis points compared to March 31, 2023. As of March 31, 2024, Regency's Same Property portfolio was 92.1% commenced, a decline of 70 basis points sequentially and a decline of 50 basis points compared to March 31, 2023. Leasing Activity During the three months ended March 31, 2024, Regency executed approximately 1.8 million square feet of comparable new and renewal leases at a blended cash rent spread of +8.5% and a blended straight-lined rent spread of +17.4%. During the trailing twelve months ended March 31, 2024, the Company executed approximately 7.7 million square feet of comparable new and renewal leases at a blended cash rent spread of +10.3% and a blended straight-lined rent spread of +18.9%. Capital Allocation and Balance Sheet Developments and Redevelopments For the three months ended March 31, 2024, the Company started developments and redevelopments with estimated net project costs of $80 million, at the Company's share. During the quarter, the Company started the ground-up development The Shops at Stone Bridge in Cheshire, Ct. The 152,000 square feet center will be anchored by Whole Foods and TJ Maxx and will serve as the retail component of a new master planned community. As of March 31, 2024, Regency's in-process development and redevelopment projects had estimated net project costs of $547 million at the Company's share, 46% of which has been incurred to date. Property Transactions On January 5, 2024, the Company completed the disposition of Glengary Shoppes for $31 million, at Regency's share. Subsequent to quarter end, on April 8, 2024, the Company completed the disposition of Tamarac Town Square for $23 million, at Regency's share. Balance Sheet In February, Regency received a credit rating upgrade by Moody's Investors Service, to A3 with a stable outlook, further validating the Company's balance sheet strength and liquidity position. As of March 31, 2024, Regency had more than $1.7 billion of liquidity, including approximately $1.50 billion of capacity under its revolving credit facility and approximately $230 million of cash and equivalents. As previously disclosed, on January 18, 2024, the Company and its operating partnership, Regency Centers, L.P., entered into an amended and restated credit agreement (the "Credit Agreement") providing an unsecured revolving credit facility in the amount of $1.5 billion. The termination date for the Credit Agreement is March 23, 2028 and includes two, six-month extension options. As previously disclosed, on January 8, 2024, the Company's operating partnership, Regency Centers, L.P., priced a public offering of $400 million of senior unsecured notes due 2034 with a coupon of 5.25%. Proceeds will be used to repay the $250 million unsecured notes due June 2024 and the approximately $79 million secured mortgage on 4S Commons Town Center due June 2024, as well as for general corporate purposes. As of March 31, 2024, Regency's pro-rata net debt and preferred stock to operating EBITDAre ratio was 5.4x on a trailing 12-month basis. As of March 31, 2024, Regency's pro-rata net debt and preferred stock to operating EBITDAre was 5.2x, adjusted for the annualized impact of the EBITDAre contribution from the acquisition of Urstadt Biddle. Common and Preferred Dividends On May 1, 2024, Regency's Board declared a quarterly cash dividend on the Company's common stock of $0.67 per share. The dividend is payable on July 3, 2024, to shareholders of record as of June 12, 2024. On May 1, 2024, Regency's Board declared a quarterly cash dividend on the Company's Series A preferred stock of $0.390625 per share. The dividend is payable on July 31, 2024, to shareholders of record as of July 16, 2024. On May 1, 2024, Regency's Board declared a quarterly cash dividend on the Company's Series B preferred stock of $0.367200 per share. The dividend is payable on July 31, 2024, to shareholders of record as of July 16, 2024. 2024 Guidance Regency Centers is hereby providing updated 2024 guidance, as summarized in the table below. Please refer to the Company's first quarter 2024 ‘Earnings Presentation' and ‘Quarterly Supplemental' for additional detail. All materials are posted on the Company's website at investors.regencycenters.com. Full Year 2024 Guidance (in thousands, except per share data) 1Q 2024 Current Guidance Previous Guidance         Net Income Attributable to Common Shareholders per diluted share $0.58 $1.96-$2.02 $1.87-$1.93                 Nareit Funds From Operations ("Nareit FFO") per diluted share $1.08 $4.15-$4.21 $4.14-$4.20                 Core Operating Earnings per diluted share(1) $1.04 $4.02-$4.08 $4.02-$4.08                 Same property NOI growth without termination fees or collection of 2020/2021 reserves 2.1% +2.0% to +2.5% +2.0% to +2.5%                 Certain non-cash items(2) $10,271 +/-$32,000 +/-$30,000                 G&A expense, net(3) $24,129 $93,000-$95,000 $93,000-$95,000                 Interest expense, net and Preferred stock dividends(4) $50,451 $199,000-$201,000 $199,000-$201,000                 Management, transaction and other fees $6,163 +/-$25,000 +/-$25,000                 Development and Redevelopment spend $41,073 +/-$180,000 +/-$180,000                 Acquisitions $0 +/-$46,000 $0 Cap rate (weighted average) 0.0% +/- 6.5% 0%