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Regency Centers Announces Second Quarter 2014 Results

Regency Centers Corporation (“Regency” or the “Company”) today announced financial and operating results for the quarter ended June 30, 2014.

Financial Results

Regency reported Core Funds From Operations (“Core FFO”) for the second quarter of $65.9 million, or $0.71 per diluted share, compared to $61.8 million, or $0.67 per diluted share, for the same period in 2013. For the six months ended June 30, 2014 Core FFO was $130.0 million, or $1.41 per diluted share, compared to $120.1 million, or $1.32 per diluted share, for the same period in 2013.

Funds From Operations (“FFO”) for the second quarter was $65.9 million, or $0.71 per diluted share. For the same period in 2013, the Company reported FFO of $62.1 million, or $0.68 per diluted share. For the six months ended June 30, 2014 FFO was $131.4 million, or $1.42 per diluted share, compared to $120.0 million, or $1.32 per diluted share, for the same period in 2013.

Regency reported net income attributable to common stockholders (“Net Income”) for the second quarter of $25.5 million, or $0.28 per diluted share, compared to Net Income of $31.9 million, or $0.35 per diluted share, for the same period in 2013. For the six months ended June 30, 2014 Net Income was $44.9 million, or $0.48 per diluted share, compared to $47.4 million, or $0.52 per diluted share for the same period in 2013.

Operating Results

For the three months ended June 30, 2014, Regency’s results for wholly owned properties plus its pro-rata share of co-investment partnerships were as follows:

  • Percent leased, same properties only: 95.3%
  • Percent leased, all properties: 95.0%
  • Increase in same property net operating income (“NOI”) over the same period last year, excluding termination fees: 3.8%
  • Same space rental rate growth on a cash basis for spaces vacant less than 12 months: 61.2% on new leases and 6.3% on renewal leases for a blended average of 14.8%
  • Leasing transactions, including in-process developments (partnerships at 100%): 380 new and renewal lease transactions for a total of 1.6 million square feet

For the six months ended June 30, 2014, Regency’s results for wholly owned properties plus its pro-rata share of co-investment partnerships were as follows:

  • Increase in same property NOI over the same period last year, excluding termination fees: 3.3%
  • Same space rental rate growth on a cash basis for spaces vacant less than 12 months: 42.5% on new leases and 7.1% on renewal leases for a blended average of 13.6%
  • Leasing transactions, including in-process developments (partnerships at 100%): 646 new and renewal lease transactions for a total of 2.7 million square feet

Portfolio Activity

Property Transactions

During the quarter, Regency sold a wholly owned, free-standing drug store at a gross sales price of $2.4 million and a cap rate of 9.3%. The Company also sold four co-investment properties for $66.7 million, with Regency’s share of the gross sales price being $21.2 million, representing a weighted average cap rate of 6.1%.

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