Regency Centers Reports Third Quarter 2016 Results

Regency Centers Corporation ("Regency" or the "Company") (NYSE: REG) today reported financial and operating results for the period ended September 30, 2016.

This Smart News Release features multimedia. View the full release here: http://www.businesswire.com/news/home/20161101006821/en/

Financial Results

Regency reported net income attributable to common stockholders ("Net Income") for the third quarter of $5.3 million, or $0.05 per diluted share, compared to Net Income of $53.7 million, or $0.57 per diluted share, for the same period in 2015. For the nine months ended September 30, 2016 Net Income was $88.0 million, or $0.88 per diluted share, compared to $111.4 million, or $1.18 per diluted share for the same period in 2015.

The Company reported NAREIT Funds From Operations ("NAREIT FFO") for the third quarter of $30.1 million, or $0.29 per diluted share, compared to $71.6 million, or $0.76 per diluted share, for the same period in 2015. For the nine months ended September 30, 2016 NAREIT FFO was $194.2 million, or $1.94 per diluted share, compared to $212.3 million, or $2.24 per diluted share for the same period in 2015.

Core Funds From Operations ("Core FFO") for the third quarter was $84.3 million, or $0.81 per diluted share, compared to $72.2 million, or $0.76 per diluted share, for the same period in 2015. For the nine months ended September 30, 2016 Core FFO was $244.1 million, or $2.43 per diluted share, compared to $212.9 million, or $2.25 per diluted share for the same period in 2015.

Operating Results

For the period ended September 30, 2016, Regency's results for wholly owned properties plus its pro-rata share of co-investment partnerships were as follows:
   
    Q3 2016   YTD
Percent leased, same properties   96.0%    
Percent leased, all properties   95.6%    
Same property Net Operating Income ("NOI") growth without termination fees   2.9%   3.4%
Same property NOI growth without termination fees or redevelopments   2.5%   3.0%
Rental rate growth (1)        
New leases   14.3%   29.1%
Renewal leases   4.6%   7.7%
Blended average   5.8%   10.7%
Leasing transactions (2)        
Number of new and renewal leasing transactions   376   1,084
Total square feet leased (000s)   1,549   4,323
 

(1) Operating properties only. Rent growth is calculated on a comparable-space, cash basis.

(2) Total of comparable and non-comparable transactions. Square footage for co-investment partnerships at 100%.

Portfolio Activity

Property Transactions

During the quarter and as previously disclosed, Regency sold three wholly owned properties and conveyed the 50% ownership interest in three properties to a co-investment partner, for a total of $66.6 million. Year to date, the Company has sold 16 properties for a combined $115.8 million.

If you liked this article you might like

Regency, Equity One Deal Shows Need for Consolidation in Shopping Centers

5 Things You Must Know Before the Market Opens Tuesday

Regency, Equity One to Combine to Form $12 Billion Mall REIT

Pre-Market Activity Shows Heavy Volume And Movement For Regency Centers (REG)

Regency Centers (REG): Today's Post-Market Laggard