Regency Centers Reports Fourth Quarter and Full Year 2024 Results

Core Insights - Regency Centers Corporation reported a slight decrease in net income attributable to common shareholders for Q4 2024, with earnings of $0.46 per diluted share compared to$0.47 in Q4 2023 [1][6] - For the full year 2024, net income attributable to common shareholders increased to $2.11 per diluted share from$2.04 in 2023 [1][6] - The company provided initial earnings guidance for 2025, projecting net income per diluted share between $2.25 and$2.31 [14][15] Financial Results - Reported Nareit FFO for Q4 2024 was $1.09 per diluted share, up from$1.02 in Q4 2023, and for the full year, it increased to $4.30 from$4.15 [5][11] - Core Operating Earnings for Q4 2024 were $1.04 per diluted share, compared to$0.99 in Q4 2023, with full-year earnings rising to $4.13 from$3.95 [5][11] - Same Property NOI increased by 4.0% year-over-year for Q4 2024 and by 3.6% for the full year, excluding lease termination fees [5][11][24] Portfolio Performance - The occupancy rate reached a record high of 96.7%, with a year-over-year increase of 100 basis points [5][11] - The company executed 8.1 million square feet of comparable new and renewal leases in 2024, achieving blended rent spreads of +9.5% on a cash basis [5][11] - Same Property shop percent leased increased to 94.1%, reflecting a 60 basis point year-over-year improvement [5][11] Capital Allocation and Balance Sheet - Regency started over $35 million in new development and redevelopment projects in Q4 2024, totaling$258 million for the year [5][11] - The company raised $100 million of common stock through its ATM program at an average price of$74.66 per share [5][11] - As of December 31, 2024, Regency's pro-rata net debt and preferred stock to operating EBITDAre was 5.2x [5][11] Acquisitions and Dispositions - In Q4 2024, Regency acquired University Commons in Austin, Texas, for approximately $14 million [16] - The company disposed of two small office buildings in Greenwich, Connecticut, for about$5 million [16] - Subsequent to year-end, Regency acquired its partner's interest in Putnam Plaza for approximately $10 million [16] Dividend Information - On February 4, 2025, the Board declared a quarterly cash dividend of$0.705 per share, payable on April 2, 2025 [16] - The Board also declared dividends on Series A and Series B preferred stock, payable on April 30, 2025 [16]