Regency Q1 Nareit FFO $1.08; raises 2024 net income guidance to $1.96-$2.02; Moody's upgrade to A3

REGENCY CENTERS LP

Q1 Net income $0.58/diluted share vs $0.57 prior year; Nareit FFO $1.08; Core Operating Earnings $1.04.
Same Property NOI up 2.1% YoY (ex termination fees and 2020/21 reserves); portfolio 95.8% leased, shop occupancy record 93.5%.
Executed 1.8M sq ft comparable leases at +8.5% cash rent spreads; started $80M development incl. $67M Whole Foods anchored project.
2024 guidance: Nareit FFO $4.15-$4.21 (prev $4.14-$4.20), net income $1.96-$2.02 (prev $1.87-$1.93); Same Property NOI growth +2.0% to +2.5%.
Moody's upgraded credit to A3 stable; pro-rata net debt/EBITDAre 5.4x; declared $0.67/share quarterly dividend.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

REGENCY CENTERS LP reported three months ended March 31, 2024 results: net income $106.4 million, EPS $0.58 per diluted share.

Period: three months ended March 31, 2024
Net income: $106.4 million
EPS: $0.58 per diluted share
Result: reported results

Exact text from the filing

For the three months ended March 31, 2024, Net Income Attributable to Common Shareholders was $106.4 million, or $0.58 per diluted share

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Source: SEC EDGAR

accession 0000950170-24-052255

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