Regency Centers (REG) Tops Q4 EPS by 8c; Offers FY19 EPS Guidance Below Consensus

Regency Centers (NASDAQ: REG) reported Q4 EPS of $0.46, $0.08 better than the analyst estimate of $0.38.

• Fourth quarter Net Income Attributable to Common Stockholders (“Net Income”) of $0.46 per diluted share.
• Fourth quarter NAREIT Funds From Operations (“NAREIT FFO”) of $0.98 per diluted share and Operating Funds From Operations (“Operating FFO”) of $0.88 per diluted share.
• Same property Net Operating Income (“NOI”) as adjusted, which reflects adjustments for the Equity One merger, excluding termination fees, increased 2.2% in the fourth quarter and 3.4% for the full year as compared to the same periods in the prior year.
• Fourth quarter rent spreads on comparable new and renewal leases were 22.5% and 7.2%, respectively, with blended rent spreads of 9.3%.
• As of December 31, 2018, the same property portfolio was 96.1% leased, a 20 basis point increase sequentially.
• As of December 31, 2018, spaces greater than or equal to 10,000 square feet (“Anchors”) in the same property portfolio were 98.5% leased, a 50 basis point increase sequentially.
• For the full year 2018, the Company started nearly $200 million of developments and redevelopments, contributing toward a five year goal of $1.25 to $1.50 billion.
• During the fourth quarter, Regency acquired an interest in one shopping center for approximately $18.5 million and sold four shopping centers for approximately $82.2 million, at Regency’s share.
• During the fourth quarter, Regency purchased approximately $122 million shares of common stock at an average price of $57.70 per share, bringing total share repurchase for the full year 2018 to approximately $247 million at an average price of $57.97 per share.
• During the fourth quarter, Regency issued its inaugural Corporate Responsibility Report, highlighting the Company’s commitment to key environmental, social and governance initiatives.
• Regency’s Board of Directors (the “Board”) declared a quarterly cash dividend on the Company’s common stock of $0.585 per share, representing an annualized increase of 5.4%.

“Regency’s exceptional team again executed on our proven strategy, achieving over 3% same property NOI growth for the seventh consecutive year, starting nearly $200 million in compelling developments and redevelopments, further fortifying our strong balance sheet and highlighting our commitment to corporate responsibility” said Martin E. “Hap” Stein, Jr., Chairman and Chief Executive Officer. “Regency is well positioned to sustain growth in earnings, cash flow, and dividends and in turn, total shareholder returns in the evolving world of retail real estate.”

GUIDANCE:

Regency Centers sees FY2019 EPS of $1.36-$1.42, versus the consensus of $1.64.

For earnings history and earnings-related data on Regency Centers (REG) click here.

You May Also Be Interested In

• FedEx falls 4% as CY2026 profit forecast misses expectations despite Q4 beat
• Ryan Cohen drops CEO pay award as GameStop pursues eBay acquisition
• KB Home (KBH) Misses Q2 EPS by 2c; Offers Outlook