Regency Centers (REG) Misses Q3 EPS by 14c

Regency Centers (NASDAQ: REG) reported Q3 EPS of $0.07, $0.14 worse than the analyst estimate of $0.21.

Third Quarter 2020 Highlights

• For the three months ended September 30, 2020, Net Income Attributable to Common Stockholders (“Net Income”) of $0.07 per diluted share.
• For the three months ended September 30, 2020, Nareit Funds From Operations (“Nareit FFO”) of $0.60 per diluted share.
• Same property Net Operating Income (“NOI”), excluding termination fees, declined by 15.2%, as compared to the three months ended September 30, 2019, driven by a higher rate of uncollectible lease income related to the COVID-19 pandemic.
• As of September 30, 2020, the same property portfolio was 93.4% leased.
• Total comparable leasing volume of 1.4 million square feet of new and renewal leases, with trailing twelve month rent spread of +5.7%.
• At September 30, 2020, net debt-to-operating EBITDAre ratio on a pro-rata basis was 5.9x.
• Regency’s Board of Directors (the “Board”) declared a quarterly cash dividend on the Company’s common stock of $0.595 per share.
• Completed redemption of outstanding $300 million 3.75% Senior Unsecured Notes due 2022.

“Regency’s dedicated teams around the country have remained committed to helping our tenants operate safely and successfully,” said Lisa Palmer, President and Chief Executive Officer. “Although there continues to be uncertainty in the current environment, we are encouraged by the increase in retailer confidence and continued resilience of our tenants and shoppers. This is evidenced not only by our significant progress on rent collections and deferral agreements, but also by increased leasing activity over the last quarter.”

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

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