Regency CentersNASDAQ: REG

JACKSONVILLE, Fla., June 28, 2024 (GLOBE NEWSWIRE) -- Regency Centers Corporation (“Regency Centers” or the “Company”) (NASDAQ: REG) will announce its Second Quarter 2024 earnings results on Thursday, August 1, 2024, after the market closes. The Company's earnings release and supplemental information package will be posted on the Investor Relations section of the Company's website – investors.regencycenters.com. The Company will host an earnings conference call on Friday, August 2, 2024, at 11:00 a.m. ET.

Regency Centers' stock has underperformed due to elevated interest rates, but its operating results have been strong. The company operates open-air locations anchored by grocery stores, which helps drive foot traffic and protect against e-commerce pressure. Regency has a well-diversified tenant base, strong leasing rates, and a path for meaningful growth in the next two years.

Regency Centers Corporation (Nasdaq:REG) released its 2023 Corporate Responsibility Report showcasing the Company's advancements in environmental, social, and governance initiatives. The report is available on Regency's website.

Regency Centers (REG) reported strong leasing activity and increased base rent in the first quarter of 2024, but the results were somewhat impacted by elevated interest expenses.

Regency Centers reported quarterly funds from operations (FFO) of $1.08 per share, exceeding the Zacks Consensus Estimate of $1.04 per share. This is compared to FFO of $1.08 per share in the same quarter last year.

Regency Centers likely saw strong demand for its shopping centers and benefited from strategic acquisitions in the first quarter, but higher interest rates may have posed a challenge.

Regency's emphasis on shopping centers with grocery stores, expansion plans, and strong financial position bode well for growth. However, potential challenges include increased online shopping and rising interest rates.

Regency Centers Corporation delivered 3.2% net operating income growth in 2023, with a marginally lower 2.25% increase expected in 2024. Rising occupancy and positive releasing spreads will continue to drive net operating income higher. I estimate the market cap rate at 6.1%, with redevelopment opportunities delivered at ∼8% yields set to be value creative.

Regency Centers Corporation (REG) Q4 2023 Earnings Call Transcript