 |
| Lisa Palmer |
JACKSONVILLE,
Fla., May 07, 2020 (GLOBE NEWSWIRE) -- Regency Centers Corporation (“Regency”
or the “Company”) today reported financial and operating results for the period
ended March 31, 2020, and provided a business update related to COVID-19.
First
Quarter 2020 Highlights
- For
the three months ended March 31, 2020, Net (Loss) Income Attributable to
Common Stockholders (“Net Loss”) of ($0.15) per diluted share.
- First
quarter NAREIT Funds From Operations (“NAREIT FFO”) of $0.98 per diluted
share.
- Same
property Net Operating Income (“NOI”), excluding termination fees,
declined by 0.7%, as compared to the same period in 2019 driven by known
bankruptcy moveouts and a higher rate of uncollectible lease income
related to the COVID-19 pandemic.
- As of
March 31, 2020, the same property portfolio was 95.0% leased.
- Total
comparable leasing volume of 1.5 million square feet of new and renewal leases,
with trailing twelve month rent spreads of 7.4%.
- In
January, Regency sold two properties for a gross sales price of $98.4
million. The Company also purchased additional interests in two
joint venture properties for a total of $60.5 million.
- The Company
further strengthened its liquidity position through the settlement of its
2019 forward equity sales under its at-the-market program (“ATM”) at a
weighted average sale prices of $67.99 per share, generating $125.8
million in net proceeds together with a line draw of $500 million on its
existing revolving credit facility, bringing total liquidity to $1.3
billion.
- At
March 31, 2020, net debt-to-operating EBITDAre ratio on a
pro-rata basis was 5.3x.
- On May
4, 2020, Regency’s Board of Directors (the “Board”) declared a quarterly
cash dividend on the Company’s common stock of $0.595 per share.
COVID-19
Business Update Highlights
- The
Company’s 416 properties have remained open and operating during the
entirety of the COVID-19 pandemic.
- As of
the end of April, approximately 40% of Regency’s tenants were closed based
on pro-rata Annual Base Rent (“ABR”).
- 62% of
April 2020 pro-rata base rent was collected through May 5, 2020.
“Throughout
this challenging time, Regency has continued to focus on the well-being of our
team members, tenants, and the people in the neighborhoods that our properties
serve," said Lisa Palmer, President and Chief Executive Officer.
"We are very proud of our dedicated teams throughout the country, as they have worked closely with tenants and vendors to ensure our properties are operating safely and our tenants are able to continue to seamlessly provide essential goods and services to our communities during this critical time.
"We are very proud of our dedicated teams throughout the country, as they have worked closely with tenants and vendors to ensure our properties are operating safely and our tenants are able to continue to seamlessly provide essential goods and services to our communities during this critical time.
“While there are still
many challenges in front of us, we are confident that Regency is
well-positioned to succeed over the long term due to our high-quality portfolio
with a focus on necessity, convenience, and value retailers, our healthy
balance sheet, the long term value creation opportunities in our development
and redevelopment pipeline, and most importantly, our phenomenal team.”
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