Regency Centers (REG) Outperforms Q1 FFO Estimates, Revises 2024 Financial Outlook
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- Regency Centers Corporation (REG) reports first-quarter 2024 NAREIT funds from operations (FFO) per share of $1.08, surpassing the Zacks Consensus Estimate of $1.04.
- Total revenues of $363.9 million increased 14.4% from the year-ago period, yet fell short of the Zacks Consensus Estimate of $370 million.
- The company’s Same Property portfolio was 95.8% leased as of March 31, 2024, reflecting an expansion of 20 basis points sequentially and 90 basis points year over year.
Regency Centers Corporation outperforms estimates in Q1 2024, with a 14.4% increase in total revenues compared to the previous year. The company’s leasing activity remains robust, with its Same Property portfolio 95.8% leased.
Healthy Leasing Activity
In the first quarter, Regency Centers executed approximately 1.8 million square feet of comparable new and renewal leases at a blended cash rent spread of 8.5%. The Same Property net operating income (NOI), excluding lease termination fees, increased 1.4% on a year-over-year basis to $235.1 million. Same Property base rents contributed 2.7% to same-property NOI growth in the quarter.
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