Regency Centers Sees FY24 Nareit FFO $4.14-$4.20; EPS $1.87-$1.93
Author: Benzinga Newsdesk | February 08, 2024 05:22pm
Earnings GuidanceDecember 31, 2023Full Year 2024 Guidance (in thousands, except per share data)2023 Actual2024 GuidanceNet Income Attributable to Common Shareholders per diluted share$2.04$1.87 - $1.93Nareit Funds From Operations ("Nareit FFO") per diluted share$4.15$4.14 - $4.20Core Operating Earnings per diluted share(1)$3.95$4.02 - $4.08Same property NOI growth without termination fees or collection of 2020/2021 reserves3.6%+2.0% to +2.5%Collection of 2020/2021 reserves(2)$4,409$0Certain non-cash items(3)$40,051+/- $30,000G&A expense, net(4)$93,399$93,000 - $95,000Interest expense, net and Preferred stock dividends(5)$176,840$199,000 - $201,000Management, transaction and other fees$25,995+/- $25,000Development and Redevelopment spend$154,998+/- $180,000Acquisitions$62,230$0Cap rate (weighted average)7.0%0%Dispositions$7,855+/- $100,000Cap rate (weighted average)8.4%+/- 5.5%Share/unit issuances (gross)$31,253$0Share/unit repurchases (gross)$29,163$0Merger-related transition expense$4,620+/- $7,000Note: With the exception of per share data, figures above represent 100% of Regency's consolidated entities and its pro-rata share of unconsolidated real estate partnerships.(1) Core Operating Earnings excludes certain non-cash items, including straight-line rents, above/below market rent amortization, debt and derivative mark-to-market amortization, as well as transaction related income/expenses and debt extinguishment charges.(2) Represents the collection of receivables in the Same Property portfolio reserved in 2020 and 2021, which is included in Uncollectible Lease Income.(3) Includes above and below market rent amortization, straight-line rents, and debt and derivative mark-to-market amortization.(4) Represents 'General & administrative, net' before gains or losses on deferred compensation plan, as reported on supplemental pages 5 and 7 and calculated on a pro rata basis.(5) Net of interest income; excludes debt and derivative mark-to-market amortization, which is included in Certain non-cash items.
Posted In: REG
