Regency Centers Corporation (“Regency” or the “Company”) (NYSE: REG) today announced updated 2015 and initial full-year 2016 earnings guidance. Selected items are listed herein and a complete listing of guidance components is included on the Company’s website at investors.regencycenters.com.
Updated Full-Year 2015 Guidance | ||||
Previous Guidance | Updated Guidance | |||
Core Funds From Operations (“Core FFO”) per diluted share | $3.00 – $3.03 | $3.02 – $3.04 | ||
NAREIT Funds From Operations (“NAREIT FFO”) per diluted share | $2.89 – $2.92 | $2.90 – $2.92 | ||
Same Property Net Operating Income (“SPNOI”) Growth excluding termination fees (pro-rata) | 4.0% – 4.3% | +/- 4.4% | ||
Initial Full-Year 2016 Guidance | ||||
Core FFO per diluted share | $3.20 – $3.26 | |||
NAREIT FFO per diluted share | $3.18 – $3.24 | |||
SPNOI Growth excluding termination fees (pro-rata) | 2.75% – 3.50% | |||
Reconciliation of Net Income attributable to Common Stockholders to NAREIT FFO and Core FFO | |||||||||||||||||||
Full Year | Full Year | ||||||||||||||||||
NAREIT FFO and Core FFO Guidance: | 2015 | 2016 | |||||||||||||||||
Net income attributable to common stockholders | $ | 1.34 | 1.36 | $ | 1.29 | 1.35 | |||||||||||||
Adjustments to reconcile net income to NAREIT FFO: | |||||||||||||||||||
Depreciation and amortization | 1.91 | 1.91 | 1.89 | 1.89 | |||||||||||||||
Gain on sale of operating properties | (0.38 | ) | (0.38 | ) | 0.00 | 0.00 | |||||||||||||
All other amounts | 0.03 | 0.03 | 0.00 | 0.00 | |||||||||||||||
NAREIT Funds From Operations | $ | 2.90 | 2.92 | $ | 3.18 | 3.24 | |||||||||||||
Adjustments to reconcile NAREIT FFO to Core FFO: | |||||||||||||||||||
Development and acquisition pursuit costs | 0.02 | 0.02 | 0.02 | 0.02 | |||||||||||||||
Early extinguishment of debt | 0.08 | 0.08 | 0.00 | 0.00 | |||||||||||||||
Change in executive management | 0.02 | 0.02 | 0.00 | 0.00 | |||||||||||||||
All other non-core amounts | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||
Core Funds From Operations | $ | 3.02 | 3.04 | $ | 3.20 | 3.26 | |||||||||||||
About Regency Centers Corporation (NYSE: REG)
With more than 50 years of experience, Regency is the preeminent national owner, operator and developer of high-quality, grocery-anchored neighborhood and community shopping centers. The Company’s portfolio of 318 retail properties encompasses over 42.7 million square feet located in top markets throughout the United States, including co-investment partnerships. Regency has developed 219 shopping centers since 2000, representing an investment at completion of more than $3 billion. Operating as a fully integrated real estate company, Regency is a qualified real estate investment trust that is self-administered and self-managed.
Forward-looking statements involve risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements. Please refer to the documents filed by Regency Centers Corporation with the SEC, specifically the most recent reports on Forms 10-K and 10-Q, which identify important risk factors which could cause actual results to differ from those contained in the forward-looking statements.
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