Regency Centers Updates FY18 Guidance - Quick Facts

(RTTNews) - Regency Centers Corp. (REG) announced, for 2018, the company now expects NAREIT FFO per share in a range of $3.74 - $3.79, revised from prior outlook range of $3.73 - $3.82. The company noted that the updated guidance for NAREIT FFO includes a one-time charge of $10.5 million, or $0.06 per share, for the early the redemption of the $150 million 6.0% Senior Unsecured Notes originally due June 15, 2020, that occurred subsequent to the quarter. The updated guidance also includes a non-cash income benefit of $6.0 million, or $0.04 per share, for the required recognition of the unamortized below market rent intangible for a Toys R Us lease that was purchased at auction. Operating FFO per share is now expected to be in the range of $3.49 - $3.54 compared to prior guidance range of $3.48 - $3.54. Same Property Net Operating Income (SPNOI) Growth excluding termination fees (pro-rata) is now expected to be 2.40% - 3.25% compared to prior outlook of 2.25% - 3.25%.

The company reported NAREIT FFO for the first quarter of $164.9 million, or $0.96 per diluted share, compared to $34.2 million, or $0.27 per diluted share, for the same period in 2017. NAREIT FFO in the first quarter of prior year included one-time merger related costs of $69.7 million, or $0.55 per share. The company reported Operating FFO for the first quarter of $152.2 million, or $0.89 per diluted share, compared to $106.2 million, or $0.84 per diluted share, for the same period in 2017.

First quarter same property NOI as adjusted, excluding termination fees, increased 4.0% compared to the same period in 2017 driven primarily by base rent growth.