Attached files
| file | filename |
|---|---|
| 8-K - 8-K - REGENCY CENTERS CORP | reg8-k121514.htm |
Exhibit 99.1
Regency Centers Introduces 2015 and Updates 2014 Earnings Guidance
JACKSONVILLE, Fla. (December 15, 2014) - Regency Centers Corporation (“Regency” or the “Company”) today announced initial full-year 2015 and updated 2014 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.
Initial Full-Year 2015 Guidance
Core Funds From Operations (“Core FFO”) per diluted share | $2.91 - $2.97 |
Funds From Operations (“FFO”) per diluted share | $2.89 - $2.95 |
Same property Net Operating Income (“SPNOI”) Growth excluding termination fees (pro-rata) | 3.0% - 4.0% |
Updated Full-Year 2014 Guidance
Previous Guidance | Updated Guidance | |
Core FFO per diluted share | $2.80 - $2.83 | $2.81 - $2.83 |
FFO per diluted share | $2.80 - $2.83 | $2.88 - $2.91 |
SPNOI Growth excluding termination fees (pro-rata) | 3.5% - 3.8% | 3.9% - 4.1% |
As previously disclosed, Regency acquired shares of AmREIT, Inc. (”AmREIT”) common stock for a total investment of $14.3 million. Subsequent to AmREIT’s announcement on October 31, 2014 that it had entered into a definitive agreement to be acquired by Edens Investment Trust, Regency liquidated its equity position in AmREIT, which, after associated pursuit costs, resulted in a net gain of approximately $6.0 million. The Company has reflected this gain in its update to full year 2014 FFO guidance. Due to the one-time nature of this transaction, the net gain is not included in the Company’s update to full year 2014 Core FFO guidance.
1
Reconciliation of Net Income attributable to Common Stockholders to FFO and Core FFO
Full Year | Full Year | |||||||||||
FFO and Core FFO Guidance: | 2014 | 2015 | ||||||||||
Net income attributable to common stockholders | $ | 1.50 | 1.53 | $ | 0.92 | 0.98 | ||||||
Adjustments to reconcile net income to FFO: | ||||||||||||
Depreciation and amortization | 1.99 | 1.99 | 1.97 | 1.97 | ||||||||
Gain on sale of operating properties, net of tax | (0.61 | ) | (0.61 | ) | — | — | ||||||
All other amounts | — | — | — | — | ||||||||
Funds From Operations | $ | 2.88 | 2.91 | $ | 2.89 | 2.95 | ||||||
Adjustments to reconcile FFO to Core FFO: | ||||||||||||
Development and acquisition pursuit costs | 0.03 | 0.03 | 0.02 | 0.02 | ||||||||
Gain on sale of land | (0.04 | ) | (0.04 | ) | — | — | ||||||
Gain on sale of AmREIT, net of costs | (0.06 | ) | (0.06 | ) | — | — | ||||||
All other non-core amounts | — | (0.01 | ) | — | — | |||||||
Core Funds From Operations | $ | 2.81 | 2.83 | $ | 2.91 | 2.97 | ||||||
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 326 retail properties encompasses over 43.6 million square feet located in top markets throughout the United States, including co-investment partnerships. Regency has developed 218 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.
2