Stock Monitor: Urstadt Biddle Properties Post Earnings Reporting
LONDON, UK / ACCESSWIRE / March 13, 2018 / Active-Investors.com has just released a free earnings report on Regency Centers Corp. (NYSE: REG) ("Regency"). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=REG. Regency Centers reported its fourth quarter and fiscal 2017 operating and financial results on February 08, 2018. The shopping center real estate investment trust (REIT) surpassed revenue estimates while funds from operations (FFO) were in-line with market estimates. Register today and get access to over 1,000 Free Research Reports by joining our site below:
Active-Investors.com is currently working on the research report for Urstadt Biddle Properties Inc. (NYSE: UBA), which also belongs to the Financial sector as the Company Regency Centers. Do not miss out and become a member today for free to access this upcoming report at:
Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Regency Centers most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
Earnings Highlights and Summary
Regency reported revenue of $264.75 million for Q4 2017, up 66% compared to revenue of $159.56 million for Q4 2016. The Company reported adjusted revenue of $257.9 million. Regency's reported numbers topped analysts' estimates of $257.6 million.
Regency reported net income of $85.1 million, or $0.50 per diluted share, for Q4 2017 compared to $55.9 million, or $0.53 per diluted share, for Q4 2016.
For Q4 2017, Regency recorded NAREIT FFO of $161.4 million, or $0.94 per diluted share, compared to $83.1 million, or $0.79 per diluted share, for Q4 2016. The Company's reported quarter Core FFO was $157.9 million, or $0.92 per diluted share, compared to $89.9 million, or $0.86 per diluted share, for the year earlier same quarter. Regency's FFO numbers were in-line with Wall Street's estimates of $0.92 per share.
For the twelve months ended December 31, 2017 (FY 2017), Regency recorded revenue of $984.33 million, up 60% compared to $614.37 million in FY16.
For FY17, Regency posted net income of $159.9 million, or $1.00 per diluted share, compared to $143.9 million, or $1.42 per diluted share, for FY16.
For FY17, Regency delivered NAREIT FFO of $494.8 million, or $3.09 per diluted share, compared to $277.3 million, or $2.73 per diluted share, for Q4 2016. The Company's NAREIT FFO included costs of $80.7 million for FY17 associated with the merger of Regency and Equity One. For FY17, the Company's Core FFO was $592.1 million, or $3.69 per diluted share, compared to $334.0 million, or $3.29 per diluted share, for FY16.
During Q4 2017, Regency's same property net operating income (NOI) as adjusted, excluding termination fees, increased 2.7% on a y-o-y basis.
As of December 31, 2017, Regency's wholly owned portfolio plus its pro-rata share of co-investment partnerships was 95.5% leased. The same property portfolio was 96.3% leased, which is an increase of 30 basis points on a y-o-y basis when adjusted for the current same property pool. Within the same property portfolio, Regency's Small Shops were 92.5% leased, reflecting an increase of 40 basis points from Q4 2016 when adjusted for the current same property pool. Within the same property portfolio, spaces greater than or equal to 10,000 square feet (Anchors) were 98.6% leased, an increase of 40 basis points on a y-o-y basis, when adjusted for the current same property pool.
Regency executed approximately 1.8 million square feet of comparable new and renewal leases during Q4 2017 at blended rent spreads of 6.0%. The Company's new leasing in the reported quarter represented approximately 443,000 square feet, with Anchors representing nearly 60% of new activity, which compared to an average of 30% in the eight quarters prior.
During Q4 2017, Regency closed on approximately $150 million of acquisitions, and approximately $103 million of dispositions. The Company sold five shopping centers during the reported quarter. Subsequent to year-end, in January 2018, Regency closed on approximately $65 million of acquisitions.
Developments and Redevelopments
At year-end 2017, Regency had 23 properties in development or redevelopment with combined, estimated net development costs of approximately $544 million. In-process development projects were a combined 58% funded and 80% leased and are expected to yield an average return of 7.3%. During Q4 2017, the Company started two ground-up development projects.
Stock Repurchase Program
On February 07, 2018, Regency's Board authorized a share repurchase program for up to $250 million of shares of the Company's common stock. This program is scheduled to expire on February 06, 2020.
For FY18, Regency is forecasting FFO per share to be in the range of $3.48–$3.54. The Company is estimating growth of 2.25%-3.25% in same property NOI. Regency's acquisitions and dispositions are expected to be approximately $150 million each.
Stock Performance Snapshot
March 12, 2018 - At Monday's closing bell, Regency Centers' stock slightly climbed 0.03%, ending the trading session at $59.12.
Volume traded for the day: 1.19 million shares, which was above the 3-month average volume of 1.14 million shares.
Stock performance in the last month – up 6.37%
After yesterday's close, Regency Centers' market cap was at $10.03 billion.
Price to Earnings (P/E) ratio was at 72.81.
The stock has a dividend yield of 3.76%.
The stock is part of the Financial sector, categorized under the REIT - Retail industry.
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