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Regency Centers Corporation (REG+0.11%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing an increase in net income attributable to common shareholders to $386.7 million from $359.5 million in the previous year. This increase is primarily attributed to the acquisition of UBP in 2023.
Pro-rata same property net operating income (NOI), excluding termination fees, grew by 3.1%, driven by improvements in base rent from higher occupancy rates, contractual rent steps, and positive rent spreads on new and renewal leases.
During the year, Regency executed 2,032 new and renewal leasing transactions covering 9.9 million square feet with positive rent spreads of 9.5%. The total property portfolio was 96.3% leased at the end of 2024.
Development and redevelopment projects completed during the year represented $236.6 million in estimated net project costs, with an average stabilized yield of 8.0%.
Regency engaged in capital markets transactions including a public offering of $400 million of senior unsecured notes due in 2034 and $325 million of senior unsecured notes due in 2035.
The company reported cash flows from operating activities of $790.2 million for the year, while cash used in investing and financing activities amounted to $326.6 million and $493.0 million, respectively.
Regency has planned capital requirements of approximately $544.9 million over the next 12 months for leasing commissions, tenant improvements, and development and redevelopment projects.
The filing also discusses various risk factors including economic and geopolitical environments, pandemics, real estate investments, and corporate matters affecting the company.
Regency Centers Corporation continues to focus on owning, operating, and developing neighborhood and community shopping centers, primarily anchored by market-leading grocery stores.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Regency Centers Corporation annual 10-K report dated February 14, 2025. To report an error, please email earnings@qz.com.