Regency Centers Corporation reports news as a self-administered, self-managed retail REIT that owns, operates, and develops shopping centers in suburban trade areas. Company updates commonly cover quarterly operating results, Nareit FFO, Core Operating Earnings, same-property NOI, leasing activity, occupancy, rent spreads, and development or redevelopment projects across centers anchored by grocers, restaurants, service providers, and retailers.
Recurring announcements also include common and preferred stock dividends, distribution tax information, senior unsecured debt activity, acquisitions and dispositions of shopping center assets, investor presentations, and shareholder voting or capital-structure matters tied to Regency Centers and its operating partnership, Regency Centers, L.P.
Regency Centers Corporation (NASDAQ: REG) has released its annual Corporate Responsibility Report, emphasizing its commitment to corporate responsibility and key ESG initiatives. CEO Lisa Palmer highlighted Regency's focus on employee and community well-being, especially during the COVID-19 pandemic and in addressing social justice issues. The report showcases achievements in workforce diversity, community contributions of approximately $1.4M, and environmental stewardship, including greenhouse gas emissions reduction. Regency aims for an employee engagement score of over 85% and maintains high ethical governance standards.
Regency Centers Corporation (NASDAQ: REG) reported that as of May 31, 2020, around 75% of its tenants were operational based on pro-rata Annual Base Rent (ABR). The company collected 68% of April and 58% of May's pro-rata base rent. Among tenant categories, essential retailers such as grocers and drugstores had the highest collection rates, achieving 95% for April and 92% for May. Meanwhile, full-service restaurants faced lower collection rates of 45% for April and 31% for May. The company continues to navigate the challenges posed by the COVID-19 pandemic while maintaining its role in the retail sector.
On May 11, 2020, Regency Centers Corporation (NASDAQ: REG) announced a public offering of $600 million in 3.70% notes due June 15, 2030. The notes, priced at 99.805%, aim to increase liquidity and reduce outstanding credit balances. Interest payments will occur semiannually, starting December 15, 2020. Settlement is expected on May 13, 2020. Wells Fargo Securities and others are managing the offering under an effective shelf registration statement. The release emphasizes Regency's focus on solid financial management and liquidity improvements.
Regency Centers reported a net loss of ($25.3 million) or ($0.15 per diluted share) for Q1 2020, impacted by a non-cash goodwill impairment charge of $132.1 million due to COVID-19. NAREIT FFO was $166.1 million ($0.98 per diluted share), up year-over-year. Same property Net Operating Income fell by 0.7% due to tenant bankruptcies and uncollectible rents, with a 95% leasing rate. Regency maintains liquidity of $1.3 billion, having raised $125 million via equity sales. A cash dividend of $0.595 per share was declared. Rent collections for April reached 62% amid ongoing tenant closures.