Earnings Review and Free Research Report: Regency Centers Second Quarter Earnings Beat Estimates; Revenue Soared 52%
Research Desk Line-up: GGP Inc. Post Earnings Coverage
LONDON, UK / ACCESSWIRE / August 22, 2017 /Pro-Trader Daily has just published a free post-earnings coverage on Regency Centers Corp. (NYSE: REG), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=REG, following the Company's announcement of its financial and operating results on August 03, 2017, for the quarter ended June 30, 2017. The Company reported y-o-y increase in NAREIT FFO per diluted share of 3.7% and 13.4% in Core FFO per diluted share. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:
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Regency Centers generated total revenues of $261.31 million in Q2 FY17 compared to $152.41 million in Q2 FY16; a growth of 51.8% y-o-y. The Company made income from operations of $45.81 million in the second quarter of the current fiscal year versus $40.10 million in the same quarter of the last fiscal year; an increase of 13.2% y-o-y. The Company's net income was $50.17 million for Q2 FY17 compared to $40.64 million in Q2 FY16; a rise of 23.4% y-o-y.
Regency Centers generated net income attributable to common shareholders of $48.37 million and the net earnings per diluted share (EPS) of $0.28 in Q2 FY17 compared to $34.81 million and $0.35, respectively, in Q2 FY16; registering an increase of 38.9% y-o-y in income and but a fall of 20% in EPS y-o-y.
NAREIT Funds from Operations (FFO) for Regency Centers was $143.56 million for Q2 FY17 compared to $79.70 million in Q2 FY16; an increase of 80.1% y-o-y. NAREIT FFO per diluted share was $0.84 in Q2 FY17 compared to $0.81 in the same period of the last fiscal year; an increase of 3.7% y-o-y.
Core FFO generated by the Company in the second quarter of the current fiscal was $158.23 million against $81.01 million in the corresponding quarter of the last fiscal year; an increase of 95.3% y-o-y. Consequently, Core FFO per diluted share generated by Regency Centers was $0.93 in Q2 FY17 compared to $0.82 in Q2 FY16; a rise of 13.4% y-o-y.
The Company also paid dividends per share and unit of $0.53 in Q2 FY17 compared to $0.50 in Q2 FY16. The payout ratio of Core FFO per share (diluted) in Q2 FY17 was 57.0% versus 61.0% in Q2 FY16.
The Company beat Wall Street's estimates on funds from operations (FFO) per share expected to be $0.90.
Total revenues generated by Regency Centers in real estate were $240.42 million in Q2 FY17 compared to $143.98 million in Q2 FY16; an increase of 67% y-o-y.
The revenues generated from other rent amounts by the Company were $13.52 million in Q2 FY17 compared to $2.05 million in the same quarter of the last fiscal year; registering growth of 559.5% y-o-y.
The total fee income generated by Regency Centers was $6.60 million in Q2 FY17 compared to $6.14 million in Q2 FY16; a slight increase of 8.2% y-o-y.
As of June 30, 2017, Regency Centers had cash and cash equivalents of $104.70 million compared to $17.88 million on the same date last year.
The Company retired approximately $112 million of loans secured by mortgages with interest rates ranging from 7.0% to 7.8%. Regency Centers also declared a quarterly cash dividend on its common stock of $0.53 per share and is payable on August 30, 2017, to shareholders of record as of August 16, 2017.
Regency Centers updated its guidance for the entire 2017 and now expects net income per diluted share to be between $0.68 and $0.74, NAREIT FFO per diluted share to be between $2.97 and $3.03 and Core FFO per diluted share to be between $3.62 and $3.68.
On Monday, August 21, 2017, the stock closed the trading session at $65.53, rising 1.31% from its previous closing price of $64.68. A total volume of 532.11 thousand shares have exchanged hands. Regency Centers' stock price gained 2.02% in the last one month and 7.85% in the past three months. The stock is trading at a PE ratio of 108.14 and currently, has a dividend yield of 3.24%. At Monday's closing price, the stock's net capitalization stands at $11.26 billion.
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