Regency Centers Corporation reported a net income attributable to common shareholders of $386.7 million for the fiscal year ending December 31, 2024, an increase from $359.5 million in the previous year. This growth is primarily attributed to the acquisition of Urstadt Biddle Properties Inc. (UBP) in August 2023, which contributed significantly to the company's revenue streams. Total revenues for the year reached $1.45 billion, up from $1.32 billion in 2023, driven by a $127.4 million increase in lease income, which rose to $1.41 billion.
The company experienced a 3.1% growth in Pro-rata same property net operating income (NOI), which was bolstered by improved occupancy rates and positive rent spreads on new and renewal leases. As of December 31, 2024, Regency's total property portfolio was 96.3% leased, compared to 95.1% in the prior year. The company executed 2,032 new and renewal leasing transactions, representing 9.9 million square feet, with positive rent spreads averaging 9.5%. The weighted average annual effective rent for the consolidated portfolio increased to $25.56 per square foot from $24.67 in 2023.
Strategically, Regency Centers continued to focus on development and redevelopment projects, with estimated costs for ongoing projects totaling $497.3 million, up from $468.1 million in 2023. The company completed development and redevelopment projects with an estimated net cost of $236.6 million, achieving an average stabilized yield of 8.0%. Additionally, Regency maintained a strong liquidity position, with $1.4 billion available on its unsecured line of credit as of year-end.
Looking ahead, Regency Centers anticipates continued challenges from inflation and potential economic uncertainties that may impact tenant performance and leasing activity. The company plans to navigate these challenges by leveraging its strong portfolio of high-quality shopping centers and maintaining a focus on strategic acquisitions and developments. The management remains committed to sustaining its dividend payments, which were declared at $0.705 per share for the upcoming quarter, reflecting the company's ongoing financial health and operational stability.
About REGENCY CENTERS CORP
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