Jacksonville-based Regency Centers Corp. saw its fourth quarter diluted earnings per share jump by 43%, helping to push full year EPS up by about a third.
The Jacksonville-based real estate investment trust announced net income of $95.3 million, or 56 cents per share, in the fourth quarter, which closed Dec. 31. The figure is a increase from the year-ago quarter, which saw net income of $67.9 million, or 39 cents per share.The national shopping center developer posted funds from operations for the quarter of $181.5 million, or $1.05 per share, up from $174.2 million, or $1.01 per share, a year ago.
“We are incredibly proud of our strong performance in 2022, a testament to the quality of our shopping centers, the health and resiliency of our tenants, and the hard work of our team,” CEO Lisa Palmer said in a statement. “Our leasing and value creation pipelines are supported by continued robust tenant demand, providing us great momentum into 2023, while our balance sheet strength allows us to remain opportunistic.
The company reported $210 million in completed acquisitions and $179 million in completed dispositions in 2022. During 2022's Q4, Regency Centers completed $39 million in acquisitions, including the $30 million purchase of the 200,000 square-foot East Meadow Plaza in East Meadow, New York. Pivoting toward 2023, the company's full year net income estimates net income attributable to common stockholders will come in between $1.92 and $2, while its estimated funds from operations will be $4.03 to $4.11.