Regency Centers Corp. Q4 FY2023 results: revenue $360 million, up 14.3% on the year

Regency Centers Corp. (REG) reported revenue of $360 million for Q4 FY2023, the quarter ended 31 December 2023, up 14.3% on the same quarter a year earlier. Net income was $90 million, down 5.8% on the year. The figures are the company's own, from the 10-K it filed with the SEC on 16 February 2024.

Revenue$360 millionup 14.3%

Net income$90 milliondown 5.8%

Diluted EPSn/a

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	360	331	n/a	n/a
Operating income	116	119	n/a	n/a
Operating margin	32.4%	36.1%	n/a
Interest expense	42.1	38.8	n/a	n/a
Pre-tax income	77.8	79.7	n/a	n/a
Net income	89.8	90.7	n/a	n/a
Net margin	25.0%	27.4%	n/a

$ million except per share. Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	172	213	n/a	n/a
Capital expenditure	73.9	58.9	n/a	n/a
Free cash flow	98.0	154	n/a	n/a
Free cash flow margin	27.3%	46.6%	n/a
Depreciation and amortisation	98.9	87.5	n/a	n/a
Share-based compensation	5.9	5.3	n/a	n/a
Buybacks	0.0	0.0	n/a	n/a
Dividends paid	120	110	n/a	n/a
Dividend per share	n/a	$0.65	n/a	n/a
Shares outstanding at period end	185m	185m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Total assets	12,427	12,381	n/a	n/a
Cash and equivalents	91.4	81.1	n/a	n/a
Goodwill	167	167	n/a	n/a
Long-term debt	4,154	4,069	n/a	n/a
Borrowings, as the company tags them	4,002	3,992	n/a	n/a
Shareholders' equity	7,033	7,061	n/a	n/a

Quarterly results, the last 12 quarters

	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026
Revenue	314	331	360	364	357	360	373	381	381	388	404	412
Operating income	111	119	116	263	258	261	265	274	281	282	287	296
Operating margin	35%	36%	32%	72%	72%	72%	71%	72%	74%	73%	71%	72%
Interest expense	37.0	38.8	42.1	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Pre-tax income	76.3	79.7	77.8	101	92.6	90.1	76.1	97.4	94.6	97.5	118	110
Net income	86.8	90.7	89.8	110	103	101	86.5	110	106	109	202	129
Net margin	28%	27%	25%	30%	29%	28%	23%	29%	28%	28%	50%	31%
Operating cash flow	173	213	172	168	203	228	191	161	244	219	204	153
Capital expenditure	55.5	58.9	73.9	60.9	80.9	93.5	108	101	103	103	128	105
Free cash flow	117	154	98.0	107	123	134	83.3	59.6	141	116	76.1	47.7
Buybacks	0.0	0.0	0.0	n/a	n/a	0.0	n/a	n/a	n/a	n/a	n/a	n/a
Dividends paid	111	110	120	124	124	122	121	128	128	128	128	276
Shares outstanding	171m	185m	185m	185m	181m	182m	181m	182m	182m	182m	183m	183m
Filing	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 16 February 2024, accession 0000950170-24-016260: the filing on EDGAR. All of Regency Centers Corp.'s filings: EDGAR company page.

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