摄政中心公司（REG）：2025年第一季度速览 - REG入住率保持稳定，KRG收购旗舰资产

USA | REITs 1Q25 Quick Takes - REG's Occupancy HoldsFirm, KRG Buys Flagship Asset KRG beat 1Q by +$0.04 on higher lease term income & acquired a flagshipasset, Legacy West in a GIC JV, as the market anticipated. Occ. was down onbankruptcies (expected) & SSNOI is trending ahead of FY25 guidance. REG beatby +$0.02, bad debt was lower than expected, but REG maintained its guidance& its credit rating was upgraded to A- by S&P. Occ. was stable & SSNOI is alsotrending higher. REG's report will likely be perceived well & KRG's, neutrally. KRG 1Q25 Ahead.NAREIT FFO/ps of $0.55 was 4c above JEF/Street estimates (both $0.51). Leaseterm income ($7.4M) was up Y/Y (1Q24 $2.0M), driving the beat. KRG Raises FY25 FFO/ps Guidance.Kite raised FY25 NAREIT FFO/sh guidance by $0.02 to $2.04-$2.10 (prior $2.02-$2.08); the $2.07 (flat Y/Y) MP is 1c above our estimate & consensus (both$2.06). KRG reaffirmed SSNOI guidance (1.25%-2.25%; MP: +1.75%) & bad debt guidance (1.95%of total revs). Investment & Capital Markets Activity. KRG entered a JV with GIC and after quarter end acquiredLegacy West (Dallas MSA) for $785M ($408M at KRG share), incl. the assumption of a $304Mmortgage (3.8% coupon). KRG will be the operator & own a 52% majority interest. After 1Q, KRGsold Stoney Creek Commons (Indy MSA) for $9.5M. What We Liked:1)Small shop rose +10 bps Q/Q to 91.3% (+80 bps Y/Y).2)SSNOI of +3.1% slowed170 bps Q/Q (4Q24: +4.8%), but is above the guidance MP of +1.75%.3)SNO pipeline increased+20 bps Q/Q to 260 bps, representing $27.5M in ABR, up from $27.3M in 4Q24.4)Renewal cashspreads increased +260 bps Q/Q to +12.3%.5)Net debt to Adjusted EBITDA was flat Q/Q at 4.7x,below peers, maintaining a record low. What We Didn't Like: 1)Leased retail occ. fell -120 bps Q/Q to 93.8% (down -20 bps Y/Y); anchorocc. declined -200 bps Q/Q to 95.1%. However, the -200 bps is consistent with Kite's expectationfrom its 4Q24 call.2)Econ occ. declined -50 bps Q/Q to 91.9% & +70 bps Y/Y (4Q24 92.4%, +120bps Y/Y).3)Total comp. leasing volume was 650K SF vs 955K SF (4Q24).2)Comp. new leasingvolume of 76K SF decreased vs 4Q24 (98K SF), and was below the prior 4-qtr avg (142K SF).4)The new cash leasing spread decelerated to +15.6% vs +23.6% (4Q24). KRG Earnings Call:Wednesday, April 30 @1 PM ET. Dial-in registration. REG Earnings Call:Wednesday, April 30 @11 AM ET. Dial-in 877-407-0789. REG 1Q25 Ahead:1Q25 NAREIT FFO/sh of $1.15 was in-line with JEF ($1.15) and 2c above Streetestimates ($1.13). REG's 2025 Guidance Maintained:REG maintained its FY25 NAREIT FFO/ps guidance of $4.52-$4.58; the $4.55 (+5.8% Y/Y) in-line with JEF/Street estimates (both $4.55). On a core basis,guidance was unchg ($4.30-$4.36 vs JEF $4.33). '25 SSNOI (ex. term fees and prior period reservescollected) is still expected to be +3.6% (Range: +3.2%-4.0%). Linda Tsai * | Equity Analyst1 (212) 778-8011 | ltsai@jefferies.com Jonathan Petersen * | Equity Analyst(212) 284-1705 | jpetersen@jefferies.com Investment & Capital Markets Activity. In 1Q25, REG acquired three properties for $133M (at REGshare) including Brentwood Place (Nashville) for $119M. S&P also upgraded REG's credit rating toA- with a stable outlook. Brendan Cutler * | Equity Associate+1 (332) 236-6839 | bcutler@jefferies.com What We Liked: 1)1Q25 SSNOI growth accelerated to +4.3%, higher vs 4Q24 (+4.0% Y/Y).2)SSproperty leased rate was flat Q/Q at 96.5% (+100 bps Y/Y) vs 4Q24 (96.7%, +100 bps Y/Y).3)SSanchor leased rate marginally decreased -10 bps Q/Q to 98.3% (+130 bps Y/Y), but REG's peersare seeing more significant anchor occupancy declines.4)SS Small shop occ increased +10 bpsQ/Q to 93.7% (+70 bps Y/Y). What We Didn't Like: 1)The blended leasing rate decelerated to +8.1% vs +10.8% (4Q24), but wascoming off a tough comp.2)The renewal spread decreased to +7.9% (4Q24: +9.8%), and is belowthe prior 4-qtr avg (+8.8%).3)Total comp. leasing vol. (1.41M SF) was below 4Q24 (2.30M SF) andthe prior 4-qtr avg (2.03M SF).4)The new cash leasing spread fell to +8.8% (vs 4Q24: +15.9%), andis below the prior 4-qtr avg of +12.7%. Company Description Kite Realty Kite Realty Group Trust is a full-service vertically integrated real estate investment trust that owns interests in various operating subsidiaries andjoint ventures engaged in the ownership and operation, acquisition, development, and redevelopment of high-quality neighborhood and communityshopping centers across the United States. Kite generates revenues primarily from the collection of contractual rents and reimbursement paymentsfrom the tenants at its properties. Kite closed its acquisition of RPAI on October 22, 2021. Regency Centers Corp. Regency Centers Corporation is a real estate investment trust formed in 1993. The company is the managing general partner of its operatingpartnership, Regency Centers, L.P., and owns approximately 99% of the outstanding common partnership units of the Partnership. The companyowns, manages, leases, acquires, and develops r