Regency Centers’ NOI Drops 20.1 Percent in Second Quarter Due to Pandemic

by Alex Tostado

Jacksonville, Fla. — During its second-quarter earnings call, Regency Centers Corp. (Nasdaq: REG) reported same-property net operating income of $162.3 million for the three months ending June 30, a 20.1 percent year-over-year decrease. The Jacksonville-based company says all 415 of its shopping centers nationwide have remained open during the COVID-19 pandemic, with 95 percent of its tenants being open as of July 31. Regency Centers collected 72 percent of base rents for the quarter and has agreed to more than 600 lease rent deferrals. The shopping center REIT estimates that 96 percent of deferred rents will be collected by the end of 2021.

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