Regency Centers Projects Lower 1Q FFO

ALEX VEIGA

Shopping center operator and developer Regency Centers Corp. said Monday it projects its first-quarter results will be in line with its previous guidance, but lower versus the same period last year.

In addition, the company said management plans to recommend the quarterly dividend be cut to about 45 cents a share from about 73 cents a share, payable on May 20, in a bid to "preserve financial flexibility."

The Jacksonville, Fla.-based real estate investment trust said it expects funds from operations, or FFO, for the three months ended March 31 will range between $53.7 million, or 76 cents a share, and $55.1 million, or 78 cents a share.

The company noted that, excluding a one-time charge of $2.2 million for severance payments, its first-quarter FFO would range between 80 cents a share and 82 cents a share.

That's still lower than the FFO of $61.2 million, or 87 cents a share, Regency posted in the same quarter last year.

Funds from operations, a key measure of a REIT's performance, is earnings with depreciation and amortization added back in.