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Regency Centers Reports Third Quarter Results

(b) Wholly owned and Regency’s pro-rata share of co-investment partnerships

(c) Rent growth is calculated on a same-space, cash basis

Reconciliation of Net Income Attributable to Common Stockholders to FFO and Core FFO — Guidance

All numbers are per share except weighted average shares
             
Full Year Full Year
Funds From Operations Guidance:   2012   2013
 
Net income attributable to common stockholders $ 0.42 0.47 $ 0.60 $ 0.68
 
Adjustments to reconcile net income to FFO:
Depreciation expense, amortization and other amounts 1.92 1.92 $ 1.82 1.82
           
 
Funds From Operations $ 2.34     2.39   $ 2.42     2.50
 
 
Adjustments to reconcile FFO to Core FFO:
One-time additional preferred dividend payment 0.02 0.02 0.00 0.00
Gain on redemption of preferred units (0.02 ) (0.02 ) 0.00 0.00
Original preferred stock issuance costs expensed 0.11 0.11 0.00 0.00
All other non-core items   0.03     0.02     0.03     0.03
 
Core Funds From Operations $ 2.48     2.52   $ 2.45     2.53
 
 
Weighted average shares (000's) 89,928 90,838
 

Conference Call

In conjunction with Regency’s third quarter results, you are invited to listen to its conference call that will be broadcast live over the internet on Thursday, November 8, 2012 at 10:00 a.m. EST on the Company’s web site www.RegencyCenters.com. If you are unable to participate during the live webcast, the call will also be archived on the web site.

The Company has published forward-looking statements and additional financial information in its third quarter 2012 supplemental information package that may help investors estimate earnings for 2012. A copy of the Company’s third quarter 2012 supplemental information will be available on the Company's web site at www.RegencyCenters.com or by written request to: Investor Relations, Regency Centers Corporation, One Independent Drive, Suite 114, Jacksonville, Florida, 32202. The supplemental information package contains more detailed financial and property results including financial statements, an outstanding debt summary, acquisition and development activity, investments in partnerships, information pertaining to securities issued other than common stock, property details, a significant tenant rent report and a lease expiration table in addition to earnings and valuation guidance assumptions. The information provided in the supplemental package is unaudited and there can be no assurance that the information will not vary from the final information for the quarter ended September 30, 2012. Regency may, but assumes no obligation to, update information in the supplemental package from time to time.

Reconciliation of Net Income Attributable to Common Stockholders to FFO and Core FFO — Actual (in thousands)

For the Periods Ended September 30, 2012 and 2011   Three Months Ended   Year to Date

2012

 

2011

2012

 

2011

 
Net income attributable to common stockholders $ 11,637 8,510 $ 30,515 23,556
Adjustments to reconcile to Funds from Operations:
Depreciation and amortization - consolidated real estate 25,362 28,337 81,611 85,199
Depreciation and amortization - unconsolidated partnerships 10,639 10,793 32,516 33,023
Consolidated JV partners' share of depreciation (184 ) (177 ) (548 ) (559 )
Provision for impairment 1,146 6,699 23,655 11,279
Amortization of leasing commissions and intangibles 3,777 3,987 11,817 12,324
Gain on sale of operating properties, net of tax (451 ) (2,212 ) (16,529 ) (2,237 )
Income deferrals under the Restricted Gain Method for GAAP - - - -
Loss from deferred compensation plan, net - 64 - 1,120
Noncontrolling interest of exchangeable partnership units   39     27     116     77  
 
Funds From Operations 51,965 56,028 163,153 163,782
 
Dilutive effect of share-based awards   (144 )   (181 )   (465 )   (527 )
Funds From Operations for calculating Diluted FFO per Share $ 51,821     55,847   $ 162,688     163,255  
 
Funds From Operations $ 51,965 56,028 $ 163,153 163,782
Adjustments to reconcile to Core Funds from Operations:
Development and outparcel (gain) loss, net of dead deal costs and tax 449 613 (773 ) (731 )
Provision for impairment 1 - 1,000 -
Provision for hedge ineffectiveness 9 - 20 -
(Gain) loss on early debt extinguishment 852 (1,738 ) 856 (1,740 )
Restructuring charges - - - -
Original preferred stock issuance costs expensed 2,283 - 10,119 -
Gain on redemption of preferred units - - (1,875 ) -
One-time additional preferred dividend payment - - 1,750 -
Transaction fees and promotes   -     -     -     (5,000 )
 
Core Funds From Operations 55,559 54,903 174,250 156,311
 
Dilutive effect of share-based awards   (144 )   (181 )   (465 )   (527 )
Core Funds From Operations for calculating Diluted Core FFO per Share $ 55,415     54,722   $ 173,785     155,784  
 
Weighted Average Shares For Diluted FFO per Share 89,839 89,694 89,713 88,236
 

Reported results are preliminary and not final until the filing of the Company’s Form 10-Q with the SEC and, therefore, remain subject to adjustment.

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