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Regency Centers Reports Fourth Quarter Results

Stocks in this article: REG

Regency Centers Corporation (“Regency” or the “Company”) announced today financial and operating results for the quarter ended December 31, 2012.


Regency reported Core Funds From Operations (“Core FFO”) for the fourth quarter of $56.7 million, or $0.63 per diluted share, compared to $56.8 million, or $0.63 per diluted share, for the same period in 2011. For the twelve months ended December 31, 2012 Core FFO was $230.9 million, or $2.56 per diluted share, compared to $213.1 million, or $2.40 per diluted share, for the same period last year.

Regency reported a net loss attributable to common stockholders (“Net Loss”) for the fourth quarter of $37.1 million, or $0.41 per diluted share, compared to net income attributable to common stockholders (“Net Income”) of $8.1 million, or $0.09 per diluted share, for the same period in 2011. The Net Loss for the twelve months ended December 31, 2012 was $6.7 million, or $0.08 per diluted share, compared to Net Income of $31.7 million, or $0.35 per diluted share, for the same period last year. The Net Loss for the fourth quarter and the year ended 2012 includes a $50.0 million impairment recognized for Deer Springs Town Center, a wholly owned Regency shopping center located in Las Vegas, Nevada.

Funds From Operations (“FFO”) for the fourth quarter was $58.9 million, or $0.65 per diluted share. For the same period in 2011, the Company reported FFO of $56.5 million, or $0.63 per diluted share. For the twelve months ended December 31, 2012 FFO was $222.1 million, or $2.47 per diluted share, compared to $220.3 million, or $2.48 per diluted share, for the same period last year.

FFO is a commonly used measure of REIT performance, which the National Association of Real Estate Investment Trusts (“NAREIT”) defines as net income, computed in accordance with GAAP, excluding gains and losses from dispositions of depreciable property, net of tax, excluding operating real estate impairments, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. Regency computes FFO for all periods presented in accordance with NAREIT's definition. Many companies use different depreciable lives and methods, and real estate values historically fluctuate with market conditions. Since FFO excludes depreciation and amortization and gains and losses from depreciable property dispositions, and impairments, it can provide a performance measure that, when compared year over year, reflects the impact on operations from trends in occupancy rates, rental rates, operating costs, acquisition and development activities, and financing costs. This provides a perspective of the Company’s financial performance not immediately apparent from net income determined in accordance with GAAP. Thus, FFO is a supplemental non-GAAP financial measure of the Company's operating performance, which does not represent cash generated from operating activities in accordance with GAAP and therefore, should not be considered an alternative for net income as a measure of liquidity. An additional performance measure used by Regency, Core FFO, represents FFO as defined above, excluding, but not limited to, transaction income or expense, gains or losses from the early extinguishment of debt, development and outparcel gains or losses and other non-core items. The Company provides a reconciliation of FFO to Core FFO.

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