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Regency Centers Reports Second Quarter Results

Stocks in this article: REG

Regency Centers Corporation (“Regency” or the “Company”) (NYSE: REG) today announced financial and operating results for the three and six months ended June 30, 2013.

Earnings

Regency reported Core Funds From Operations (“Core FFO”) for the second quarter of $61.8 million, or $0.67 per diluted share, compared to $62.4 million, or $0.69 per diluted share, for the same period in 2012. For the six months ended June 30, 2013 Core FFO was $120.1 million, or $1.32 per diluted share, compared to $118.7 million, or $1.32 per diluted share, for the same period in 2012.

Funds From Operations (“FFO”) for the second quarter was $62.1 million, or $0.68 per diluted share. For the same period in 2012, the Company reported FFO of $61.3 million, or $0.68 per diluted share. For the six months ended June 30, 2013 FFO was $120.0 million, or $1.32 per diluted share, compared to $111.2 million, or $1.24 per diluted share, for the same period in 2012.

Regency reported net income attributable to common stockholders (“Net Income”) for the second quarter of $31.9 million, or $0.35 per diluted share, compared to net income of $5.7 million, or $0.06 per diluted share, for the same period in 2012. For the six months ended June 30, 2013 Net Income was $47.4 million, or $0.52 per diluted share, compared to $18.9 million, or $0.21 per diluted share for the same period in 2012.

Operations

For the three months ended June 30, 2013, Regency’s results for wholly owned properties plus its pro-rata share of co-investment partnerships were as follows:

  • Percent leased, same properties only: 94.6%
  • Percent leased, all properties: 94.3%
  • Increase in same property net operating income (“NOI”) over the same period last year, excluding termination fees: 5.2%
  • Same space rental rate growth on a cash basis for spaces vacant less than 12 months: 5.7%
  • Leasing transactions, including in-process developments (partnerships at 100%): 435 new and renewal lease transactions for a total of 1.6 million square feet

For the six months ended June 30, 2013, Regency’s results for wholly owned properties plus its pro-rata share of co-investment partnerships were as follows:

  • Increase in same property NOI over the same period last year, excluding termination fees: 5.1%
  • Same space rental rate growth on a cash basis for spaces vacant less than 12 months: 5.6%
  • Leasing transactions, including in-process developments (partnerships at 100%): 763 new and renewal lease transactions for a total of 2.7 million square feet

Investments

Property Transactions

During the quarter, the Company sold four wholly owned properties at a gross sales price of $85.3 million and a weighted average cap rate of 6.6%. The Company also sold one co-investment property at a gross sales price of $11.2 million and a cap rate of 8.5%. Regency’s share of the gross sales price was $4.5 million. In addition, Regency sold three outparcels at a gross sales price of $2.1 million.

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