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Regency Centers Reports Third Quarter Results

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

Earnings

Regency reported Core Funds From Operations (“Core FFO”) for the third quarter of $60.2 million, or $0.65 per diluted share, compared to $55.6 million, or $0.62 per diluted share, for the same period in 2012. For the nine months ended September 30, 2013 Core FFO was $180.3 million, or $1.97 per diluted share, compared to $174.3 million, or $1.94 per diluted share, for the same period in 2012.

Funds From Operations (“FFO”) for the third quarter was $60.4 million, or $0.65 per diluted share. For the same period in 2012, the Company reported FFO of $52.0 million, or $0.58 per diluted share. For the nine months ended September 30, 2013 FFO was $180.4 million, or $1.97 per diluted share, compared to $163.2 million, or $1.81 per diluted share, for the same period in 2012.

Regency reported net income attributable to common stockholders (“Net Income”) for the third quarter of $35.0 million, or $0.38 per diluted share, compared to net income of $11.6 million, or $0.13 per diluted share, for the same period in 2012. For the nine months ended September 30, 2013 Net Income was $82.4 million, or $0.90 per diluted share, compared to $30.5 million, or $0.34 per diluted share for the same period in 2012.

Operations

For the three months ended September 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: 94.9%
  • Percent leased, all properties: 94.6%
  • Increase in same property net operating income (“NOI”) over the same period last year, excluding termination fees: 2.8%
  • Same space rental rate growth on a cash basis for spaces vacant less than 12 months: 11.5%
  • Leasing transactions, including in-process developments (partnerships at 100%): 363 new and renewal lease transactions for a total of 1.3 million square feet

For the nine months ended September 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: 4.5%
  • Same space rental rate growth on a cash basis for spaces vacant less than 12 months: 7.4%
  • Leasing transactions, including in-process developments (partnerships at 100%): 1,126 new and renewal lease transactions for a total of 3.9 million square feet

Investments

Property Transactions

During the quarter, the Company sold two wholly owned properties at a gross sales price of $48.7 million and a weighted average cap rate of 6.9%. As previously announced, the Company also closed on the sale of a portfolio of shopping centers owned by Regency Retail Partners, LP together with two adjacent property phases wholly-owned by Regency for a gross sales price of $332.0 million, including $207 million of mortgage debt, and a weighted average cap rate of 7.3%. Regency’s share of the net sales price was $38.0 million.

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