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TheStreet Open House

Regency Centers Announces 2013 Results

Regency Centers Corporation (“Regency” or the “Company”) (NYSE: REG) today announced financial and operating results for the three and twelve months ended December 31, 2013.

Earnings

Regency reported Core Funds From Operations (“Core FFO”) for the fourth quarter of $61.3 million, or $0.66 per diluted share, compared to $56.7 million, or $0.63 per diluted share, for the same period in 2012. For the twelve months ended December 31, 2013 Core FFO was $241.6 million, or $2.63 per diluted share, compared to $230.9 million, or $2.56 per diluted share, for the same period in 2012.

Funds From Operations (“FFO”) for the fourth quarter was $60.2 million, or $0.65 per diluted share. For the same period in 2012, the Company reported FFO of $58.9 million, or $0.65 per diluted share. For the twelve months ended December 31, 2013 FFO was $240.6 million, or $2.62 per diluted share, compared to $222.1 million, or $2.47 per diluted share, for the same period in 2012.

Regency reported net income attributable to common stockholders (“Net Income”) for the fourth quarter of $46.3 million, or $0.50 per diluted share, compared to a net loss attributable to common stockholders (“Net Loss”) of $37.2 million, or $0.41 per diluted share, for the same period in 2012. For the twelve months ended December 31, 2013 Net Income was $128.7 million, or $1.40 per diluted share, compared to a Net Loss of $6.7 million, or $0.08 per diluted share for the same period in 2012.

Operations

For the twelve months ended December 31, 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: 95.1%
  • Percent leased, all properties: 94.8%
  • Increase in same property net operating income (“NOI”) over the same period last year, excluding termination fees: 4.0%
  • Same space rental rate growth on a cash basis for spaces vacant less than 12 months: 17.7% on new leases and 4.9% on renewal leases for a total of 7.1%
  • Leasing transactions, including in-process developments (partnerships at 100%): 1,571 new and renewal lease transactions for a total of 5.4 million square feet

For the three months ended December 31, 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: 2.7%
  • Same space rental rate growth on a cash basis for spaces vacant less than 12 months: 10.7% on new leases and 5.6% on renewal leases for a total of 6.5%
  • Leasing transactions, including in-process developments (partnerships at 100%): 445 new and renewal lease transactions for a total of 1.5 million square feet

Investments

During the quarter, the Company sold four wholly owned and five co-investment properties at a gross sales price of $127.3 million and a weighted average cap rate of 7.9%. Regency’s share of the sales price was $91.3 million. Four of the properties were encumbered by a cross-collateralized $24.5 million mortgage loan, of which Regency’s share was $4.9 million.

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