Regency Centers Corporation (“Regency” or the “Company”) today announced financial and operating results for the three months ended March 31, 2014.
Regency reported Core Funds From Operations (“Core FFO”) for the first quarter of $64.1 million, or $0.69 per diluted share, compared to $58.3 million, or $0.64 per diluted share, for the same period in 2013.
Funds From Operations (“FFO”) for the first quarter was $65.5 million, or $0.71 per diluted share. For the same period in 2013, the Company reported FFO of $57.9 million, or $0.64 per diluted share.Regency reported net income attributable to common stockholders (“Net Income”) for the first quarter of $19.4 million, or $0.21 per diluted share, compared to Net Income of $15.6 million, or $0.17 per diluted share, for the same period in 2013. Operations For the three months ended March 31, 2014, 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: 94.5%
- Increase in same property net operating income (“NOI”) over the same period last year, excluding termination fees: 2.9%
- Same space rental rate growth on a cash basis for spaces vacant less than 12 months: 21.7% on new leases and 8.7% on renewal leases for a blended average of 11.6%
- Leasing transactions, including in-process developments (partnerships at 100%): 266 new and renewal lease transactions for a total of 1.2 million square feet