This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Regency Centers Announces First Quarter 2014 Results

Regency Centers Corporation (“Regency” or the “Company”) today announced financial and operating results for the three months ended March 31, 2014.

Earnings

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

Investments

Property Transactions

During the quarter, the Company sold a free-standing Rite Aid at a gross sales price of $4.0 million and a cap rate of 8.6%.

During the quarter, Regency purchased one property in Austin, TX, on a wholly owned basis, at a gross purchase price of $22.5 million and a cap rate of 5.2%. The Company also acquired an 80% majority interest in a three-property portfolio in Fairfield, CT as part of a joint venture with a local real estate developer at a gross purchase price of $149.3 million and a weighted average cap rate of 5.3%. Regency’s share of the purchase price was $119.5 million. The portfolio is encumbered by secured debt totaling $72.7 million. Regency’s share of the debt is $58.2 million.

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,070.40 +46.34 0.26%
S&P 500 2,114.49 +6.20 0.29%
NASDAQ 5,016.9290 +11.5380 0.23%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs