Regency Centers Numbers Rise

Earnings beat targets.
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Regency Centers

(REG) - Get Report

said its third-quarter funds from operations rose 28.2% from the year-ago period.

The Jacksconville, Fla.-based company's funds from operations was $69.5 million, or $1 a share, in the quarter, compared with $54.2 million, or 80 cents a share, a year ago. Analysts polled by Thomson First Call had estimated FFO at 99 cents for the quarter.

Earnings for the quarter rose 42.8% to $39.4 million, or 57 cents a share, compared with $27.6 million, or 41 cents a share, a year ago. Analysts were expecting earnings of 53 cents a share.

The company raised its FFO guidance to $3.83 a share to $3.88 a share for the full year 2006, compared with $3.78 a share to $3.86 a share forecast earlier. For the year 2007, FFO is expected to be $4.10 a share to $4.20 a share. Analysts expect FFO of $3.85 a share for 2006 and $4.13 a share for 2007.

Third-quarter's same store net operating income rose 4.0% and same store rental rate grew 13.6%.

The company declared a quarterly cash dividend of 59.5 cents a share, payable on Nov. 29, to shareholders of record on Nov. 15.

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