Regency Centers: 2Q Earnings Snapshot
JACKSONVILLE, Fla. (AP) _ Regency Centers Corp. (REG) on Thursday reported a key measure of profitability in its second quarter. The results fell short of Wall Street expectations.
The Jacksonville, Florida-based real estate investment trust said it had funds from operations of $160 million, or 95 cents per share, in the period.
The average estimate of 10 analysts surveyed by Zacks Investment Research was for funds from operations of 96 cents per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $51.7 million, or 31 cents per share.
The shopping center real estate investment trust posted revenue of $275.9 million in the period. Its adjusted revenue was $268.4 million, which also missed Street forecasts. Five analysts surveyed by Zacks expected $271.9 million.
Regency Centers expects full-year funds from operations to be $3.81 to $3.85 per share.
The company’s shares have climbed 12% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $65.96, a climb of roughly 4% in the last 12 months.