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 surpassed Wall Street expectations.
The Jacksonville, Florida-based real estate investment trust said it had funds from operations of $157.3 million, or 93 cents per share, in the period.
The average estimate of 10 analysts surveyed by Zacks Investment Research was for funds from operations of 92 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 $47.8 million, or 28 cents per share.
The shopping center real estate investment trust posted revenue of $281.4 million in the period. Its adjusted revenue was $274.5 million, which also topped Street forecasts. Five analysts surveyed by Zacks expected $269.2 million.
Regency Centers expects full-year funds from operations in the range of $3.50 to $3.54 per share.
The company’s shares have dropped 8 percent since the beginning of the year. In the final minutes of trading on Thursday, shares hit $63.59, a decline of nearly 4 percent in the last 12 months.