Regency Centers: 3Q Earnings Snapshot
JACKSONVILLE, Fla. (AP) _ Regency Centers Corp. (REG) on Wednesday reported a key measure of profitability in its third quarter. The results topped Wall Street expectations.
The Jacksonville, Florida-based real estate investment trust said it had funds from operations of $166.1 million, or 99 cents per share, in the period.
The average estimate of eight 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 $57 million, or 34 cents per share.
The shopping center real estate investment trust posted revenue of $282.3 million in the period, also surpassing Street forecasts. Six analysts surveyed by Zacks expected $275.4 million.
Regency Centers expects full-year funds from operations in the range of $3.84 to $3.87 per share.
The company’s shares have risen 19% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $69.75, an increase of 7.5% in the last 12 months.