JACKSONVILLE, FL—Regency Centers Corp. released favorable third quarter financing and operating results on Monday that included a 4.1% increase in net operating income and core funds from operations per share growth of 9.2%.

The owner, operator and developer of retail properties posted third quarter core funds from operations in the third quarter of 2014 of $65.5 million, or $0.71 per diluted share, compared to $60.2 million, or $0.65 per diluted share, for the same period in 2013. For the nine months, which ended Sept. 30, 2014, core FFO was $195.5 million, or $2.11 per diluted share, compared to $180.3 million, or $1.97 per diluted share, for the same period in 2013.

Regency reported net income for the third quarter of this year of $47.9 million, or $0.52 per diluted share, compared to net income of $35 million, or $0.38 per diluted share, for the same period in 2013. For the first nine months of this year, net income was $92.8 million, or $1.00 per diluted share, compared to $82.4 million, or $0.90 per diluted share in the third quarter of 2013.

Other key operating results included in the company's third quarter report included a portfolio-wide same properties leased rate of 95.8%, and an all properties' leased rate of 95.3%. The company reported same space rental rate growth (on a cash basis for spaces vacant less than 12 months) of 22.8% on new leases and 9.9% on renewal transactions. The overall rental rate growth was 12.3% in the third quarter. The company also reports that it concluded 357 lease transactions totaling 1.3 million square feet during the third quarter.

Instant Insights /

Regency Centers Posts Increases in NOI, FFO

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