Regency Registers Solid Second Quarter

For the six months ended June 30, FFO was $123.3 million or $1.90 per dilutes share compared to $88.5 million and $1.43 in the comparable 2004 period.

Net income for common stockholders for the quarter was $40.2 million or 63 cents per diluted share versus $25.1 million and 41 cents per share for the same 2004 period, an increase of 53.7%. For the first half, net income was $74.9 million or $1.18 per diluted share compared to $46.5 million and 77 cents per share in the first six months of 2004, an increase of 53.2%.

"Regency's second quarter results continue to build on the strong momentum created last quarter," Regency chairman and CEO Martin E. Stein Jr. says in a prepared statement. "Our high-quality portfolio, which now includes the exceptional centers that we purchased from First Washington, is generating robust and reliable growth in the same property NOI; our development program continues to create substantial value; and several significant capital market transactions have considerably strengthened our balance sheet."

At June 30, Regency owned 383 retail properties covering 48.9 million sf, making the company one of the largest shopping center developers/investors in the nation, according to Stein. For the first six months, the company closed 614 new and renewal leases totaling 2.1 million sf. The properties are 95.4% leased.