JACKSONVILLE, FL-Regency Centers Corp. has ended 2005 with a strong balance sheet and started 2006 with an equally full plate of new development, the company reports.
The company has 39 shopping center properties under development. When completed, those assets will be valued at $735 million and will bring an expected return to Regency of 9.5%.
In the fourth quarter alone, Regency started 13 new developments at a net development cost of $276 million and an expected operating income yield of 9.5%. Total starts for 2005 were valued at $385 million.
The locally based shopping center developer posted net income of $145.9 million, or $2.23 per diluted share, for its reporting year that ended Dec. 31. Those numbers compared with $127.7 million and $2.08 per share in 2004--a per-share increase of 7.2%.
For the fourth quarter alone, the company rang up $43.4 million, or 64 cents per diluted share, in net income, down from $45.6 million and 73 cents per share in 2004.
Funds from operations for the year totaled $242.4 million, or $3.64 per diluted share, up 13.4% from $200.9 million and $3.21 a year ago. For the fourth quarter, FFO was $64.9 million, or 94 cents per share compared with $61.1 million and 95 cents per diluted share for the same period in 2004.
On Jan. 31, the company's directors approved a quarterly cash dividend of 59 ½ cents per share, payable on March 1 to holders of record on Feb. 15. The dividend represents an 8.2% increase to $2.38 on an annualized basis.
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