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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