(To read more on the debt and equity markets, click here.)

JACKSONVILLE, FL-Regency Centers Corp. is reporting another healthy balance sheet for the first quarter of this year. Funds from operations were $58.8 million, or 85 cents per diluted share, compared to $57.3 million and 89 cents for the same period last year. Net income was $65.9 million, or 97 cents per diluted share, versus $34.7 million and 55 cents in first quarter 2005.

The per-share net income figure was 76% higher for the same period last year. The company says gain on the sale of operating properties drove the increase of $38.8 million for the quarter versus $1.6 million in the prior year.

At March 31, Regency’s total assets before depreciation were $4 billion. The company owned 386 shopping centers and single-tenant properties, including those held in joint ventures. The portfolio totaled 50.4 million sf, including tenant-owned sf.

The REIT also reported same-store net operating income growth of 3.85%; same store rental rate growth on a cash basis of 10.6%; and an occupancy level of 95.1% in operating properties. Leasing transactions for the year totaled 444 new and renewal lease deals for a total two million sf.

During the first quarter, Regency sold four wholly owned operating properties at an average cap rate of 7% and a combined gross sales price of $72 million. Four joint venture operating properties were sold at an average cap rate of 8.1%. The gross sales price was $44.3 million with Regency’s share being $11.1 million. The company also sold 11 outparcels for total proceeds of $14.5 million.

As of Dec. 31, Regency Centers owned 393 retail properties, including those with joint venture partners. All total, including tenant-owned square footage, the portfolio contains 50.8 million sf throughout the US.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

 

GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.