Thank you for sharing!

Your article was successfully shared with the contacts you provided.

JACKSONVILLE, FL-Locally based Regency Centers Corp. posted first-quarter funds from operations of $55 million, down 10% from $61.2 million in the same period last year. This year’s results include a one-time severance charge of $2.2 million in March connected with the company’s ongoing cost savings initiatives.

Meanwhile, another Florida retail REIT, North Miami Beach-based Equity One Inc., posted FFO of $57.9 million for the first quarter, up 77% from $32.7 million a year earlier. The latest results include those of DIM Vastgoed NV, a Dutch investment company that owns 21 shopping centers in the Southeast in which Equity One acquired a controlling interest Jan. 14.

Regency’s first-quarter net income was $19.6 million, down 27% from $26.7 million over the past year. It also posted a 2% decrease in same-store net operating income along with a 1% increase in same-space rental rate growth.

During the quarter, Regency sold two operating properties from its co-investment partnerships and one recently completed, wholly owned development for $36.5 million with a weighted average cap rate of 7.6%. It also sold four outparcels, grossing $3.2 million.

No new developments were started by Regency during the first quarter, though Regency has 47 projects under way for an estimated total net investment at completion of $974.5 million and an expected return of 8% on net development costs after partner participation. The in-process developments are 79% funded and 86% leased and committed.

Equity One’s net income for the first quarter more than doubled over the year, to $43.8 million from $20.9 million. Occupancy for the company’s portfolio, excluding DIM, declined slightly to 91.5%, while same-property net operating income declined 2.7% over the year because of lower occupancy and rent plus higher bad debt expense.

The company reported approximately $35.2 million of active development and $8.8 million of redevelopment projects under way as of March 31. The estimated remaining cost to complete these projects is approximately $5.5 million.

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?


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 © 2021 ALM Media Properties, LLC. All Rights Reserved.