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JACKSONVILLE, FL-Locally based Regency Centers Corp. posted lower funds from operations and net income during this year’s second quarter. The losses are attributed to lower net operating income, higher interest expense, and lower transaction profits and fee income compared to last year.

FFO after impairments for the second quarter was $19.2 million, down from $68.3 million during the same period in 2008. Through the first six months of 2009, FFO totaled $74.2 million, compared to $129.5 million a year earlier.

Excluding impairments, quarterly FFO came to $47.9 million, down from $68.3 million a year ago. The impairments include $27.3 million for two wholly owned shopping centers, two outparcels and 13 properties in its Macquarie CountryWide-Regency II LLC partnership that are to be sold over the next three years.

Regency’s net loss for the quarter was $17.2 million, compared to net income of $31.9 million a year ago. Six-month net income was $2.4 million, compared to $58.6 million through last year’s first half.

During the second quarter, Regency and its co-investment partnerships sold five outparcels at a gross sales price of $4.4 million. No new developments were started during the period.

Regency is a retail REIT that primarily develops and invests in grocery-anchored and community shopping centers. The company owns at least 400 properties and has 43 projects under development.

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